Ms. Stephanie Rousseau reports

NATIONAL BANK OF CANADA ANNOUNCES NVCC SUBORDINATED NOTES OFFERING

National Bank of Canada has filed a prospectus supplement to a short form base prospectus dated Aug. 22, 2022, with the various securities regulatory authorities in all provinces and territories of Canada under the medium-term-note program. The bank also intends to issue medium-term notes for an aggregate principal amount of $500-million at an interest rate of 5.279 per cent and maturing on Feb. 15, 2034 (non-viability contingent capital (NVCC)), constituting subordinated indebtedness of the bank through its MTN program. The notes will be issued and sold through a dealer syndicate led by National Bank Financial Inc.

The notes are expected to be issued on Feb. 5, 2024, and will mature on Feb. 15, 2034. Interest on the notes will be paid semi-annually at 5.279 per cent per annum until Feb. 15, 2029, and thereafter at a floating rate equal to daily compounded Canadian overnight repo rate average plus 1.80 per cent payable quarterly.

The bank may, at its option, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the notes on or after Feb. 15, 2029, in whole or in part, at par plus accrued and unpaid interest on not fewer than 10 nor more than 60 days prior notice to holders. The proceeds to the bank from the sale of the notes will be added to the bank's general funds and will be utilized for general banking purposes.

About National Bank of Canada

With $424-billion in assets as at Oct. 31, 2023, National Bank is one of Canada's six systemically important banks. The bank has approximately 30,000 employees in knowledge-intensive positions, and operates through three business segments in Canada: personal and commercial banking, wealth management, and financial markets. A fourth segment, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (NA).

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