Canada's National Bank Raises $750 Million Through Preferred Share Issue

National Bank of Canada has planned to raise $750 million through an institutional NVCC preferred share issue. The bank agreed with a syndicate of agents led by National Bank Financial Inc. to issue 750,000 Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 52, at $1,000 per share.

The Series 52 shares will pay a fixed annual dividend of 6.570% until November 16, 2031. After that date, the rate will reset every five years to the prevailing 5-year Government of Canada yield plus 2.90%. The bank may redeem the Series 52 Preferred Shares during specified windows starting in 2031, subject to regulatory approval.

The offering, which is expected to close on September 22, 2026, will be made via a prospectus supplement to the bank's short form base shelf prospectus. This move will bolster the institution's capital base and financial flexibility while remaining restricted from U.S. markets due to securities law constraints.