National Bank of Canada Raises $750M Through NVCC Preferred Shares Issue

National Bank of Canada has announced plans to raise $750 million through the issuance of 750,000 Series 52 Non-Viability Contingency Capital (NVCC) preferred shares. Each share will be priced at $1,000.

The NVCC preferred shares will pay a fixed rate of 6.570% until November 16, 2031. After that date, the rate will reset every five years to match the Government of Canada's five-year bond yield plus 2.90%.

The redemption window for these shares begins on October 16 and ends on November 16, 2031, subject to regulatory approvals.