National Bank of Canada

National Bank of Canada in its Additional Tier 1 offering of Limited Recourse Capital Notes

Client

National Bank of Canada

Value

$500 million

Service

Tax Advisory Services

Date Closed

Lead Office

Toronto


 

On September 1, 2020, National Bank of Canada announced its $500 million offering of Additional Tier 1 (AT1) Limited Recourse Capital Notes. The offering uses the now market standard form of AT1 capital instrument pioneered by Osler.

The notes have a 4.3% interest rate and are due November, 2025. The offering is intended to enlarge National Bank’s Tier 1 capital base and optimize its capital structure. The proceeds from the offering will be added to National Bank’s general funds and used for general banking purposes.

National Bank of Canada is one of Canada's leading integrated financial groups specializing in providing financial products and services to retail, commercial, corporate and institutional clients around the world.

Osler, Hoskin & Harcourt LLP was counsel to National Bank of Canada with a team consisting of Timothy Hughes, Taylor Cao, Jean-Philippe Dionne, James Chang (Taxation) and Jeremy Wu (Corporate).


Team
Timothy  Hughes
Key Contact

Timothy Hughes

Partner, Taxation

Taylor Cao

Taylor Cao

Associate, Taxation

Jean-Philippe Dionne

Jean-Philippe Dionne

Associate, Taxation

James Chang

James Chang

Associate, Taxation

Jeremy Wu

Jeremy Wu

Associate, Corporate