National Bank of Canada

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


National Bank of Canada


$500 million


Tax Advisory Services

Date Closed

September 2020


Banking and Financial Services

Lead Office



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).