PrefBlog

National Bank of Canada has announced:

its intention, subject to approval from the Office of the Superintendent of Financial Institutions, to redeem all of its 16,000,000 issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 34 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 34”) on May 15, 2021, for cash at a redemption price of $25.00 per share, together with all declared and unpaid dividends.

The quarterly dividend of $0.35 per Preferred Share Series 34 declared on February 24, 2021 is the final dividend on the Preferred Shares Series 34, and is payable in the usual manner on May 15, 2021 to shareholders of record on April 5, 2021, as previously announced.

Since May 15, 2021 is not a business day, amounts due to holders of Preferred Shares 34 on that date will be paid on the first business day following that date, namely, Monday, May 17, 2021.

Formal notice will be given to holders of Preferred Shares Series 34 in accordance with the terms of the shares.

The redemption of the Preferred Shares Series 34 is part of National Bank’s ongoing management of its regulatory capital.

NA.PR.X is a FixedReset, 5.60%+490, that commenced trading 2016-1-22 after being announced 2016-1-13.

Thanks to Assiduous Reader CanSiamCyp for ensuring I did not miss this.

This entry was posted on Friday, March 19th, 2021 at 10:10 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.