NA.PR.S Firm on Good Volume

The National Bank of Canada has announced:

it has closed its domestic public offering of Basel III-compliant non-cumulative 5-year rate reset first preferred shares series 30 (the “Series 30 Preferred Shares”). National Bank issued 14 million Series 30 Preferred Shares at a price of $25 per share to raise gross proceeds of $350 million.

The offering was underwritten by a syndicate led by National Bank Financial Inc.

The Series 30 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol NA.PR.S.

The Series 30 Preferred Shares were issued under a prospectus supplement dated January 31, 2014 to National Bank’s short form base shelf prospectus dated October 5, 2012.

NA.PR.S is a NVCC-compliant FixedReset, 4.10%+240, announced January 29. It will be tracked by HIMIPref™ and assigned to the FixedResets index.

DBRS finalized the rating:

DBRS has today finalized the rating of National Bank of Canada’s (the Bank or National Bank) Non-Cumulative five-year Rate Reset First Preferred Shares Series 30 (NVCC Preferred Shares Series 30 or Series 30) at Pfd-2 (low) with a Stable trend.

Following the review of all documentation associated with the recent offering, DBRS has confirmed that all terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on January 29, 2014. For further details on the provisional rating, please see the DBRS press release entitled “DBRS Provisionally Rates National Bank’s Non-Viability Contingent Capital Preferred Shares Pfd-2 (low), Stable.”

The aggregate gross proceeds from the NVCC Preferred Shares Series 30 totalled $350 million. Proceeds from the issuance will be used for general business purposes.

NA.PR.S traded 713,963 shares today in a range of 24.90-00 before closing at 24.94-98, 5×1. Vital statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2044-02-07
Maturity Price : 23.12
Evaluated at bid price : 24.94
Bid-YTW : 3.89 %

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