PrefBlog

National Bank of Canada has announced:

its intention to redeem all of its issued and outstanding Non-Cumulative Fixed Rate First Preferred Shares Series 16 (the “Preferred Shares Series 16”) on November 15, 2014.

Pursuant to the share conditions, on November 15, 2014, the Bank may, at its option, redeem the Preferred Shares Series 16 at a price equal to $25.00 per share together with all declared and unpaid dividends. The declared dividends payable on November 15, 2014 will be paid in the usual manner to shareholders of record on October 10, 2014.

Since November 15, 2014 is a non-business day, any payments due to shareholders on such date will be made on the first business day following such date, being Monday, November 17, 2014.

A formal notice will be issued to shareholders in accordance with the share conditions.

The Bank recommends shareholders consult with their tax advisors to determine the appropriate treatment and impact of the redemptions.

So there goes another bank-issued DeemedRetractible!

Update, 2014-10-1: The coupon on NA.PR.L is 4.85%.

This entry was posted on Friday, September 26th, 2014 at 10:46 pm 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.