{"id":50197,"date":"2025-10-06T21:13:27","date_gmt":"2025-10-07T01:13:27","guid":{"rendered":"https:\/\/prefblog.com\/?p=50197"},"modified":"2025-10-06T21:15:18","modified_gmt":"2025-10-07T01:15:18","slug":"october-6-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50197","title":{"rendered":"October 6, 2025"},"content":{"rendered":"

On 2025-9-19, National Bank of Canada announced<\/a>:<\/p>\n

its intention to redeem, on November 15, 2025 (the \u201cRedemption Date\u201d), all of its outstanding $500,000,000 aggregate principal amount of 4.300% Limited Recourse Capital Notes Series 1 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the \u201cSeries 1 LRCNs\u201d), at a redemption price equal to the principal amount of the Series 1 LRCNs, plus any accrued and unpaid interest up to, but excluding, the Redemption Date. Formal notice of the redemption will be delivered to registered holders of the Series 1 LRCNs in accordance with the terms outlined in the trust indenture for the Series 1 LRCNs.<\/p>\n

In connection with the redemption of the Series 1 LRCNs, the Bank will redeem all 500,000 Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 44 (Non-Viability Contingent Capital (NVCC)) (the \u201cSeries 44 Preferred Shares\u201d) that are held by Computershare Trust Company of Canada as trustee of NBC LRCN Limited Recourse Trust.<\/p>\n

Since November 15, 2025 is not a business day, amounts due to holders of the Series 1 LRCNs will be paid on the first business day following that date.<\/p>\n

The redemption of the Series 44 Preferred Shares and Series 1 LRCNs has been approved by the Office of the Superintendent of Financial Institutions and is part of the Bank\u2019s ongoing management of its regulatory capital.<\/p><\/blockquote>\n

These issues are discussed on PDF pages 209 and 210 of the 2024 Annual Report<\/a> – the preferreds were 4.30%+394.3 , which would imply quite a pop in interest paid to the LRCN holders if they had reset!<\/p>\n

Thanks to Assiduous Reader DB for bringing this to my attention!<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n6.68 %<\/td>\n7.12 %<\/td>\n27,574<\/td>\n13.37<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,428.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2795 %<\/td>\n4,588.0<\/td>\n<\/tr>\n
Floater<\/td>\n6.29 %<\/td>\n6.58 %<\/td>\n56,230<\/td>\n13.11<\/td>\n3<\/td>\n-0.2795 %<\/td>\n2,644.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1254 %<\/td>\n3,654.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.40 %<\/td>\n67,260<\/td>\n3.34<\/td>\n5<\/td>\n0.1254 %<\/td>\n4,364.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1254 %<\/td>\n3,405.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.50 %<\/td>\n4.93 %<\/td>\n82,123<\/td>\n0.08<\/td>\n8<\/td>\n0.2625 %<\/td>\n3,096.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.65 %<\/td>\n46,229<\/td>\n14.43<\/td>\n26<\/td>\n0.3988 %<\/td>\n3,385.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.00 %<\/td>\n6.08 %<\/td>\n115,142<\/td>\n13.68<\/td>\n30<\/td>\n0.0363 %<\/td>\n3,044.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.54 %<\/td>\n5.53 %<\/td>\n55,320<\/td>\n14.61<\/td>\n21<\/td>\n-0.3447 %<\/td>\n3,282.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0363 %<\/td>\n3,621.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.63 %<\/td>\n4.85 %<\/td>\n126,606<\/td>\n2.42<\/td>\n22<\/td>\n-0.2065 %<\/td>\n2,633.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0363 %<\/td>\n3,111.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.23 %<\/td>\n5.38 %<\/td>\n55,623<\/td>\n14.53<\/td>\n15<\/td>\n0.0784 %<\/td>\n3,066.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-7.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 22.11
\nEvaluated at bid price : 22.33
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.13
\nEvaluated at bid price : 21.13
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.46
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nInsurance Straight<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 23.73
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.83
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 24.55
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n4.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 23.53
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Prem<\/td>\n274,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
GWO.PR.Z<\/td>\nPerpetual-Premium<\/td>\n60,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n50,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n29,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 18.56
\nEvaluated at bid price : 18.56
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
POW.PR.H<\/td>\nPerpetual-Premium<\/td>\n28,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n22,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.83
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
There were 13 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
See TMX DataLinx: ‘Last’ != ‘Close’<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 20.20 – 22.50
\nSpot Rate : 2.3000
\nAverage : 1.5480<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n

ENB.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.45 – 23.00
\nSpot Rate : 1.5500
\nAverage : 0.8664<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 21.35 – 22.65
\nSpot Rate : 1.3000
\nAverage : 0.8089<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n

PVS.PR.M<\/td>\nSplitShare<\/td>\nQuote: 25.26 – 26.26
\nSpot Rate : 1.0000
\nAverage : 0.6778<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2031-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nInsurance Straight<\/td>\nQuote: 22.33 – 23.95
\nSpot Rate : 1.6200
\nAverage : 1.2985<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 22.11
\nEvaluated at bid price : 22.33
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n

BN.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.05 – 21.85
\nSpot Rate : 0.8000
\nAverage : 0.5231<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-06
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

On 2025-9-19, National Bank of Canada announced: its intention to redeem, on November 15, 2025 (the \u201cRedemption Date\u201d), all of its outstanding $500,000,000 aggregate principal amount of 4.300% Limited Recourse Capital Notes Series 1 (Non-Viability …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-50197","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50197"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50197\/revisions"}],"predecessor-version":[{"id":50199,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50197\/revisions\/50199"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}