On June 27, 2024, National Bank of Canada (NBC) launched a Booster Note Securities program, enabling the sale of non-principal-protected note securities under a CAD 12 billion Medium Term Notes framework. The securities were linked to a reference portfolio of equity securities, ETFs, indices, or commodities.

The program featured two types of securities: Maturity-Monitored Barrier and Buffered. Investors could earn a "Booster Return" if the portfolio outperformed a preset threshold, but faced the risk of losing part of their principal if the portfolio underperformed. No interest was paid before maturity, and the principal was not protected in the event of losses.

The securities were distributed through National Bank Financial Inc. as the main dealer, with a group of Independent Dealers involved, whose names would be specified in the applicable pricing supplements. The securities were not listed on any exchange, and liquidity in the secondary market was not guaranteed.

The legal advisors for the deal were Fasken Martineau DuMoulin LLP and Osler, Hoskin & Harcourt LLP for National Bank of Canada, while Torys LLP acted for the dealers?.