On January 6, 2025, National Bank of Canada announced the issuance of $1 billion in 4.260% Medium-Term Notes due February 15, 2035 (Non-Viability Contingent Capital - NVCC), which closed on January 13, 2025. The notes were priced at $999.950 per $1,000 principal amount, with net proceeds of $996.45 million. Interest is payable semi-annually until February 15, 2030, after which it resets to Daily Compounded CORRA + 1.56%, payable quarterly. The bank may redeem the notes starting February 15, 2030, subject to regulatory approval.

The dealers for the offering were National Bank Financial Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., iA Private Wealth Inc., Manulife Wealth Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., J.P. Morgan Securities Canada Inc., Merrill Lynch Canada Inc., Morgan Stanley Canada Limited, Wells Fargo Securities Canada, Ltd., and Casgrain & Company Limited.

Legal counsel for the transaction included McCarthy Tétrault LLP for National Bank of Canada and Torys LLP for the dealers. The notes are subject to an NVCC automatic conversion upon a trigger event, converting into National Bank common shares. Expected ratings are "A (low)" from Morningstar DBRS, "Baa1 (hyb)" from Moody’s, and "BBB" from S&P. Computershare Trust Company of Canada acted as the transfer agent and registrar. Proceeds will be used for general banking purposes.