MONTREAL, Nov. 24,
2023 /CNW/ - National Bank of Canada is pleased to announce that, on
October 30, 2023, it issued the first
series of its 2023 Panda Bond program raising RMB1 billion (equivalent to approximately
CAD191 million) in the context of a
public offering in Mainland China's Interbank Bond Market. This
marks National Bank of Canada's
first issuance as part of its latest RMB10
billion Panda Bond program approved by the People's Bank of
China on February 17, 2023, and following the launch of
its inaugural Panda Bond program in 2016. The bond was priced at an
annual coupon rate of 3.20% and has a three-year term.
This issuance was made possible with the help of National Bank
of Canada's appointed Lead
Underwriter and Lead Bookrunner, Bank of China Limited, Joint Lead
Underwriters and Joint Lead Bookrunners, namely, China Merchants
Securities Co., Ltd, Industrial and Commercial Bank of China
Limited, Agricultural Bank of China Limited and DBS Bank
(China) Limited, as well as from
syndicate members Industrial Bank Co., Ltd. and Deutsche Bank
(China), Co., Ltd.
As part of the issuance, National Bank of Canada, one of the six systemically important
banks in Canada, and its 2023
Panda Bonds (Series 1) both received a AAA rating from a Mainland
China credit rating agency, China Chengxin International Credit
Rating Co., Ltd.
Caution Regarding Forward-Looking
Statements
Certain statements in this press release
are forward-looking statements. These statements are based on a
number of assumptions and are subject to risk factors, inherent
risks and uncertainties, many of which are beyond National Bank of
Canada's control and the impacts
of which are difficult to predict, including risks associated with
the timing and completion of the issuance of Renminbi-denominated
Panda Bonds by National Bank of Canada. Except as required by law, National
Bank of Canada does not undertake
to update any forward-looking statements, whether written or oral,
that may be made from time to time, by it or on its behalf. The
forward-looking information contained in this press release is
presented for the purpose of interpreting the information contained
herein and may not be appropriate for other purposes.
About National Bank of Canada
With $426 billion in
assets as at July 31, 2023, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. The Bank has approximately
30,000 employees in knowledge-intensive positions and has been
recognized numerous times as a top employer and for its commitment
to diversity. Its securities are listed on the Toronto Stock
Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or
via social media.
SOURCE National Bank of Canada