By Sarah Lizee
Olympia, Wash., April 20 – National Bank of Canada issued $200 million of floating-rate series CBL13 covered bonds due Oct. 20, 2021 (Aaa//AAA/DBRS: AAA) at par on Monday, according to a term sheet.
The bonds bear interest at Libor plus 45 basis points, subject to a floor of 0%.
The Regulation S bonds are not callable or putable.
The bonds are being issued out of the bank’s C$15 billion legislative global covered bond program unconditionally and irrevocably guaranteed as to payments by NBC Covered Bond (Legislative) Guarantor LP.
The financial group is based in Montreal.
| Issuer: | National Bank of Canada
|
| Guarantor: | NBC Covered Bond (Legislative) Guarantor LP
|
| Issue: | Floating-rate series CBL13 covered bonds
|
| Amount: | $200 million
|
| Maturity: | Oct. 20, 2021
|
| Coupon: | Libor plus 45 bps; 0% floor
|
| Price: | Par
|
| Issue date: | April 20
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| DBRS: AAA
|
| Distribution: | Regulation S
|
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