Published on 3/31/2022 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: National Bank of Canada sells $1.25 billion of 2.9% five-year bonds
By Cristal Cody
Chicago, March 31 – National Bank of Canada sold $1.25 billion of 2.9% five-year covered bonds on Wednesday, according to a market source.
The spread priced at SOFR mid-swaps plus 65 basis points, or alternatively at Treasuries plus 46.8 bps. Price talk had been in the SOFR mid-swaps plus 68 bps area.
BNP Paribas, Citigroup, HSBC, National Bank of Canada and RBC are listed as bookrunners.
The bank is based in Montreal.
| Issuer: | National Bank of Canada
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| Amount: | $1.25 billion
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| Issue: | Covered bonds
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| Maturity: | April 6, 2027
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| Bookrunners: | BNP Paribas, Citigroup, HSBC, National Bank of Canada and RBC
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| Coupon: | 2.9%
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| Spread: | SOFR mid-swaps plus 65 bps, or Treasuries plus 46.8 bps
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| Trade date: | March 30
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| Price talk: | SOFR mid-swaps plus 68 bps area
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