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National Bank of Canada Announces Dividend Rates for First Preferred Shares, Series 40 and 41 (NVCC)
National Bank of Canada Announces Dividend Rates for First Preferred Shares, Series 40 and 41 (NV...
About this update from National Bank Of Canada
[{"type":"text","content":"\n \n \n \n National Bank of Canada Announces Dividend Rates for First Preferred Shares, Series 40 and 41 (NVCC)\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Not for distribution to U.S. news wire services or for dissemination in\n \n the United States\n \n .\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n April 17, 2023\n \n \n /CNW/ - Further to its announcement of\n \n April 4, 2023\n \n , National Bank of\n \n Canada\n \n (the \"Bank\") (TSX: NA) announced today the dividend rates applicable to the Non-Cumulative 5–Year Rate Reset First Preferred Shares, Series 40 Non-Viability Contingent Capital (NVCC) (the \"Series 40 Shares\") and the Non-Cumulative Floating Rate First Preferred Shares, Series 41 (NVCC) (the \"Series 41 Shares\").\n \n \n Holders of Series 40 Shares, should any remain outstanding after\n \n May 15, 2023\n \n , will be entitled to receive fixed-rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank and subject to the provisions of the\n \n Bank Act\n \n (\n \n Canada\n \n ). The dividend rate for the five-year period commencing on\n \n May 16\n \n , 2023, and ending on\n \n May 15\n \n , 2028, will be 5.818%, being equal to the sum of the five-year Government of Canada Bond yield (3.238%) plus 2.58%, as determined in accordance with the terms of the Series 40 Shares.\n \n \n Holders of Series 41 Shares, should any be issued on\n \n May 15, 2023\n \n , will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank and subject to the provisions of the\n \n Bank Act\n \n (\n \n Canada\n \n ). The dividend rate for the three-month period commencing on\n \n May 16, 2023\n \n , and ending on\n \n August 15, 2023\n \n , will be 7.017%, being equal to the sum of the 90-day Government of Canada Treasury Bill yield (4.437%) plus 2.58%, calculated on the basis of actual nu...