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.