NBC Completes US$1.4B Offering

Pursuant to its US$5 billion Global Covered Bond Programme, National Bank of Canada completed an offering in the United States under Rule 144A and Regulation S of an aggregate amount of US$1,400,000,000 Series 2 2.200 per cent cov-ered bonds due October 19, 2016. The Covered Bonds trade on the London Stock Exchange and are irrevocably and un-conditionally guaranteed as to timely payment of principal and interest by NBC Covered Bond Guarantor Limited Partnership. Barclays Capital Inc., National Bank of Canada Financial Inc., Citigroup Global Markets Inc., and RBC Capital Markets LLC acted as lead managers for the issuance.

NBC was advised by in-house counsel Dominic Paradis, Mélanie Viguié-Bilodeau and Pierre-Alexandre Viau and assist-ed in Canada by McCarthy Tétrault LLP, with a team including Marc MacMullin, Frederic Cotnoir, Candace Pallone, Tim Stewart, Tina Benson and Gabrielle Richards and James Morand (tax); in the United Kingdom by Robert Brant and Alexander Strong of McCarthy Tétrault; and in the United States by Allen & Overy LLP, with a team including Lawton Camp, John Hwang and Nicola Rogers.

The lead managers were advised in the United States by Morrison & Foerster LLP, with a team including Jerry Mar-latt and Melissa Beck; and in Canada by Osler, Hoskin & Harcourt LLP, with a team including Rick Fullerton, Kashif Zaman and Andrew McGuffin and Amanda Heale (tax).