On June 4, 2026, National Bank of Canada announced that it had entered into an agreement with a syndicate of agents led by National Bank Financial Inc. for the issuance of C$600 million aggregate principal amount of Limited Recourse Capital Notes, Series 4 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness). The notes bear interest at a rate of 6.067 percent per annum, payable semi-annually, until but excluding August 16, 2031, after which the rate resets every five years at the prevailing 5-year Government of Canada Yield plus 2.95 percent. The notes mature on August 16, 2086. The offering closed on June 11, 2026.

Concurrently with the issuance of the notes, National Bank issued Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 51 (NVCC), to be held by Computershare Trust Company of Canada as trustee for NBC LRCN Limited Recourse Trust. In the event of non-payment of interest on or principal of the notes when due, the recourse of each noteholder is limited to that holder's proportionate share of the trust's assets, which consist of the Series 51 preferred shares except in limited circumstances. The notes and preferred shares were issued under a prospectus supplement dated June 4, 2026, to the bank's short form base shelf prospectus dated September 6, 2024. The net proceeds will be added to the bank's general funds and used for general banking purposes. National Bank of Canada is one of the country's six systemically important banks, with C$618 billion in assets as at April 30, 2026.