National Bank

About National Bank Preferred Shares

National Bank does not currently have any preferred shares outstanding. Over the past several years the issuer redeemed the last of its series — part of the broader contraction of the Canadian preferred share market, in which issuers have called 2011-vintage FixedResets whose coupons sat far below prevailing redemption value rather than let them reset. Issuer preferred share programs end for practical reasons: preferred funding becomes more expensive than the alternatives when the coupon on new issues prices above what the company is already paying, and after a wave of redemptions the remaining outstanding size no longer justifies the program's administrative overhead.

This history is documented: 1 delisted series of National Bankpreferred shares remain listed in the archive — IAF.PR.B (P-2), each with its original terms, rating, and redemption record. Redeemed series keep their place in the market record — they show former holders exactly what was paid out and when, and they show researchers how the structures behaved over their lifetime. The complete list of retired issues sits on the delisted archive page.

Further reading on NB preferreds

• First National Preferred Shares Reset: How a Real 5-Year Rate Reset Works
• Redemption Wave: Cenovus and First National Pull $300M+ from Preferred Market

Compare every Canadian preferred share side by side in the screener, or browse peers in the sector guides. The structural background — par value, reset mechanics, and rating tiers — is covered in the preferred shares guide.