NBC Auto Callable Contingent Memory Income Note Securities (Maturity-Monitored Barrier) linked to a portfolio of Canadian renewable energy companies, Class F, due on March 18, 2030

Current price: $65.14
As of 18-Apr-2024

General Information

Issuer:
NBC
FundSERV Code:
NBC20274
ISM Code:
V46DW0
Ticker Symbol:
AQN, BEP-U, BLX, INE, NPI, RNW
Educational Summary:
Link

Highlights

  • 7-year term.
  • Linked to Canadian renewable energy companies.
  • Potential coupon payments: provided that the Reference Portfolio Return is equal to or greater than the Coupon Payment Threshold on the applicable Coupon Payment Valuation Date, Holders will be entitled to receive, on the relevant Coupon Payment Date, the coupon payment which shall be computed by reference to both the coupon of $8.40 (equivalent to 8.40% of the principal amount of each note security) and the coupon Variable Return
  • Memory feature: coupon payments include any previously unpaid coupon payments.
  • Coupon Payment Threshold: -20%
  • Call Threshold: 5% (starting after 12 months).
  • Potential Coupon Payment: $8.40 p.a. paid semi-annually.
  • Maturity Barrier: -30%.
  • If the Reference Portfolio Return is equal to or higher than the Call Threshold on a Call Valuation Date, the Note Securities will be automatically called on the applicable Call Date and the Maturity Redemption Payment will be equal to $100 x [1 + Variable Return]; or
  • If the Note Securities are not automatically called and the Reference Portfolio Return is positive on the Final Valuation Date, the Maturity Redemption Payment will be equal to $100 x [1 + Variable Return]; or
  • If the Note Securities are not automatically called and the Reference Portfolio Return is nil or negative but equal to or higher than the Barrier on the Final Valuation Date, the Maturity Redemption Payment will be equal to $100; or
  • If the Note Securities are not automatically called and the Reference Portfolio Return is negative and lower than the Barrier on the Final Valuation Date, the Maturity Redemption Payment will be equal to $100 x [1 + Reference Portfolio Return].
  • Eligible for RRSPs, RRIFs, RESPs, RDSPs, DPSPs and TFSAs.
  • Daily secondary market available under normal market conditions.

Dates

Issue Date:
17-Mar-2023
Maturity date:
18-Mar-2030
Note term:
7.0 years
Call Val. Date 1:
11-Mar-2024
Call Val. Date 2:
10-Sep-2024
Call Val. Date 3:
10-Mar-2025
Call Val. Date 4:
10-Sep-2025
Call Val. Date 5:
10-Mar-2026
Call Val. Date 6:
10-Sep-2026
Call Val. Date 7:
10-Mar-2027
Call Val. Date 8:
10-Sep-2027
Call Val. Date 9:
10-Mar-2028
Call Val. Date 10:
11-Sep-2028
Call Val. Date 11:
12-Mar-2029
Call Val. Date 12:
10-Sep-2029
Final Valuation Date:
11-Mar-2030

Price and Historical Values

Last Updated Date:
18-Apr-2024
Current Price:
$65.14
Currency:
CAN

The bid price and any related information on the date of sale may differ from the current price and information posted above. Please refer to the offering document or your investment advisor.

Note

On October 10, 2023, TransAlta Corporation (TSX: TA) (“TransAlta”) completed its acquisition of all the outstanding common shares of TransAlta Renewables Inc. (TSX: RNW) (“RNW”) not already owned, directly or indirectly, by TransAlta and certain of its affiliates. Accordingly, RNW’s shares were delisted from the Toronto Stock Exchange. This event triggered an Extraordinary Non Replacement Event in connection with the Reference Portfolio of the Note Securities, as per the terms and conditions of the Prospectus. As such, we hereby advise the Holders of the Note Securities that the common shares of RNW have been deleted from the Reference Portfolio such that the Reference Portfolio Return will be calculated on the basis of the remaining Reference Assets, where the weighting of RNW’s common shares will be reallocated proportionally to the remaining Reference Assets comprising the Reference Portfolio, the whole in accordance with the terms and conditions of the Prospectus. As such, the Initial Value of the remaining Reference Assets comprising the Reference Portfolio was adjusted as of the closing of the markets on October 10, 2023.

Legal Notice

Portfolio

CompanyInitial PriceCurrent PriceReturnWeighting
Algonquin Power & Utilities Corp.10.158.05-20.68%20%
Brookfield Renewable Partners L.P.37.1428.30-23.80%20%
Boralex Inc.36.0527.08-24.88%20%
Innergex Renewable Energy, Inc.13.718.06-41.20%20%
Northland Power Inc.31.0820.99-32.46%20%
Reference Portfolio Return-28.61%
Indicative Variable Interest0.00%
Call Threshold5.00%