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FINANCE | Retail Banking
nbc.ca

Investments

39

Portfolio Exits

9

Funds

1

Partners & Customers

10

About National Bank of Canada

National Bank of Canada (TSX: NA) provides various financial products and services to retail, commercial, corporate, and institutional clients in Canada and internationally. It operates through Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International segments.

Headquarters Location

600 de la Gauchetière West 4th Floor

Montreal, Quebec, H3B 4L2,

Canada

888-483-5628

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Latest National Bank of Canada News

SSA Maple bonds: A vibrant & compellingly priced sector

Aug 22, 2023

SSA Maple bonds: A vibrant & compellingly priced sector 5-day change 04:52pm Today at 03:00 pm SSA Maple bonds: A vibrant & compellingly priced sector By Warren Lovely Maple bonds issued by top-rated SSAs may still constitute a relatively narrow slice of Canada's overall domestic bond market, but 2023 has painted a more vibrant supply picture. A new calendar year supply record could be in sight, leaving the outstanding stock of SSA Maple paper tilted higher (in absolute and relative terms). Investors have seen a broader array of issuers access Canada, in what might be considered a hallmark of all developing/maturing bond markets. While more issuers have responded to underlying investor demand and seized the opportunity to print north of the border, funding economics (as always) can be expected to influence the near-term bond supply impulse. Cross-currency funding arbs for SSAs seeking to issue in CAD have moved a few basis points away in recent sessions but are hardly egregious in core tenors. Meantime, market conditions remain somewhat fluid with another wave of seasonal cash (and related duration extension) due to wash over the Canadian bond market in and around September 1st. Much then can change, from both an issuer and investor perspective. On balance, this year's SSA Maple bond crop may exhibit some 'normal' tendencies when it comes to average deal size and preferred tenor. Excluding MTNs, benchmark trades of ~$1 billion are increasingly the norm, bolstering the liquidity profile of a sector where many of the Tier 1 names/assets already benefit from HQLA Level 1 classification. As it relates to term, 3s-5s have remained the path of least resistance (or greatest overall demand) for 2023's primary supply. We'd note that the last benchmark SSA Maple trade-IFC'smid-August $1 billion 4.5% 3- year issue-generated outsized interest from central banks/official institutions, the bulk of this issue thus steered overseas. But we're not reading too much into that, the demand profile for short(er) AAA-rated supra paper always somewhat unique (or FX reserve manager-centric). Indeed, one generally finds a more diversified investor base in 5s or longer, as IBRD and others have aptly demonstrated time and again. As a new issue term, 7s were last meaningfully utilized by SSAs in 2020-21. Back then, domestic accounts were the predominant target and as is often the case with 5-year trades, fund managers and bank treasuries have tended to take the lion's share of 7-year SSA Maples. We'd expect as much on any prospective 5- or 7-year SSA Maple new issue. Curve dynamics notwithstanding, Canada is generally home to some of the yieldiest (i.e., cheapest) AAA-rated product on the planet. As global bond markets come to terms with a higher-for-longer policy rate environment, spread product has remained relatively well supported- in Canada and elsewhere. Despite an ongoing quantitative tightening regime by Canada's central bank, there is, to us, little near-term fear of SSAs being crowded out of Canada. Rather, gross/net bond issuance from some stalwarts/core sectors of the Canadian market has continued to recede, lending a degree of technical support relative to jurisdictions where supply is more plentiful, non-resident demand is more fleeting and/or fiscal sustainability is less assured. One key area to watch: Canada Mortgage Bonds (CMBs), which have been a vital source of AAA-ratedCAD-denominated spread product for over 20 years. With market-based consultations now out of the way, a decision on the fate of the $265 billion (o/s) CMB program can be expected this fall. Any prospective move to consolidate CMB supply with the regular Government of Canada bond program-either in whole or in part-could create even greater scope for AAA-rated alternatives. That would of course include SSA Maples (the focus of this note) but would presumably extend to Canadian PSEs, which we consider another vibrant/compelling debt capital markets storyline. Regardless of the CMB-related 'noise', there's seemingly a growing role for SSA Maples to play in Canada's evolving domestic bond market. Whether on a liquidity or credit quality-adjusted basis, we view much of this paper as 'attractively' priced vs. key comps. The success of this year's larger SSA Maple bond crop seemingly testifies to the fact that investors (at home and abroad) have found compelling value here too. A detailed look at SSA Maple (i.e., CAD-denominated) bond supply & valuation Chart 1: SSA issuers have been drawn to Canada in 2023… Chart 2: … with a new annual supply record perhaps in sight Monthly pattern of gross CAD bond supply: SSAs YTD/annual pattern of gross CAD bond supply: SSAs 3.0 General This Report was prepared by National Bank Financial, Inc. (NBF), (a Canadian investment dealer, member of IIROC), an indirect wholly owned subsidiary of National Bank of Canada. National Bank of Canada is a public company listed on the Toronto Stock Exchange. The particulars contained herein were obtained from sources which we believe to be reliable but are not guaranteed by us and may be incomplete and may be subject to change without notice. The information is current as of the date of this document. Neither the author nor NBF assumes any obligation to update the information or advise on further developments relating to the topics or securities discussed. The opinions expressed are based upon the author(s) analysis and interpretation of these particulars and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein, and nothing in this Report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient's individual circumstances. In all cases, investors should conduct their own investigation and analysis of such information before taking or omitting to take any action in relation to securities or markets that are analyzed in this Report. The Report alone is not intended to form the basis for an investment decision, or to replace any due diligence or analytical work required by you in making an investment decision. This Report is for distribution only under such circumstances as may be permitted by applicable law. This Report is not directed at you if NBF or any affiliate distributing this Report is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that NBF is permitted to provide this Report to you under relevant legislation and regulations. National Bank of Canada Financial Markets is a trade name used by National Bank Financial and National Bank of Canada Financial Inc. Canadian Residents NBF or its affiliates may engage in any trading strategies described herein for their own account or on a discretionary basis on behalf of certain clients and as market conditions change, may amend or change investment strategy including full and complete divestment. The trading interests of NBF and its affiliates may also be contrary to any opinions expressed in this Report. NBF or its affiliates often act as financial advisor, agent or underwriter for certain issuers mentioned herein and may receive remuneration for its services. As well NBF and its affiliates and/or their officers, directors, representatives, associates, may have a position in the securities mentioned herein and may make purchases and/or sales of these securities from time to time in the open market or otherwise. NBF and its affiliates may make a market in securities mentioned in this Report. This Report may not be independent of the proprietary interests of NBF and its affiliates. This Report is not considered a research product under Canadian law and regulation, and consequently is not governed by Canadian rules applicable to the publication and distribution of research Reports, including relevant restrictions or disclosures required to be included in research Reports. 4 UK Residents This Report is a marketing document. This Report has not been prepared in accordance with EU legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. In respect of the distribution of this Report to UK residents, NBF has approved the contents (including, where necessary, for the purposes of Section 21(1) of the Financial Services and Markets Act 2000). This Report is for information purposes only and does not constitute a personal recommendation, or investment, legal or tax advice. NBF and/or its parent and/or any companies within or affiliates of the National Bank of Canada group and/or any of their directors, officers and employees may have or may have had interests or long or short positions in, and may at any time make purchases and/or sales as principal or agent, or may act or may have acted as market maker in the relevant investments or related investments discussed in this Report, or may act or have acted as investment and/or commercial banker with respect hereto. The value of investments, and the income derived from them, can go down as well as up and you may not get back the amount invested. Past performance is not a guide to future performance. If an investment is denominated in a foreign currency, rates of exchange may have an adverse effect on the value of the investment. Investments which are illiquid may be difficult to sell or realise; it may also be difficult to obtain reliable information about their value or the extent of the risks to which they are exposed. Certain transactions, including those involving futures, swaps, and other derivatives, give rise to substantial risk and are not suitable for all investors. The investments contained in this Report are not available to retail customers and this Report is not for distribution to retail clients (within the meaning of the rules of the Financial Conduct Authority). Persons who are retail clients should not act or rely upon the information in this Report. This Report does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for the securities described herein nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This information is only for distribution to Eligible Counterparties and Professional Clients in the United Kingdom within the meaning of the rules of the Financial Conduct Authority. NBF is authorised and regulated by the Financial Conduct Authority and has its registered office at 70 St. Mary Axe, London, EC3A 8BE. NBF is not authorised by the Prudential Regulation Authority and the Financial Conduct Authority to accept deposits in the United Kingdom. US Residents With respect to the distribution of this report in the United States of America, National Bank of Canada Financial Inc. ("NBCFI") which is regulated by the Financial Industry Regulatory Authority (FINRA) and a member of the Securities Investor Protection Corporation (SIPC), an affiliate of NBF, accepts responsibility for its contents, subject to any terms set out above. To make further inquiry related to this report, or to effect any transaction, United States residents should contact their NBCFI registered representative. This report is not a research report and is intended for Major US Institutional Investors only. This report is not subject to US independence and disclosure standards applicable to research reports. HK Residents With respect to the distribution of this report in Hong Kong by NBC Financial Markets Asia Limited ("NBCFMA")which is licensed by the Securities and Futures Commission ("SFC") to conduct Type 1 (dealing in securities) and Type 3 (leveraged foreign exchange trading) regulated activities, the contents of this report are solely for informational purposes. It has not been approved by, reviewed by, verified by or filed with any regulator in Hong Kong. Nothing herein is a recommendation, advice, offer or solicitation to buy or sell a product or service, nor an official confirmation of any transaction. None of the products issuers, NBCFMA or its affiliates or other persons or entities named herein are obliged to notify you of changes to any information and none of the foregoing assume any loss suffered by you in reliance of such information. The content of this report may contain information about investment products which are not authorized by SFC for offering to the public in Hong Kong and such information will only be available to, those persons who are Professional Investors (as defined in the Securities and Futures Ordinance of Hong Kong ("SFO")). If you are in any doubt as to your status you should consult a financial adviser or contact us. This material is not meant to be marketing materials and is not intended for public distribution. Please note that neither this material nor the product referred to is authorized for sale by SFC. Please refer to product prospectus for full details. There may be conflicts of interest relating to NBCFMA or its affiliates' businesses. These activities and interests include potential multiple advisory, transactional and financial and other interests in securities and instruments that may be purchased or sold by NBCFMA or its affiliates, or in other investment vehicles which are managed by NBCFMA or its affiliates that may purchase or sell such securities and instruments. No other entity within the National Bank of Canada group, including National Bank of Canada and National Bank Financial Inc, is licensed or registered with the SFC. Accordingly, such entities and their employees are not permitted and do not intend to: (i) carry on a business in any regulated activity in Hong Kong; (ii) hold themselves out as carrying on a business in any regulated activity in Hong Kong; or (iii) actively market their services to the Hong Kong public. Copyright This Report may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express written consent of NBF. 5

National Bank of Canada Investments

39 Investments

National Bank of Canada has made 39 investments. Their latest investment was in Pivot Energy as part of their Loan on May 09, 2023.

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National Bank of Canada Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/9/2023

Loan

Pivot Energy

$203M

Yes

1

1/26/2023

Loan

Hecate Energy

$250M

No

2

1/26/2023

Line of Credit

Hecate Energy

$300M

Yes

2

12/15/2022

Line of Credit

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$99M

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10

11/9/2022

Line of Credit - II

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$99M

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10

Date

5/9/2023

1/26/2023

1/26/2023

12/15/2022

11/9/2022

Round

Loan

Loan

Line of Credit

Line of Credit

Line of Credit - II

Company

Pivot Energy

Hecate Energy

Hecate Energy

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Amount

$203M

$250M

$300M

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

Sources

1

2

2

10

10

National Bank of Canada Portfolio Exits

9 Portfolio Exits

National Bank of Canada has 9 portfolio exits. Their latest portfolio exit was Sensibill on October 03, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/3/2022

Acquired

$99M

12

6/29/2022

Acquired

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$99M

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10

3/28/2022

Acquired

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$99M

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10

11/23/2021

Acq - Fin

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$99M

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10

8/25/2021

Corporate Majority

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$99M

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10

Date

10/3/2022

6/29/2022

3/28/2022

11/23/2021

8/25/2021

Exit

Acquired

Acquired

Acquired

Acq - Fin

Corporate Majority

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

12

10

10

10

10

National Bank of Canada Acquisitions

2 Acquisitions

National Bank of Canada acquired 2 companies. Their latest acquisition was Culligan - Canada on June 23, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/23/2022

$99M

Acquired Unit

1

8/31/2002

Growth Equity

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$99M

$99M

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10

Date

6/23/2022

8/31/2002

Investment Stage

Growth Equity

Companies

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Valuation

$99M

$99M

Total Funding

$99M

Note

Acquired Unit

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Sources

1

10

National Bank of Canada Fund History

1 Fund History

National Bank of Canada has 1 fund, including National Bank SME Growth Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/12/2021

National Bank SME Growth Fund

$200M

2

Closing Date

1/12/2021

Fund

National Bank SME Growth Fund

Fund Type

Status

Amount

$200M

Sources

2

National Bank of Canada Partners & Customers

10 Partners and customers

National Bank of Canada has 10 strategic partners and customers. National Bank of Canada recently partnered with CGI on February 2, 2023.

Date

Type

Business Partner

Country

News Snippet

Sources

2/2/2023

Partner

Finland

CGI and National Bank of Canada expand their partnership

`` This partnership enables us to leverage CGI 's expertise and capabilities to enhance product development in order to accelerate the delivery of a streamlined end-user experience for advisors and investors , '' says Éric-Olivier Savoie , President of National Bank .

2

2/8/2022

Partner

Canada

15:00 ET The Canadian Foundation for Economic Education and National Bank launch a new one-of-a-kind financial literacy program

National Bank of Canada is proud to contribute to this goal through its partnership with the Canadian Foundation for Economic Education . ''

1

11/30/2021

Partner

Canada

Flinks and National Bank of Canada launch open banking solution

API developer Flinks has launched Open Banking Environment in partnership with its majority owner National Bank of Canada .

1

7/10/2020

Vendor, and Client

Canada

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10

3/16/2020

Vendor

France

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10

Date

2/2/2023

2/8/2022

11/30/2021

7/10/2020

3/16/2020

Type

Partner

Partner

Partner

Vendor, and Client

Vendor

Business Partner

Country

Finland

Canada

Canada

Canada

France

News Snippet

CGI and National Bank of Canada expand their partnership

`` This partnership enables us to leverage CGI 's expertise and capabilities to enhance product development in order to accelerate the delivery of a streamlined end-user experience for advisors and investors , '' says Éric-Olivier Savoie , President of National Bank .

15:00 ET The Canadian Foundation for Economic Education and National Bank launch a new one-of-a-kind financial literacy program

National Bank of Canada is proud to contribute to this goal through its partnership with the Canadian Foundation for Economic Education . ''

Flinks and National Bank of Canada launch open banking solution

API developer Flinks has launched Open Banking Environment in partnership with its majority owner National Bank of Canada .

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Sources

2

1

1

10

10

National Bank of Canada Team

15 Team Members

National Bank of Canada has 15 team members, including current Senior Vice President, Lisa Swiderski.

Name

Work History

Title

Status

Lisa Swiderski

Senior Vice President

Current

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Name

Lisa Swiderski

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Work History

Title

Senior Vice President

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Status

Current

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