Capital and debt

View our documents related to, among others, credit ratings, regulatory capital, and senior debt

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Quarterly results 

Visit our quarterly results page.

Get the details

Fixed income

Fixed income investments offer a fixed rate of return for a set period of time. Read National Bank's latest presentation.

Picto of a PDF document See the details (PDF)

Supplementary Regulatory Capital and Pillar 3 Disclosure

Picto of a PDF document See the details (PDF)

Picto of an Excel document See the details (Excel)

NBC Sustainability bonds

National Bank has issued sustainability bonds to finance projects that contribute to sustainable development goals.

Picto of a PDF document 2024 Sustainability bond report

Picto of a PDF document 2022 Sustainability bond framework

View our past reports and external reports

Legislative covered bonds

These documents are posted online to provide information to investors about securities issued under the Legislative Program.

Check out the Legislative covered bonds program

Regulatory capital features

See the main features of regulatory capital instruments

Picto of an Excel document January 31, 2025 report 

See our past reports

Credit ratings

The table below details the ratings assigned to National Bank's securities by the following credit rating organizations:

  Moody's4
 Standard & Poor's
 DBRS
 Fitch 
Short-Term Debt
 P-1
 A-1
 R-1 (high)
 F1+
Canadian Commercial Paper
   A-1 (mid)
     
Long-Term Deposits
 Aa2
   AA AA-
Long-Term Non Bail-inable Senior Debt1
 Aa2
 A+ AA AA-
Senior Debt2
 A2
 BBB+ AA (low)
 A+
Subordinated Debt
 Baa1
 BBB+ A(high)
 A-
NVCC Subordinated Debt
 Baa1 (hyb)
 BBB A(low)
  
NVCC Limited Recourse Capital Notes
 Baa3
 BB+ BBB (high)
 BBB
NVCC Preferred Shares
 Baa3 (hyb)
 P-3 (high) Pfd-2
  
Counterparty Risk3
 Aa2
     AA-
Covered Bonds Programme
 Aaa
   AAA AAA
Outlook Stable Stable Stable
 Stable
Short-Term Debt
Moody's4
 P-1
Standard & Poor's
 A-1
DBRS
 R-1 (high)
Fitch  F1+
Canadian Commercial Paper
Moody's4
  
Standard & Poor's
 A-1 (mid)
DBRS
   
Fitch   
Long-Term Deposits
Moody's4
 Aa2
Standard & Poor's
  
DBRS
 AA
Fitch  AA-
Long-Term Non Bail-inable Senior Debt1
Moody's4
 Aa2
Standard & Poor's
 A+
DBRS
 AA
Fitch  AA-
Senior Debt2
Moody's4
 A2
Standard & Poor's
 BBB+
DBRS
 AA (low)
Fitch  A+
Subordinated Debt
Moody's4
 Baa1
Standard & Poor's
 BBB+
DBRS
 A(high)
Fitch  A-
NVCC Subordinated Debt
Moody's4
 Baa1 (hyb)
Standard & Poor's
 BBB
DBRS
 A(low)
Fitch   
NVCC Limited Recourse Capital Notes
Moody's4
 Baa3
Standard & Poor's
 BB+
DBRS
 BBB (high)
Fitch  BBB
NVCC Preferred Shares
Moody's4
 Baa3 (hyb)
Standard & Poor's
 P-3 (high)
DBRS
 Pfd-2
Fitch   
Counterparty Risk3
Moody's4
 Aa2
Standard & Poor's
  
DBRS
  
Fitch  AA-
Covered Bonds Programme
Moody's4
 Aaa
Standard & Poor's
  
DBRS
 AAA
Fitch  AAA
Outlook
Moody's4
 Stable
Standard & Poor's
 Stable
DBRS
 Stable
Fitch  Stable
  1. Includes Senior Debt issued prior to 23-Sept-2018 and Senior Debt issued on or after 23-Sept-2018 which is excluded from the Bank Recapitalization (Bail-in) Regime. 
  2. Subject to conversion under the Bank Recapitalization (Bail-in) Regime. 
  3. Moody's terminology is “Counterparty Risk Rating” while Fitch's terminology is “Derivative Counterparty Rating.” 
  4. On December 16, 2024, Moody's Ratings (Moody's) upgraded all long-term ratings and assessments of National Bank of Canada (NBC).

Credit ratings must not be construed as recommendations to purchase, sell or hold securities of the Bank. Ratings may not reflect the potential impact of all risks. Ratings may be revised or withdrawn at any time by the rating agencies. 

Updated: December 17, 2024

Subordinated debt

Select information regarding National Bank's subordinated debt program and issuance:

Type of instrument
 Outstanding amount
(millions)
 CUSIP
(ISIN)
 Maturity Date
 Core documents and conditions
Medium Term Notes (NVCC)
 CAD $750
 63306AHF6
(CA63306AHF62)
 16-Aug-2032
 Picto of a PDF document Pricing supplement
Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus
Medium Term Notes (NVCC)
 CAD $500
 63309ZNM6
(CA63309ZNM63)
 15-Feb-2034
 Picto of a PDF document Pricing supplement
Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus
Medium Term Notes (NVCC)
 CAD $1000
 63309ZNN4
(CA63309ZNN47)
 15-Feb-2035
 Picto of a PDF document Pricing supplement
Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus
Type of instrument
 Medium Term Notes (NVCC)
Outstanding amount
(millions)
 CAD $750
CUSIP
(ISIN)
 63306AHF6
(CA63306AHF62)
Maturity Date
 16-Aug-2032
Core documents and conditions
 Picto of a PDF document Pricing supplement
Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus
Type of instrument
 Medium Term Notes (NVCC)
Outstanding amount
(millions)
 CAD $500
CUSIP
(ISIN)
 63309ZNM6
(CA63309ZNM63)
Maturity Date
 15-Feb-2034
Core documents and conditions
 Picto of a PDF document Pricing supplement
Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus
Type of instrument
 Medium Term Notes (NVCC)
Outstanding amount
(millions)
 CAD $1000
CUSIP
(ISIN)
 63309ZNN4
(CA63309ZNN47)
Maturity Date
 15-Feb-2035
Core documents and conditions
 Picto of a PDF document Pricing supplement
Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus

Updated: February 5, 2024

Sustainability bonds 

Transactions and offering documents of bail-inable notes

The following table only captures senior notes issued by the Bank that are subject to conversion under the Bank Recapitalization (Bail-in) Regime. It does not include non-bail-inable senior notes that the Bank may also issue from time to time under certain of its programmes.

Limited recourse capital notes 

Select information regarding National Bank's Limited Recourse Capital Notes (Non-Viability Contingent Capital ("NVCC")) (Subordinated Indebtedness).

Type
of instrument
 Outstanding amount
(millions)
 CUSIP
(ISIN)
 Coupon (%)
 Issue Date
 Maturity Date
 Core documents and conditions
Series 1
 CAD 500
 63306AGL4
CA63306AGL40
 4.300 %
 9-Sept-2020
 15-Nov-2080
 Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus dated 17-Aug-2020
Series 2
 CAD 500
 63306AGP5
CA63306AGP53
 4.05 %
 21-Apr-2021
 15-Aug-2081
 Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus dated 17-Aug-2020
Series 3
 CAD 500
 63306AHJ8
CA63306AHJ84
 7.500 %
 8-Sept-2022
 16-Nov-2082
 Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus dated 22-Aug-2022
Type
of instrument
 Series 1
Outstanding amount
(millions)
 CAD 500
CUSIP
(ISIN)
 63306AGL4
CA63306AGL40
Coupon (%)
 4.300 %
Issue Date
 9-Sept-2020
Maturity Date
 15-Nov-2080
Core documents and conditions
 Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus dated 17-Aug-2020
Type
of instrument
 Series 2
Outstanding amount
(millions)
 CAD 500
CUSIP
(ISIN)
 63306AGP5
CA63306AGP53
Coupon (%)
 4.05 %
Issue Date
 21-Apr-2021
Maturity Date
 15-Aug-2081
Core documents and conditions
 Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus dated 17-Aug-2020
Type
of instrument
 Series 3
Outstanding amount
(millions)
 CAD 500
CUSIP
(ISIN)
 63306AHJ8
CA63306AHJ84
Coupon (%)
 7.500 %
Issue Date
 8-Sept-2022
Maturity Date
 16-Nov-2082
Core documents and conditions
 Picto of a PDF document Prospectus supplement
Picto of a PDF document Base shelf prospectus dated 22-Aug-2022

Updated: September 9, 2022