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.

Fixed income

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

Supplementary Regulatory Capital and Pillar 3 Disclosure

NBC Sustainability bonds

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

Legislative covered bonds

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

Regulatory capital features

See the main features of regulatory capital instruments

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

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