View our documents related to, among others, credit ratings, regulatory capital, and senior debt
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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 |
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 Ratings may be revised or withdrawn at any time by the rating agencies.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
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 |
|
Medium Term Notes (NVCC) |
CAD $500 |
63309ZNM6 (CA63309ZNM63) |
15-Feb-2034 |
|
Medium Term Notes (NVCC) |
CAD $1000 |
63309ZNN4 (CA63309ZNN47) |
15-Feb-2035 |
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 |
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 |
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 |
Updated: February 5, 2024
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.
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 |
|
Series 2 |
CAD 500 |
63306AGP5 CA63306AGP53 |
4.05 % |
21-Apr-2021 |
15-Aug-2081 |
|
Series 3 |
CAD 500 |
63306AHJ8 CA63306AHJ84 |
7.500 % |
8-Sept-2022 |
16-Nov-2082 |
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 |
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 |
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 |
Updated: September 9, 2022