Capital and debt
View our documents related to, among others, credit ratings, regulatory capital, and senior debt
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's |
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 |
Aa3 |
AA | AA- |
|
| Long-Term Non Bail-inable Senior Debt1 |
Aa3 |
A | AA | AA- |
| Senior Debt2 |
A3 |
BBB+ | AA (low) |
A+ |
| Subordinated Debt |
Baa2 |
BBB+ | A(high) |
A- |
| NVCC Subordinated Debt |
Baa2 (hyb) |
BBB | A(low) |
|
| NVCC Limited Recourse Capital Notes |
Ba1 (hyb) |
BB+ | BBB (high) |
BBB |
| NVCC Preferred Shares |
Ba1 (hyb) |
P-3 (high) | Pfd-2 |
|
| Counterparty Risk3 |
Aa3/P-1 |
AA- |
||
| Covered Bonds Programme |
Aaa |
AAA | AAA |
|
| Outlook |
Positive |
Stable | Stable |
Stable |
| Short-Term Debt |
|
| Moody's |
P-1 |
| Standard & Poor's |
A-1 |
| DBRS |
R-1 (high) |
| Fitch | F1+ |
| Canadian Commercial Paper |
|
| Moody's |
|
| Standard & Poor's |
A-1 (mid) |
| DBRS |
|
| Fitch |
| Long-Term Deposits |
|
| Moody's |
Aa3 |
| Standard & Poor's |
|
| DBRS |
AA |
| Fitch | AA- |
| Long-Term Non Bail-inable Senior Debt1 |
|
| Moody's |
Aa3 |
| Standard & Poor's |
A |
| DBRS |
AA |
| Fitch | AA- |
| Senior Debt2 |
|
| Moody's |
A3 |
| Standard & Poor's |
BBB+ |
| DBRS |
AA (low) |
| Fitch | A+ |
| Subordinated Debt |
|
| Moody's |
Baa2 |
| Standard & Poor's |
BBB+ |
| DBRS |
A(high) |
| Fitch | A- |
| NVCC Subordinated Debt |
|
| Moody's |
Baa2 (hyb) |
| Standard & Poor's |
BBB |
| DBRS |
A(low) |
| Fitch |
| NVCC Limited Recourse Capital Notes |
|
| Moody's |
Ba1 (hyb) |
| Standard & Poor's |
BB+ |
| DBRS |
BBB (high) |
| Fitch | BBB |
| NVCC Preferred Shares |
|
| Moody's |
Ba1 (hyb) |
| Standard & Poor's |
P-3 (high) |
| DBRS |
Pfd-2 |
| Fitch |
| Counterparty Risk3 |
|
| Moody's |
Aa3/P-1 |
| Standard & Poor's |
|
| DBRS |
|
| Fitch | AA- |
| Covered Bonds Programme |
|
| Moody's |
Aaa |
| Standard & Poor's |
|
| DBRS |
AAA |
| Fitch | AAA |
| Outlook |
|
| Moody's |
Positive |
| Standard & Poor's |
Stable |
| DBRS |
Stable |
| Fitch | Stable |
- 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.
- Subject to conversion under the Bank Recapitalization (Bail-in) Regime.
- Moody's terminology is “Counterparty Risk Rating” while Fitch's terminology is “Derivative Counterparty Rating.”
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: November 6, 2023
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 |
 Pricing supplement Prospectus supplement 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 |
Pricing supplement Prospectus supplement Base shelf prospectus |
Updated: February 2, 2023
Sustainability bonds
Annual Report
Framework
External Reviews
Moody’s Investors Service 2022 Second Party Opinion on NBC's Sustainability Bond Framework
V.E.'s 2020 Second Party Opinion on NBC'S Sustainability Bond Framework
Vigeo Eiris independent opinion on the management of NBC's 2019 Sustainability Bond issuances
Vigeo Eiris' 2018 Second Party Opinion on NBC's Sustainability Bond Framework
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.
| Terms | Amount issued (millions) |
CUSIP (ISIN) |
Issue Date | Maturity Date | TLAC Eligibility at Issuance |
|---|---|---|---|---|---|
| Final Terms 5-Yr Fixed Rate Notes Final Terms 5-Yr Fixed Rate Notes (Tranche 2)  |
CAD 500 CAD 500 |
63306AFX9 (CA63306AFX96) |
4-March-2019 24-Jan-2020 |
4-March-2024 | Yes |
| Final Terms 5-Yr Fixed Rate Notes |
CAD 1,000 | 63306AGD2 (CA63306AGD24) |
12-July-2019 | 12-July-2024 | Yes |
| Final Terms 5-Yr Fixed Rate Notes Final Terms 5-Yr Fixed Rate Notes (Tranche 2) |
CAD 750 CAD 750 |
63306AGE0 (CA63306AGE07) |
19-Dec-2019 1-April-2022 |
3-Feb-2025 | Yes |
| Final Terms Fixed-to-Fixed Rate Senior Notes |
CAD 750 | 63306AGJ9 (CA63306AGJ93) |
15-July-2020 | 18-Aug-2026 | Yes |
| Final Term 5-Yr Fixed Rate Sustainable Notes |
CAD 750 | 63306AGT7 (CA63306AGT75) |
15-June-2021 | 15-June-2026 | Yes |
| Final Term 5-Yr Fixed Rate Senior Notes |
CAD 1,000 | 63306AHB5 (CA63306AHB58) |
4-Nov-2021 | 4-Nov-2026 | Yes |
| Final Term 3-Yr Fixed Rate Sustainable Notes |
CAD 1,000 | 63306AHK5 (CA63306AHK57) |
3-Nov-2022 | 3-Nov-2025 | Yes |
| Final Term 5-Yr Fixed Rate Senior Notes Final Term 5-Yr Fixed Rate Senior Notes (Tranche 2) |
CAD 1,000 CAD 750 |
63306AHP4 (CA63306AHP45) |
14-June-2023 31-July-2023 |
14-June-2028 | Yes |
1st Prospectus Supplement dated 30 August
2019 
2nd Prospectus Supplement dated 6 December
2019
3rd Prospectus Supplement dated 2 March
2020
1st Prospectus Supplement dated 28 August
2020
2nd Prospectus Supplement dated 7 October
2020
3rd Prospectus Supplement dated 4 December
2020
4th Prospectus Supplement dated 1 March
2021
1st Prospectus Supplement dated 27 August
2021
2nd Prospectus Supplement dated 3 December
2021
3rd Prospectus Supplement dated 1 March
2022
4th Prospectus Supplement dated 1 June 2022
1st Prospectus Supplement dated 26 August
2022
2nd Prospectus Supplement dated 7 December
2022
3rd Prospectus Supplement dated 3 March
2023
4th Prospectus Supplement dated 2 June 2023
| Terms | Amount issued (millions) |
CUSIP (ISIN) |
Issue Date | Maturity Date | TLAC Eligibility at Issuance |
|---|---|---|---|---|---|
| Callable Fixed Rate Notes 2019-11 |
Euro 10 | XS2079848177 | 21-Nov-2019 | 21-Nov-2039 | Yes |
| Callable Zero Coupon Notes 2019-14 |
USD 30 | XS2082903043 | 27-Nov-2019 | 28-Nov-2059 | Yes |
| Callable Zero Coupon Notes 2020-1 |
USD 50 | XS2103225665 | 21-Jan-2020 | 21-Jan-2060 | Yes |
| Callable Fixed Rate (Sustainable Note) 2020-8 |
Euro 20 | 213858831 (XS2138588319) | 19-March-2020 | 19-March-2040 | Yes |
| Callable Zero Coupon Notes 2020-14 |
USD 250 | 2241392682 XS2241392682 |
27-Oct-2020 | 27-Oct-2060 | Yes |
| Callable Zero Coupon Notes 2020-16 |
USD 50 | 2243711525 XS2243711525 |
21-Oct-2020 | 21-Oct-2060 | Yes |
| Callable Zero Coupon Notes due 3-Nov-2060 |
USD 50 | XS2250157752 | 3-Nov-2020 | 3-Nov-2060 | Yes |
| Callable Zero Coupon Notes due 13-Nov-2060 |
USD 280 | XS2247612877 | 13-Nov-2020 | 13-Nov-2060 | Yes |
| Callable Zero Coupon Notes due 17-Nov-2060 |
USD 162.25 | XS2251231952 | 17-Nov-2020 | 17-Nov-2060 | Yes |
| Callable Zero Coupon Notes due 23-Nov-2060 |
USD 80 | XS2258552855 | 23-Nov-2020 | 23-Nov-2060 | Yes |
| Callable Zero Coupon Notes due 24-Nov-2060 |
USD 50 | XS2259200108 | 24-Nov-2020 | 24-Nov-2060 | Yes |
| Callable Zero Coupon Notes due 30-Dec-2060 |
USD 90 | XS2278090787 | 30-Dec-2020 | 30-Dec-2060 | Yes |
| Callable Fixed Rate Notes due 1-Feb-2028 |
ZAR 300 | XS2289960846 | 1-Feb-2021 | 1-Feb-2028 | Yes |
| Callable Fixed to Floating Rate Notes due 15-Aug-2027 |
USD 150 | XS2360872985 | 9-July-2021 | 15-Aug-2027 | Yes |
| CallableZero Coupon Notes due 24-Sept-2061 |
USD 70 | XS2384046574 | 24-Sept-2021 | 24-Sept-2061 | Yes |
| Callable Zero Coupon Notes due 20-Oct-2061 |
USD 100 | XS2393759449 | 20-Oct-2021 | 20-Oct-2061 | Yes |
| Callable Zero Coupon Notes due 28-Oct-2061 |
USD 100 | XS2399985006 | 28-Oct-2021 | 28-Oct-2061 | Yes |
| Callable Zero Coupon Notes due 26-Jan-2062 |
USD 180 | XS2433479479 | 26-Jan-2022 | 26-Jan-2062 | Yes |
| Final Terms Floating Rate Senior Notes due 1-Feb-2024 (Tranche 1) Final Terms Floating Rate Senior Notes due 1-Feb-2024 (Tranche 2) |
Euro 100 Euro 400 |
XS2438623709 | 1-Feb-2022 | 1-Feb-2024 | Yes |
| Callable Zero Coupon Notes due 2-March-2062 |
USD 100 | XS2446372729 | 2-March-2022 | 2-March-2062 | Yes |
| Callable Fixed Rate Notes due 22-Dec-2026 |
CNH 86 | XS2567517391 | 22-Dec-2022 | 22-Dec-2026 | Yes |
| Fixed Rate Notes due 20-Jan-2026 |
JPY 10 | XS2576073998 | 20-Jan-2023 | 20-Jan-2026 | Yes |
| Final Terms Fixed Rate Senior Notes due 25-Jan-2028 |
Euro 500 | XS2579324869 | 25-Jan-2023 | 25-Jan-2028 | Yes |
| Floating Rate Senior Notes due 21-Apr-2025 |
Euro 300 | XS2614612930 | 21-Apr-2023 | 21-Apr-2025 | Yes |
| Callable Fixed Rate Notes due April-2028 |
USD 9 | XS2615577975 | 27-Apr-2023 | 27-Apr-2028 | Yes |
| Callable Fixed Rate Notes due April-2028 |
USD 9 | XS2615572232 | 27-Apr-2023 | 27-Apr-2028 | Yes |
| Fixed Rate Notes due 14-March-2026 |
CNH 300 | XS2597110969 | 14-March-2023 | 14-March-2026 | Yes |
| Callable Fixed Rate Notes due 16-March-2028 |
CNH 188 | XS2597039994 | 16-March-2023 | 16-March-2028 | Yes |
| Floating Rate Senior Notes due 13-June-2025 (Tranche 1) Floating Rate Senior Notes due 13-June-2025 (Tranche 2) |
Euro 500 Euro 300 |
XS2635167880 | 13-June-2023 26-July-2023 |
13-June-2025 |
Yes |
| Terms | Amount issued (millions) |
CUSIP (ISIN) |
Issue Date | Maturity Date | TLAC Eligibility at Issuance |
|---|---|---|---|---|---|
| Pricing Supplements Fixed Rate Notes due 2024 |
USD 500 | 63307A2P9 (US63307A2P94) |
6-August-2021 | 6-August-2024 | Yes |
| Pricing Supplements Compounded SOFR Notes due 2024 |
USD 300 | 63307A2Q7 (US63307A2Q77) |
6-August-2021 | 6-August-2024 | Yes |
| Pricing Supplements Fixed to Floating Rate Medium-Term Notes due 2025 |
USD 750 | 63307A 2S3 (US63307A2S34) |
9-June-2022 | 9-June-2025 | Yes |
| Pricing Supplement Fixed Rate Medium Term Notes due 2025 |
USD 750 | 63307A2T1 (US63307A2T17) |
17-January-2023 | 17-January-2025 | Yes |
| Pricing Supplement Fixed Rate Medium Term Notes due 2025 |
USD 300 | 63307A2T1 (US63307A2T17) |
3-February-2023 | 17-January-2025 | Yes |
| Terms | Amount issued (millions) |
CUSIP (ISIN) |
Issue Date | Maturity Date | TLAC Eligibility at Issuance |
|---|
| Terms | CUSIP (ISIN) |
Issue Date | Maturity Date | TLAC Eligibility at Issuance |
|---|---|---|---|---|
| Information Statement - Fixed to Capped Floating Rate Notes |
63306AGA8 (CA63306AGA84) |
11-June-2019 | 11-June-2024 | Yes |
| Extendible Step-Up EXT50 |
63306AGK6 (CA63306AGK66) |
7-Aug-2020 | 7-Aug-2030 | Yes |
| Extendible Step-Up EXT51 |
63306AGM2 (CA63306AGM23) |
22-Jan-2021 | 22-Jan-2031 | Yes |
| Extendible Step-Up EXT52 |
63306AGS9 (CA63306AGS92) |
31-May-2021 | 31-May-2029 | Yes |
| Extendible Accrual Notes |
63306AGR1 (CA63306AGR10) |
1-April-2021 | 1-April-2031 | Yes |
| Extendible Step-up Notes |
63306AGU4 (CA63306AGU49) |
29-Sept-2021 | 29-Sept-2029 | Yes |
| Terms | Amount issued (millions) |
CUSIP (ISIN) |
Issue Date | Maturity Date | TLAC Eligibility at Issuance |
|---|---|---|---|---|---|
| Step Up Callable Notes due 16-Aug-2030 |
USD 25 | 63305LFV0 (US63305LFV09) |
16-November-2020 | 16-August-2030 | Yes |
| Callable Notes due 29-Jan-2028 |
USD 10 | 63305LFY4 (US63305LFY48) |
29-January-2021 | 29-January-2028 | Yes |
| Callable Sustainable Notes due 11-Feb-2026 |
USD 50 | 63305LGH0 (US63305LGH06) |
11-February-2021 | 11-February-2026 | Yes |
| Callable Notes due 27-Sept-2028 |
USD 25 | 63305LJB0 (US63305LJB09) |
27-September-2021 | 27-September-2028 | Yes |
| Callable Notes due 29-Sept-2026 |
USD 10 | 63305LJC8 (US63305LJC81) |
29-September-2021 | 29-September-2026 | Yes |
| Callable Sustainable Notes due 17-Nov-2026 |
USD 100 | 63305LJP9 (US63305LJP94) |
17-November-2021 | 17-November-2026 | Yes |
| Floating Rate Notes due 21-Apr-2025 |
USD 5 | US63305LLC5 (US63305LLC53) |
20-April-2022 | 21-April-2025 | Yes |
Callable Notes due 18-Aug-2032  |
USD 15 | 63305LNP4 (US63305LNP49) |
18-August-2022 |
18-August-2032 |
Yes |
| Callable Notes due 25-Aug-2032 |
USD 15 | 63305LNT6 (US63305LNT60) |
25-August-2022 |
25-August-2032 |
Yes |
| Callable Notes due 24-Jan-2028 |
USD 6 | 63305LJQ5 (US63305LQJ51) |
24-January-2023 |
24-January-2028 |
Yes |
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 |
Prospectus supplement Base shelf prospectus dated 17-Aug-2020 |
| Series 2 |
CAD 500 |
63306AGP5 CA63306AGP53 |
4.05 % |
21-Apr-2021 |
15-Aug-2081 |
Prospectus supplement Base shelf prospectus dated 17-Aug-2020 |
| Series 3 |
CAD 500 |
63306AHJ8 CA63306AHJ84 |
7.500 % |
8-Sept-2022 |
16-Nov-2082 |
Prospectus supplement 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 |
Prospectus supplement 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 |
Prospectus supplement 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 |
Prospectus supplement Base shelf prospectus dated 22-Aug-2022 |
Updated: September 9, 2022