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
  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.” 

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
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
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

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.

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) Picto of a PDF document
CAD 500
CAD 500
63306AFX9
(CA63306AFX96)
4-March-2019
24-Jan-2020
4-March-2024 Yes
Final Terms 5-Yr Fixed Rate Notes Picto of a PDF document CAD 1,000 63306AGD2
(CA63306AGD24)
12-July-2019 12-July-2024 Yes
Final Terms 5-Yr Fixed Rate Notes Picto of a PDF document
Final Terms 5-Yr Fixed Rate Notes (Tranche 2) Picto of a PDF document
CAD 750
CAD 750
63306AGE0
(CA63306AGE07)
19-Dec-2019
1-April-2022
3-Feb-2025 Yes
Final Terms Fixed-to-Fixed Rate Senior Notes Picto of a PDF document CAD 750 63306AGJ9
(CA63306AGJ93)
15-July-2020 18-Aug-2026 Yes
Final Term 5-Yr Fixed Rate Sustainable Notes Picto of a PDF document CAD 750 63306AGT7
(CA63306AGT75)
15-June-2021 15-June-2026 Yes
Final Term 5-Yr Fixed Rate Senior Notes Picto of a PDF document CAD 1,000 63306AHB5
(CA63306AHB58)
4-Nov-2021 4-Nov-2026 Yes
Final Term 3-Yr Fixed Rate Sustainable Notes Picto of a PDF document CAD 1,000 63306AHK5
(CA63306AHK57)
3-Nov-2022 3-Nov-2025 Yes
Final Term 5-Yr Fixed Rate Senior Notes Picto of a PDF document
Final Term 5-Yr Fixed Rate Senior Notes 
(Tranche 2) Picto of a PDF document
CAD 1,000

CAD 750
63306AHP4
(CA63306AHP45)
14-June-2023

31-July-2023
14-June-2028 Yes
Final Term 5-Yr Fixed Rate Senior Notes Picto of a PDF document
Final Term 5-Yr Fixed Rate Senior Notes 
(Tranche 2) Picto of a PDF document
CAD 750

CAD 750
63306AHT6
(CA63306AHT66)
7-Dec-2023

6-Feb-2024
1-Feb-2029 Yes
Final Terms 3-Yr Fixed Rate Sustainable Notes Picto of a PDF document CAD 500 63306AHU3
(CA63306AHU30)
7-Dec-2023
7-Dec-2026 Yes

Terms Amount issued
(millions)
CUSIP
(ISIN)
Issue Date Maturity Date TLAC Eligibility
at Issuance
Callable Fixed Rate Notes 2019-11 Picto of a PDF document Euro 10 XS2079848177 21-Nov-2019 21-Nov-2039 Yes
Callable Zero Coupon Notes 2019-14 Picto of a PDF document USD 30 XS2082903043 27-Nov-2019 28-Nov-2059 Yes
Callable Zero Coupon Notes 2020-1 Picto of a PDF document USD 50 XS2103225665 21-Jan-2020 21-Jan-2060 Yes
Callable Fixed Rate (Sustainable Note) 2020-8 Picto of a PDF document Euro 20 213858831 (XS2138588319) 19-March-2020 19-March-2040 Yes
Callable Zero Coupon Notes 2020-14 Picto of a PDF document USD 250 2241392682
XS2241392682
27-Oct-2020 27-Oct-2060 Yes
Callable Zero Coupon Notes 2020-16 Picto of a PDF document USD 50 2243711525
XS2243711525
21-Oct-2020 21-Oct-2060 Yes
Callable Zero Coupon Notes due 3-Nov-2060 Picto of a PDF document USD 50 XS2250157752 3-Nov-2020 3-Nov-2060 Yes
Callable Zero Coupon Notes due 13-Nov-2060 Picto of a PDF document USD 280 XS2247612877 13-Nov-2020 13-Nov-2060 Yes
Callable Zero Coupon Notes due 17-Nov-2060 Picto of a PDF document USD 162.25 XS2251231952 17-Nov-2020 17-Nov-2060 Yes
Callable Zero Coupon Notes due 23-Nov-2060 Picto of a PDF document USD 80 XS2258552855 23-Nov-2020 23-Nov-2060 Yes
Callable Zero Coupon Notes due 24-Nov-2060 Picto of a PDF document USD 50 XS2259200108 24-Nov-2020 24-Nov-2060 Yes
Callable Zero Coupon Notes due 30-Dec-2060 Picto of a PDF document USD 90 XS2278090787 30-Dec-2020 30-Dec-2060 Yes
Callable Fixed Rate Notes due 1-Feb-2028 Picto of a PDF document ZAR 300 XS2289960846 1-Feb-2021 1-Feb-2028 Yes
Callable Fixed to Floating Rate Notes due 15-Aug-2027 Picto of a PDF document USD 150 XS2360872985 9-July-2021 15-Aug-2027 Yes
CallableZero Coupon Notes due 24-Sept-2061 Picto of a PDF document USD 70 XS2384046574 24-Sept-2021 24-Sept-2061 Yes
Callable Zero Coupon Notes due 20-Oct-2061 Picto of a PDF document USD 100 XS2393759449 20-Oct-2021 20-Oct-2061 Yes
Callable Zero Coupon Notes due 28-Oct-2061 Picto of a PDF document USD 100 XS2399985006 28-Oct-2021 28-Oct-2061 Yes
Callable Zero Coupon Notes due 26-Jan-2062 Picto of a PDF document USD 180 XS2433479479 26-Jan-2022 26-Jan-2062 Yes
Final Terms Floating Rate Senior Notes due 1-Feb-2024 (Tranche 1)  Picto of a PDF document
Final Terms Floating Rate Senior Notes due 1-Feb-2024
(Tranche 2)  Picto of a PDF document
Euro 100

Euro 400
XS2438623709 1-Feb-2022 1-Feb-2024 Yes
Callable Zero Coupon Notes due 2-March-2062 Picto of a PDF document USD 100 XS2446372729 2-March-2022 2-March-2062 Yes
Callable Fixed Rate Notes due 22-Dec-2026 Picto of a PDF document CNH 86 XS2567517391 22-Dec-2022 22-Dec-2026 Yes
Fixed Rate Notes due 20-Jan-2026 Picto of a PDF document JPY 10 XS2576073998 20-Jan-2023 20-Jan-2026 Yes
Final Terms Fixed Rate Senior Notes due 25-Jan-2028 Picto of a PDF document Euro 500 XS2579324869 25-Jan-2023 25-Jan-2028 Yes
Floating Rate Senior Notes due 21-Apr-2025 Picto of a PDF document Euro 300 XS2614612930 21-Apr-2023 21-Apr-2025 Yes
Callable Fixed Rate Notes due April-2028 Picto of a PDF document USD 9 XS2615577975 27-Apr-2023 27-Apr-2028 Yes
Callable Fixed Rate Notes due April-2028 Picto of a PDF document USD 9 XS2615572232 27-Apr-2023 27-Apr-2028 Yes
Fixed Rate Notes due 14-March-2026 Picto of a PDF document CNH 300 XS2597110969 14-March-2023 14-March-2026 Yes
Callable Fixed Rate Notes due 16-March-2028 Picto of a PDF document CNH 188 XS2597039994 16-March-2023 16-March-2028 Yes
Floating Rate Senior Notes due 13-June-2025
(Tranche 1) Picto of a PDF document
Floating Rate Senior Notes due 13-June-2025
(Tranche 2) Picto of a PDF document
Euro 500

Euro 300
XS2635167880 13-June-2023

26-July-2023
13-June-2025
Yes
Fixed Rate Notes due 24-Nov-2026 Picto of a PDF document CNH 150 XS2723861295 24-Nov-2023 24-Nov-2026 Yes
Fixed Rate Notes due 29-Jan-2029 Picto of a PDF document CNH 150 XS2753928121
29-Jan-2024 29-Jan-2029 Yes

Terms Amount issued
(millions)
CUSIP
(ISIN)
Issue Date Maturity Date TLAC Eligibility
at Issuance
Pricing Supplements Fixed Rate Notes due 2024 Picto of a PDF document USD 500 63307A2P9
(US63307A2P94)
6-August-2021 6-August-2024 Yes
Pricing Supplements Compounded SOFR Notes due 2024 Picto of a PDF document USD 300 63307A2Q7
(US63307A2Q77)
6-August-2021 6-August-2024 Yes
Pricing Supplements Fixed to Floating Rate Medium-Term  Notes due 2025 Picto of a PDF document USD 750 63307A 2S3
(US63307A2S34)
9-June-2022 9-June-2025 Yes
Pricing Supplement Fixed Rate Medium Term Notes due 2025 (Tranche 1) Picto of a PDF document
Pricing Supplement Fixed Rate Medium Term Notes due 2025 (Tranche 2) Picto of a PDF document
USD 750

USD 300
63307A2T1
(US63307A2T17)
17-January-2023

3-February-2023
17-January-2025
Yes
Pricing Supplement Fixed Rate Medium Term Notes due 2028 Picto of a PDF document USD 1,000 63307A2X2
(US63307A2X29)
18-December-2023 18-December-2028 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 Picto of a PDF document 63306AGA8
(CA63306AGA84)
11-June-2019 11-June-2024 Yes
Extendible Step-Up EXT50 Picto of a PDF document 63306AGK6
(CA63306AGK66)
7-Aug-2020 7-Aug-2030 Yes
Extendible Step-Up EXT51 Picto of a PDF document 63306AGM2
(CA63306AGM23)
22-Jan-2021 22-Jan-2031 Yes
Extendible Step-Up EXT52 Picto of a PDF document 63306AGS9 (CA63306AGS92)
31-May-2021 31-May-2029 Yes
Extendible Accrual Notes Picto of a PDF document 63306AGR1
(CA63306AGR10)
1-April-2021 1-April-2031 Yes
Extendible Step-up Notes Picto of a PDF document 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 Picto of a PDF document USD 25 63305LFV0
(US63305LFV09)
16-November-2020 16-August-2030 Yes
Callable Notes due 29-Jan-2028 Picto of a PDF document USD 10 63305LFY4
(US63305LFY48)
29-January-2021 29-January-2028 Yes
Callable Sustainable Notes due 11-Feb-2026 Picto of a PDF document USD 50 63305LGH0
(US63305LGH06)
11-February-2021 11-February-2026 Yes
Callable Notes due 27-Sept-2028 Picto of a PDF document USD 25 63305LJB0
(US63305LJB09)
27-September-2021 27-September-2028 Yes
Callable Notes due 29-Sept-2026 Picto of a PDF document USD 10 63305LJC8
(US63305LJC81)
29-September-2021 29-September-2026 Yes
Callable Sustainable Notes due 17-Nov-2026 Picto of a PDF document USD 100 63305LJP9
(US63305LJP94)
17-November-2021 17-November-2026 Yes
Floating Rate Notes due 21-Apr-2025 Picto of a PDF document USD 5 US63305LLC5
(US63305LLC53)
20-April-2022 21-April-2025 Yes
Callable Notes due 18-Aug-2032 Picto of a PDF document USD 15 63305LNP4
(US63305LNP49)
18-August-2022
18-August-2032
Yes
Callable Notes due 25-Aug-2032 Picto of a PDF document USD 15 63305LNT6
(US63305LNT60)
25-August-2022
25-August-2032
Yes
Callable Notes due 24-Jan-2028 Picto of a PDF document 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
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