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 Pilar 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
Stable
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
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.” 

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: April 29, 2022

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
63309ZNL8
(CA63309ZNL80)
01-Feb-2028
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 $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
Type of instrument
Medium Term Notes (NVCC)
Outstanding amount
(millions)
CAD $750
CUSIP
(ISIN)
63309ZNL8
(CA63309ZNL80)
Maturity Date
01-Feb-2028
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 $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

Updated: September 8, 2022

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-Year Fixed Rate Notes 
Final Terms 5-Year Fixed Rate Notes 
CAD 1,000 63306AFX9
(CA63306AFX96)
24-January-2020
4-March-2019
4-March-2024 Yes
Final Terms 5-Year Fixed Rate Notes  CAD 1,000 63306AGD2
(CA63306AGD24)
12-July-2019 12-July-2024 Yes
Final Terms 5-Year Fixed Rate Notes 
Final Terms 5-Year Fixed Rate Notes 
CAD 750
CAD 750
63306AGE0
(CA63306AGE07)
19-December-2019
1-April-2022
3-February-2025 Yes
Final Terms Fixed-to-Fixed Rate Senior Notes  CAD 750 63306AGJ9
(CA63306AGJ93)
15-July-2020 18-August-2026 Yes
Final Term 5-Year Fixed Rate Sustainable Notes  CAD 750 63306AGT7
(CA63306AGT75)
15-June-2021 15-June-2026 Yes
Final Term 5-Year Fixed Rate Senior Notes  CAD 1,000 63306AHB5
(CA63306AHB58)
4-November-2021 4-November-2026 Yes
Final Term 5-Year Fixed Rate Sustainable Notes  CAD 750 63306AGT7
(CA63306AGT75)
15-June-2021 15-June-2026 Yes
Final Term 3-year Fixed Rate Sustainable Notes  CAD 1,000 63306AHK5
(CA63306AHK57)
3-November-2022 3-November-2025 Yes

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 2019-13  USD 50 XS2082900452 27-Nov-2019 28-Nov-2059 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 Notes 2020-5  ZAR 290 XS2107615358 30-Jan-2020 30-Jan-2027 Yes
Callable Fixed Rate (Sustainable Note) 2020-8  Euro 20 213858831 (XS2138588319) 19-March-2020 19-March-2040 Yes
3-Year Floating Rate Notes due 15-May-2023  HKD 400 2175969711 (XS2175969711) 15-May-2020 15-March-2023 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  Euro 400 XS2438623709 1-Feb-2022 1-Feb-2024 Yes
Final Terms Floating Rate Senior Notes due 1-Feb-2024  Euro 100 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
Final Terms Fixed Rate Senior Notes due 25-Jan-2028  Euro 500 XS2579324869 25-Jan-2023 25-Jan-2028 Yes

Terms Amount issued
(millions)
CUSIP
(ISIN)
Issue Date Maturity Date TLAC Eligibility
at Issuance
Pricing Supplement 3-Year Fixed Rate Notes  USD 1,000 63307A2J3 63307A2J35 16-January-2020 1-February-2023 Yes
Fixed to Floating Rate Notes  USD 100 63307A2K0 (US63307A2K08) 6-March-2020 6-March-2023 Yes
Pricing Supplement Fixed-to-Fixed Medium-Term
Sustainable Notes due 2024 
USD 750 63307A2M6
(US63307A2M63)
10-December-2020 15-November-2024 Yes
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

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
(CA63306AGA8)
11-June-2019 11-June-2024 Yes
Extendible Step-Up EXT49  63306AGF7
(CA 63306AGF71)
28-Jan-2020 28-Jan-2025 No
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 Accrual Notes  63306AGR1
(CA63306AGR10)
1-April-2021 1-April-2031 Yes
Extendible Step-up Notes  63306AGU49
(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 August 16, 2030  USD 25 63305LFV0
(US63305LFV09)
16-November-2020 16-August-2030 Yes
Callable Notes Due January 29, 2028  USD 10 63305LFY4
(US63305LFY48)
29-January-2021 29-January-2028 Yes
Callable Sustainable Notes Due February 11, 2026  USD 50 63305LGH0
(US63305LGH06)
11-February-2021 11-February-2026 Yes
Floating to Fixed Rate Notes Due April 3, 2023  USD 35 63305LGQ0
(US63305LGQ05)
1-April-2021 3-April-2023 Yes
Callable Notes Due September 27, 2028  USD 25 63305LJB09
(US63305LJB09)
27-September-2021 27-September-2028 Yes
Callable Notes Due September 29, 2026  USD 10 63305LJC81
(US63305LJC81)
29-September-2021 29-September-2026 Yes
Callable Sustainable Notes due November 17, 2026  USD 100 63305LJP94
(US63305LJP94)
17-November-2021 17-November-2026 Yes
Floating Rate Notes due April 21, 2025  USD 5 US63305LLC5
(US63305LLC53)
20-April-2022 21-April-2025 Yes
Callable Notes Due August 18, 2032  USD 15 63305LNP49
(US63305LNP49)
18-August-2022
18-August-2032
Yes
Callable Notes due August 25, 2032  USD 15 63305LNT60
(US63305LNT609)
25-August-2022
25-August-2032
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