Canada Non-Callable Corporate Bond Yields (CAD)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/cad-corporate-canada-non-callable
Canada Non-Callable Corporate Bond Yields (CAD) as of 2026-07-27: 10Y at 4.42%, fitted curve 1M–40Y (2.88%–5.32%), 112 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 2.88% | — |
| 3M | 2.90% | 2.91% |
| 6M | 2.95% | 2.99% |
| 9M | 3.03% | 3.21% |
| 12M | 3.16% | 3.55% |
| 18M | 3.39% | 3.86% |
| 2Y | 3.48% | 3.74% |
| 3Y | 3.54% | 3.65% |
| 4Y | 3.59% | 3.76% |
| 5Y | 3.67% | 3.97% |
| 6Y | 3.77% | 4.28% |
| 7Y | 3.90% | 4.68% |
| 8Y | 4.06% | 5.16% |
| 9Y | 4.23% | 5.67% |
| 10Y | 4.42% | 6.14% |
| 15Y | 5.13% | 6.56% |
| 20Y | 5.32% | 5.87% |
| 25Y | 5.30% | 5.23% |
| 30Y | 5.07% | 3.91% |
| 40Y | 4.78% | 3.92% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 3.48% and the 10-year 4.42%, a 10Y−2Y spread of +94 bp — positively sloped — as of 2026-07-27. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-07-27 | 1m ago2026-06-26 | 2m ago2026-05-28 | 3m ago2026-04-28 | 4m ago2026-03-30 | 5m ago2026-02-27 | 6m ago2026-01-28 |
|---|---|---|---|---|---|---|---|
| 2Y | 3.48% | 3.18% | 3.22% | 3.07% | 3.28% | 2.95% | 2.90% |
| 10Y | 4.42% | 4.22% | 4.30% | 4.17% | 4.34% | 4.07% | 3.96% |
| 10Y − 2Y | +94 bp | +104 bp | +109 bp | +110 bp | +106 bp | +112 bp | +106 bp |
Yields by rating group
The same curve split by credit quality: 165 rated bonds across 3 rating bands, all maturities pooled. Median yield by band: AAA to AA- 3.84%, A+ to BBB- 4.84%, Speculative 5.30%.
Bonds in this curve
A selection of 30 of the 177 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Hydro-Quebec | 2.34% | 2026-08-15 | 1.00% | CA44885ZJR25 |
| Royal Bank of Canada | 3.37% | 2026-11-02 | 5.24% | CA780086VV38 |
| National Bank of Canada | 2.78% | 2026-12-07 | 4.97% | CA63306AHU30 |
| Canadian Imperial Bank of Commerce | 2.87% | 2027-01-07 | 2.25% | CA13607HC349 |
| First Capital Real Estate Investment Trust | 2.92% | 2027-01-22 | 3.46% | CA319415AC92 |
| Bank of Montreal | 3.09% | 2027-04-01 | 3.65% | CA06368DW260 |
| Cppib Capital INC | 2.69% | 2027-06-01 | 2.85% | CA12593CAU59 |
| Royal Bank of Canada | 3.31% | 2027-07-26 | 4.61% | CA780086VK72 |
| BCI Quadreal Realty | 3.13% | 2027-07-31 | 4.16% | CA07337EAB44 |
| Cenovus Energy INC | 3.53% | 2028-02-07 | 3.50% | CA15135UAT66 |
| Bank of Montreal | 3.21% | 2028-03-01 | 3.19% | CA06368BTX69 |
| Royal Bank of Canada | 3.60% | 2028-05-01 | 4.63% | CA780086XL38 |
| Clarica Life Insurance CO. | 3.65% | 2028-05-15 | 6.30% | CA627912AB48 |
| National Bank of Canada | 3.54% | 2029-02-01 | 5.02% | CA63306AHT66 |
| Toronto-Dominion Bank | 4.85% | 2029-04-23 | 4.36% | US89115KAP57 |
| Royal Bank of Canada | 4.83% | 2030-04-17 | 4.40% | US78017DAT54 |
| Toronto-Dominion Bank | 4.91% | 2030-06-03 | 4.81% | US89115KAB61 |
| Royal Bank of Canada | 5.01% | 2031-02-04 | 5.15% | US78017DAC20 |
| Bell Canada | 3.82% | 2031-03-17 | 3.00% | CA07813ZCG78 |
| Royal Bank of Canada | 5.04% | 2032-05-03 | 4.61% | US78017DAV01 |
| Transcanada Pipelines Limited | 4.23% | 2032-05-12 | 5.33% | CA89353ZCK27 |
| Toronto-Dominion Bank | 5.26% | 2033-04-22 | 4.87% | US89115KAR14 |
| National Bank of Canada | 4.72% | 2034-02-15 | 5.28% | CA63309ZNM63 |
| Toronto-Dominion Bank | 5.47% | 2035-10-15 | 4.93% | US89115KAJ97 |
| Ontario Teachers Finance Trust | 4.05% | 2036-06-02 | 4.00% | CAC69798BC60 |
| Rogers Communications INC | 5.31% | 2041-03-22 | 6.56% | CA775109AT89 |
| Suncor Energy INC | 6.23% | 2047-11-15 | 4.00% | US867224AB33 |
| Bell Canada | 5.61% | 2053-02-09 | 5.15% | CA07813ZCM47 |
| Bell Canada | 5.65% | 2056-06-03 | 5.30% | CA07816ZA274 |
| Hydro-Quebec | 4.85% | 2065-02-15 | 4.00% | CA448814BQ57 |