Canada Senior Unsecured Non-Callable Corporate Bond Yields (CAD)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/cad-corporate-senior-unsecured-canada-non-callable
Canada Senior Unsecured Non-Callable Corporate Bond Yields (CAD) as of 2026-07-27: 10Y at 4.95%, fitted curve 3M–40Y (3.04%–5.05%), 67 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 3M | 3.04% | — |
| 6M | 3.07% | 3.10% |
| 9M | 3.13% | 3.25% |
| 12M | 3.23% | 3.54% |
| 18M | 3.43% | 3.82% |
| 2Y | 3.49% | 3.67% |
| 3Y | 3.51% | 3.56% |
| 4Y | 3.55% | 3.65% |
| 5Y | 3.63% | 3.96% |
| 6Y | 3.81% | 4.75% |
| 7Y | 4.14% | 6.10% |
| 8Y | 4.52% | 7.21% |
| 9Y | 4.80% | 7.09% |
| 10Y | 4.95% | 6.29% |
| 15Y | 5.05% | 5.25% |
| 20Y | 5.05% | 5.05% |
| 25Y | 5.04% | 4.99% |
| 30Y | 4.85% | 3.90% |
| 40Y | 4.82% | 4.76% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 3.49% and the 10-year 4.95%, a 10Y−2Y spread of +146 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 ago2026-03-31 | 5m ago2026-02-27 | 6m ago2026-01-28 |
|---|---|---|---|---|---|---|---|
| 2Y | 3.49% | 3.23% | 3.26% | 3.26% | 3.79% | 2.99% | 2.93% |
| 10Y | 4.95% | 4.63% | 4.30% | 4.67% | 4.50% | 4.09% | 4.18% |
| 10Y − 2Y | +146 bp | +139 bp | +104 bp | +141 bp | +71 bp | +110 bp | +125 bp |
Yields by rating group
The same curve split by credit quality: 96 rated bonds across 3 rating bands, all maturities pooled. Median yield by band: AAA to AA- 4.00%, A+ to BBB- 4.85%, Speculative 5.30%.
Bonds in this curve
A selection of 30 of the 103 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| 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 |
| Rogers Communications INC | 3.43% | 2027-03-01 | 3.80% | CA775109CM19 |
| Bank of Montreal | 3.09% | 2027-04-01 | 3.65% | CA06368DW260 |
| CDP Financial INC | 2.66% | 2027-06-02 | 3.80% | CAC23264AR25 |
| 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 |
| Toronto-Dominion Bank | 4.74% | 2028-06-02 | 4.57% | US89115KAD28 |
| 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 |
| Royal Bank of Canada | 5.00% | 2031-11-03 | 4.30% | US78017DAQ16 |
| PSP Capital INC | 3.58% | 2032-03-01 | 2.60% | CAC75089AA76 |
| Royal Bank of Canada | 5.04% | 2032-05-03 | 4.61% | US78017DAV01 |
| Toronto-Dominion Bank | 5.26% | 2033-04-22 | 4.87% | US89115KAR14 |
| British Columbia Investment Management | 3.75% | 2033-06-02 | 4.90% | CA110610AA09 |
| Royal Bank of Canada | 4.86% | 2034-09-10 | 4.60% | CA779926BN38 |
| Toronto-Dominion Bank | 5.47% | 2035-10-15 | 4.93% | US89115KAJ97 |
| Bank of Montreal | 5.38% | 2036-07-14 | 5.25% | US06376LF434 |
| Rogers Communications INC | 5.31% | 2041-03-22 | 6.56% | CA775109AT89 |
| Suncor Energy INC | 6.23% | 2047-11-15 | 4.00% | US867224AB33 |
| Rogers Communications INC | 5.59% | 2049-12-09 | 4.25% | CA775109CR06 |
| PSP Capital INC | 4.81% | 2055-12-01 | 4.25% | CAC75089AD16 |
| Hydro-Quebec | 4.85% | 2065-02-15 | 4.00% | CA448814BQ57 |