Canadian 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-non-callable
Canadian Senior Unsecured Non-Callable Corporate Bond Yields (CAD) as of 2026-07-27: 10Y at 4.71%, fitted curve 3M–40Y (2.73%–5.24%), 102 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 3M | 2.73% | — |
| 6M | 2.83% | 2.94% |
| 9M | 2.95% | 3.17% |
| 12M | 3.06% | 3.41% |
| 18M | 3.26% | 3.65% |
| 2Y | 3.40% | 3.84% |
| 3Y | 3.63% | 4.08% |
| 4Y | 3.83% | 4.44% |
| 5Y | 4.02% | 4.78% |
| 6Y | 4.19% | 5.06% |
| 7Y | 4.35% | 5.29% |
| 8Y | 4.49% | 5.47% |
| 9Y | 4.61% | 5.59% |
| 10Y | 4.71% | 5.66% |
| 15Y | 5.04% | 5.70% |
| 20Y | 5.17% | 5.55% |
| 25Y | 5.22% | 5.40% |
| 30Y | 5.23% | 5.31% |
| 40Y | 5.24% | 5.26% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 3.40% and the 10-year 4.71%, a 10Y−2Y spread of +131 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 | 3.40% | 3.23% | 3.39% | 3.17% | 3.39% | 2.97% | 2.95% |
| 10Y | 4.71% | 4.39% | 4.34% | 4.45% | 4.57% | 4.10% | 4.19% |
| 10Y − 2Y | +131 bp | +116 bp | +96 bp | +128 bp | +118 bp | +113 bp | +124 bp |
Yields by rating group
The same curve split by credit quality: 135 rated bonds across 3 rating bands, all maturities pooled. Median yield by band: AAA to AA- 3.98%, A+ to BBB- 4.28%, Speculative 5.30%.
Bonds in this curve
A selection of 30 of the 142 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 |
| Daimler Truck Finance North America LLC | 2.47% | 2026-12-15 | 2.46% | CA233852AE28 |
| Canadian Imperial Bank of Commerce | 2.87% | 2027-01-07 | 2.25% | CA13607HC349 |
| 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 |
| Daimler Truck Finance North America LLC | 3.61% | 2027-09-20 | 5.22% | CA233852AF92 |
| 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 |
| Ford Motor Company | 4.15% | 2028-05-23 | 5.24% | CA34527ACY43 |
| 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 |
| Alphabet INC | 3.73% | 2031-05-15 | 3.65% | CA02079WAG65 |
| 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 |
| Alphabet INC | 4.02% | 2033-05-15 | 4.00% | CA02079WAA95 |
| Prologis LP | 4.53% | 2034-05-15 | 4.25% | CA74340XCT69 |
| Toronto-Dominion Bank | 5.47% | 2035-10-15 | 4.93% | US89115KAJ97 |
| Alphabet INC | 4.54% | 2036-05-15 | 4.35% | CA02079WAC51 |
| 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 |
| Alphabet INC | 5.21% | 2056-05-15 | 5.00% | CA02079WAE18 |
| Hydro-Quebec | 4.85% | 2065-02-15 | 4.00% | CA448814BQ57 |