National Bank of Canada Bond Yields (USD, Callable)
Fitted spot curve as of 2026-09-10
https://bondscovery.com/yield-curve/usd-corporate-banks-canada-callable-national-bank-of-canada
National Bank of Canada Bond Yields (USD, Callable) as of 2026-09-10: 10Y at 5.95%, fitted curve 2Y–30Y (4.72%–6.22%), 60 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 2Y | 4.72% | — |
| 3Y | 4.89% | 5.33% |
| 4Y | 5.08% | 5.77% |
| 5Y | 5.26% | 6.22% |
| 6Y | 5.44% | 6.61% |
| 7Y | 5.60% | 6.92% |
| 8Y | 5.74% | 7.12% |
| 9Y | 5.86% | 7.22% |
| 10Y | 5.95% | 7.23% |
| 15Y | 6.17% | 6.99% |
| 20Y | 6.21% | 6.58% |
| 25Y | 6.22% | 6.40% |
| 30Y | 6.22% | 6.34% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 4.72% and the 10-year 5.95%, a 10Y−2Y spread of +123 bp — positively sloped — as of 2026-09-10. 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 | Latest2026-09-10 | 1m ago2026-08-11 | 2m ago2026-07-24 | 3m ago2026-06-15 | 4m ago2026-05-13 | 5m ago2026-04-13 | 6m ago2026-03-17 |
|---|---|---|---|---|---|---|---|
| 2Y | 4.72% | 4.86% | 4.89% | 4.43% | 4.88% | 4.42% | — |
| 10Y | 5.95% | — | 5.80% | 5.43% | 5.59% | — | 5.41% |
| 10Y − 2Y | +123 bp | — | +90 bp | +100 bp | +71 bp | — | — |
Yields by rating group
The same curve split by credit quality: 157 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 5.36%, A+ to BBB- 5.39%.
Bonds in this curve
A selection of 30 of the 157 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| National Bank of Canada | 4.76% | 2028-09-09 | 4.65% | US63305TTG12 |
| National Bank of Canada | 4.64% | 2028-09-09 | 4.60% | US63305TTH94 |
| National Bank of Canada | 4.57% | 2029-01-20 | 4.17% | US63307A3K98 |
| National Bank of Canada | 4.82% | 2029-05-27 | 4.60% | US63305TDP84 |
| National Bank of Canada | 5.09% | 2029-07-08 | 4.80% | US63305TLK06 |
| National Bank of Canada | 4.99% | 2029-09-08 | 5.00% | US63307A3T08 |
| National Bank of Canada | 5.01% | 2030-12-09 | 4.40% | US63305MZW45 |
| National Bank of Canada | 5.15% | 2031-06-27 | 4.85% | US63305TME37 |
| National Bank of Canada | 4.90% | 2031-07-15 | 4.55% | US63305TLV60 |
| National Bank of Canada | 5.32% | 2031-08-27 | 5.10% | US63305TTJ50 |
| National Bank of Canada | 5.28% | 2032-06-04 | 4.93% | US63307A3Q68 |
| National Bank of Canada | 5.20% | 2032-10-18 | 4.65% | US63305LT947 |
| National Bank of Canada | 5.68% | 2032-11-29 | 5.25% | US63305L2S19 |
| National Bank of Canada | 5.78% | 2033-03-06 | 5.30% | US63305MDE84 |
| National Bank of Canada | 6.00% | 2033-10-06 | 6.00% | US63305LTP84 |
| National Bank of Canada | 6.10% | 2034-04-24 | 5.75% | US63305LZD80 |
| National Bank of Canada | 5.63% | 2034-08-30 | 5.05% | US63305LN825 |
| National Bank of Canada | 5.89% | 2034-10-25 | 5.10% | US63305LX246 |
| National Bank of Canada | 5.99% | 2035-05-06 | 5.65% | US63305MHC82 |
| National Bank of Canada | 5.92% | 2036-07-16 | 5.55% | US63305TMX18 |
| National Bank of Canada | 5.88% | 2036-07-24 | 5.65% | US63305TPH31 |
| National Bank of Canada | 5.96% | 2036-07-30 | 5.75% | US63305TQK50 |
| National Bank of Canada | 6.11% | 2039-04-04 | 6.00% | US63305LYN71 |
| National Bank of Canada | 6.01% | 2039-12-03 | 5.50% | US63305L3K73 |
| National Bank of Canada | 6.32% | 2045-01-24 | 6.05% | US63305L7E77 |
| National Bank of Canada | 6.32% | 2045-08-29 | 6.00% | US63305MRA17 |
| National Bank of Canada | 6.21% | 2046-07-31 | 6.15% | US63305TNW26 |
| National Bank of Canada | 5.79% | 2051-07-31 | 5.60% | US63305TPZ39 |
| National Bank of Canada | 6.49% | 2056-07-08 | 6.25% | US63305TLL88 |
| National Bank of Canada | 6.32% | 2056-07-22 | 6.25% | US63305TND45 |