National Bank of Canada Bond Yields (USD, Callable)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/usd-corporate-banks-canada-callable-national-bank-of-canada
National Bank of Canada Bond Yields (USD, Callable) as of 2026-07-27: 10Y at 5.80%, fitted curve 12M–15Y (4.75%–6.08%), 9 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 12M | 4.75% | — |
| 2Y | 4.89% | 5.04% |
| 3Y | 5.03% | 5.32% |
| 6Y | 5.42% | 5.80% |
| 10Y | 5.80% | 6.37% |
| 15Y | 6.08% | 6.64% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 4.89% and the 10-year 5.80%, a 10Y−2Y spread of +90 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 ago2026-02-25 | 6m ago2026-02-11 |
|---|---|---|---|---|---|---|---|
| 2Y | 4.89% | 4.66% | 4.56% | 4.79% | 4.52% | — | — |
| 10Y | 5.80% | — | — | 5.41% | — | 5.53% | 5.22% |
| 10Y − 2Y | +90 bp | — | — | +62 bp | — | — | — |
Yields by rating group
The same curve split by credit quality: 72 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 5.28%, A+ to BBB- 5.19%.
Bonds in this curve
A selection of 30 of the 72 bonds behind this curve, spread across maturities. Greyed rows carry an older quote.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| National Bank of Canada | 4.63% | 2027-03-05 | 4.70% | US63307A3G86 |
| National Bank of Canada | 5.14% | 2027-09-15 | 5.05% | US63305LPB35 |
| National Bank of Canada | 4.67% | 2027-10-18 | 4.40% | US63305LT780 |
| National Bank of Canada | 4.79% | 2027-10-29 | 4.80% | US63305LV752 |
| National Bank of Canada | 4.27% | 2028-03-17 | 4.00% | US63305M3F60 |
| National Bank of Canada | 4.42% | 2028-04-30 | 4.37% | US63307A3P85 |
| National Bank of Canada | 4.50% | 2028-09-29 | 4.50% | US63305LR883 |
| National Bank of Canada | 4.54% | 2029-01-20 | 4.17% | US63307A3K98 |
| National Bank of Canada | 5.08% | 2029-09-14 | 5.00% | US63305LP986 |
| National Bank of Canada | 5.11% | 2029-10-17 | 4.60% | US63305LT863 |
| National Bank of Canada | 5.09% | 2029-10-30 | 5.05% | US63305LW743 |
| National Bank of Canada | 4.72% | 2030-01-30 | 4.30% | US63305MM734 |
| National Bank of Canada | 4.79% | 2030-04-17 | 4.65% | US63305M6Y23 |
| National Bank of Canada | 5.25% | 2031-01-23 | 5.25% | US63305LVV25 |
| National Bank of Canada | 5.50% | 2031-07-31 | 5.50% | US63305LJ799 |
| National Bank of Canada | 5.12% | 2031-08-29 | 5.12% | US63305LN668 |
| National Bank of Canada | 5.19% | 2032-06-04 | 4.93% | US63307A3Q68 |
| National Bank of Canada | 4.97% | 2032-09-30 | 4.60% | US63305LR966 |
| National Bank of Canada | 5.41% | 2032-10-18 | 4.65% | US63305LT947 |
| National Bank of Canada | 5.33% | 2033-03-18 | 5.15% | US63305MEA53 |
| National Bank of Canada | 6.00% | 2033-09-27 | 6.00% | US63305LTL70 |
| National Bank of Canada | 5.61% | 2034-03-28 | 5.45% | US63305LYL16 |
| National Bank of Canada | 5.75% | 2034-06-28 | 5.75% | US63305LF573 |
| National Bank of Canada | 5.28% | 2035-02-10 | 4.85% | US63305MQ461 |
| National Bank of Canada | 6.03% | 2035-12-27 | 6.00% | US63305LVG57 |
| National Bank of Canada | 5.67% | 2037-02-05 | 5.65% | US63305MAN11 |
| National Bank of Canada | 5.51% | 2037-11-13 | 5.00% | US63305MXA43 |
| National Bank of Canada | 6.16% | 2039-05-15 | 6.15% | US63305LB283 |
| National Bank of Canada | 5.66% | 2039-10-17 | 4.80% | US63305LU358 |
| National Bank of Canada | 5.91% | 2044-10-31 | 5.25% | US63305LW412 |