National Bank of Canada Bond Yields (USD)
Fitted spot curve as of 2026-10-26
https://bondscovery.com/yield-curve/usd-corporate-banks-canada-national-bank-of-canada
National Bank of Canada Bond Yields (USD) as of 2026-10-26: 10Y at 6.40%, fitted curve 1M–30Y (4.65%–6.68%), 92 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 4.65% | — |
| 12M | 4.88% | 4.97% |
| 18M | 5.00% | 5.32% |
| 2Y | 5.12% | 5.56% |
| 3Y | 5.35% | 5.93% |
| 4Y | 5.57% | 6.41% |
| 5Y | 5.77% | 6.85% |
| 6Y | 5.97% | 7.28% |
| 7Y | 6.14% | 7.61% |
| 8Y | 6.27% | 7.59% |
| 10Y | 6.40% | 7.27% |
| 15Y | 6.60% | 7.41% |
| 20Y | 6.66% | 7.17% |
| 25Y | 6.68% | 6.97% |
| 30Y | 6.68% | 6.87% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 5.12% and the 10-year 6.40%, a 10Y−2Y spread of +128 bp — positively sloped — as of 2026-10-26. 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 | Latest2026-10-26 | 1m ago2026-09-25 | 2m ago2026-08-27 | 3m ago2026-07-28 | 4m ago2026-06-25 | 5m ago2026-05-29 | 6m ago2026-04-29 |
|---|---|---|---|---|---|---|---|
| 2Y | 5.12% | 5.02% | 4.61% | 4.56% | 4.56% | 4.49% | 4.76% |
| 10Y | 6.40% | 6.16% | — | 5.92% | — | — | 5.42% |
| 10Y − 2Y | +128 bp | +113 bp | — | +136 bp | — | — | +66 bp |
Yields by rating group
The same curve split by credit quality: 224 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 5.70%, A+ to BBB- 4.67%.
Bonds in this curve
A selection of 30 of the 224 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| National Bank of Canada | 4.45% | 2026-11-17 | 0.00% | CA633901YJ68 |
| National Bank of Canada | 4.88% | 2027-09-15 | 5.05% | US63305LPB35 |
| National Bank of Canada | 5.32% | 2028-07-16 | 4.55% | US63305TMS23 |
| National Bank of Canada | 5.04% | 2028-09-09 | 4.60% | US63305TTH94 |
| National Bank of Canada | 5.10% | 2028-09-23 | 5.10% | US63305TUY09 |
| National Bank of Canada | 5.15% | 2028-12-18 | 5.60% | US63307A2X29 |
| National Bank of Canada | 5.60% | 2029-06-24 | 4.75% | US63305THW99 |
| National Bank of Canada | 5.14% | 2029-08-31 | 4.60% | US63305TSL16 |
| National Bank of Canada | 4.74% | 2029-09-17 | 4.65% | US63305TUA23 |
| National Bank of Canada | 5.79% | 2030-10-13 | 5.65% | US63305TWM43 |
| National Bank of Canada | 5.79% | 2031-06-27 | 4.85% | US63305TME37 |
| National Bank of Canada | 5.35% | 2031-07-15 | 4.55% | US63305TLV60 |
| National Bank of Canada | 5.46% | 2031-07-14 | 5.00% | US63305TPE00 |
| National Bank of Canada | 5.69% | 2032-11-29 | 5.25% | US63305L2S19 |
| National Bank of Canada | 6.20% | 2033-10-06 | 6.00% | US63305LTP84 |
| National Bank of Canada | 6.41% | 2033-12-27 | 6.00% | US63305LVH31 |
| National Bank of Canada | 6.31% | 2034-03-28 | 5.45% | US63305LYL16 |
| National Bank of Canada | 6.16% | 2034-09-29 | 4.65% | US63305LS386 |
| National Bank of Canada | 6.57% | 2034-12-03 | 5.35% | US63305L3J01 |
| National Bank of Canada | 6.48% | 2034-12-23 | 5.25% | US63305L4E05 |
| National Bank of Canada | 6.24% | 2036-06-27 | 5.25% | US63305TMG84 |
| National Bank of Canada | 6.38% | 2036-10-06 | 6.35% | US63305TXP64 |
| National Bank of Canada | 6.53% | 2039-10-22 | 5.50% | US63305LV265 |
| National Bank of Canada | 6.80% | 2039-11-04 | 5.40% | US63305LW909 |
| National Bank of Canada | 6.88% | 2045-08-29 | 6.00% | US63305MRA17 |
| National Bank of Canada | 6.76% | 2046-10-13 | 6.75% | US63305TWN26 |
| National Bank of Canada | 6.40% | 2051-07-08 | 5.50% | US63305TMK96 |
| National Bank of Canada | 6.40% | 2051-07-31 | 5.60% | US63305TPZ39 |
| National Bank of Canada | 6.80% | 2056-09-30 | 6.70% | US63305TVL78 |
| National Bank of Canada | 6.96% | 2056-10-14 | 7.00% | US63305TWY80 |