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Subordinated Notes and Debentures
 12 Months Ended
Oct. 31, 2025
Subordinated Notes and Debentures [Abstract]  
Subordinated Notes and Debenture
NOTE 18: SUBORDINATED NOTES AND DEBENTURES
Subordinated notes and debentures are
 
direct unsecured obligations of the Bank
 
or its subsidiaries and are subordinated in
 
right of payment to the claims of
depositors and certain other creditors. Redemptions,
 
cancellations, exchanges, and modifications
 
of subordinated debentures qualifying
 
as regulatory capital are
subject to the consent and approval of OSFI.
Subordinated Notes and Debentures
1
(millions of Canadian dollars, except
 
as noted)
As at
Earliest par
Interest
Reset
redemption
October 31
October 31
Maturity date
rate (%)
2
spread (%)
date
2025
2024
May 26, 2025
3
9.150
n/a
–
$
–
$
200
April 22, 2030
4
3.105
n/a
April 22, 2025
–
2,989
March 4, 2031
4.859
3.490
5
March 4, 2026
1,252
1,257
September 15, 2031
3.625
2.205
6
September 15, 2026
1,997
2,045
January 26, 2032
3.060
1.330
7
January 26, 2027
1,715
1,637
April 9, 2034
5.177
1.530
7
April 9, 2029
1,820
1,803
September 10, 2034
5.146
1.500
8
September 10, 2029
1,396
1,359
October 30, 2034
1.601
1.032
9
October 30, 2029
181
183
January 23, 2036
4.030
1.500
6
January 23, 2031
1,209
–
February 1, 2035
4.231
1.540
7
February 1, 2030
1,009
–
September 25, 2035
2.058
0.970
10
September 25, 2030
127
–
July 23, 2040
5.930
1.870
11
July 23, 2035
27
–
Total
$
10,733
$
11,473
1
The outstanding subordinated notes and debentures include non-viability contingent capital (NVCC) provisions
 
and qualify as regulatory capital under OSFI’s Capital Adequacy
Requirements (CAR) guideline. Refer to Note 19 for further details.
2
Interest rate is for the period to but excluding the earliest par redemption date and, thereafter,
 
if not otherwise redeemed, it will be reset at the applicable reset rate.
3
On May 26, 2025, this note matured and all of the accrued interest and outstanding principal was repaid
 
in full.
4
 
On April 22, 2025, the Bank redeemed all of its outstanding $
3
 
billion
3.105
% medium-term notes due April 22, 2030, at a redemption price of
100
 
per cent of the principal amount, plus
accrued and unpaid interest to, but excluding, the redemption date.
5
To be reset at a rate to be determined
 
with consent of the noteholders as the CORRA-based rate and spread considered to be reasonably equivalent
 
to the of
3-month bankers’
acceptance rate
 
(as such term is defined in the applicable offering document) plus the reset spread noted.
6
To be reset at a rate of
5-year Mid-Swap Rate
 
plus the reset spread noted.
7
To be reset at Daily Compounded
 
Canadian Overnight Repo Rate Average plus the reset spread noted.
8
To be reset at the prevailing
5-year U.S. Treasury Rate
 
plus the reset spread noted.
9
To be reset at the Japanese
 
government bond yield plus the reset spread noted.
10
To
be reset at the
5-year Tokyo Overnight Average Rate
 
mid-swap rate plus the reset spread noted.
11
To
be reset at the
3-month Bank Bill Swap Rate
 
plus the reset spread noted.