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Subordinated Debt (Tables) | 12 Months Ended
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Oct. 31, 2025
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Summary of Maturities of Subordinated Debt and Repayment | The face values, terms to maturity and carrying values of our subordinated debt are as follows:
(Canadian $ in millions, except as noted) |  | Face value |  |  | Maturity date |  | Interest rate (%) |  |  | Reset premium (%) |  |  | Redeemable at our option (1) |  |  | 2025 Total |  |  | 2024 Total |
Debentures Series 20 |  |  | $   150 |  |  | December 2025 to 2040 |  |  | 8.250 |  |  |  | na |  |  |  | Not redeemable |  |  | $ | 147 |  |  | $ | 147 |
3.803% Subordinated Notes due 2032 (2) |  |  | US$1,250 |  |  | December 2032 |  |  | 3.803 |  |  |  | 1.43 | (3) |  |  | December 2027 |  |  |  | 1,656 |  |  |  | 1,602 |
Series J Medium-Term Notes, Second Tranche (2) |  |  | $1,250 |  |  | June 2030 |  |  | 2.077 |  |  |  | na | (4) |  |  | June 2025 (5) |  |  |  | – |  |  |  | 1,237 |
Series K Medium-Term Notes, First Tranche (2) |  |  | $1,000 |  |  | July 2031 |  |  | 1.928 |  |  |  | na | (4) |  |  | July 2026 |  |  |  | 959 |  |  |  | 992 |
3.088% Subordinated Notes due 2037 (2) |  |  | US$1,250 |  |  | January 2037 |  |  | 3.088 |  |  |  | 1.40 | (6) |  |  | January 2032 |  |  |  | 1,551 |  |  |  | 1,466 |
Series L Medium-Term Notes, First Tranche (2) |  |  | $   750 |  |  | October 2032 |  |  | 6.534 |  |  |  | 2.70 | (7) |  |  | October 2027 |  |  |  | 749 |  |  |  | 732 |
Series M Medium-Term Notes , First Tranche (2) |  |  | $1,150 |  |  | September 2033 |  |  | 6.034 |  |  |  | 2.02 | (7) |  |  | September 2028 |  |  |  | 1,190 |  |  |  | 1,202 |
Series M Medium-Term Notes, Second Tranche (2) |  |  | $1,000 |  |  | July 2034 |  |  | 4.976 |  |  |  | 1.63 | (7) |  |  | July 2029 |  |  |  | 999 |  |  |  | 999 |
Series N Medium-Term Notes, First Tranche (2) |  |  | $1,250 |  |  | March 2035 |  |  | 4.077 |  |  |  | 1.54 | (7) |  |  | March 2030 (8) |  |  |  | 1,249 |  |  |  | – |
Total (9) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,500 |  |  | $ | 8,377 |
| (1) | Redeemable at par with accrued and unpaid interest to and excluding the redemption date.
| (2) | These notes include a NVCC provision, which is necessary for notes issued after a certain date to qualify as regulatory capital under Basel III. As such, they are convertible into a variable number of our common shares if OSFI announces that the bank is, or is about to become, non-viable or if a federal or provincial government in Canada publicly announces that the bank has accepted or agreed to accept a capital injection, or equivalent support, to avoid non-viability. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. The number of common shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then applying the multiplier.
| (3) | Interest rate is for the period to but excluding the earliest par value redemption date, and thereafter will reset at a rate equal to the 5-year mid-swap rate plus the reset premium noted.
| (4) | Interest rate will reset at a rate determined in accordance with the terms and conditions of the applicable subordinated notes.
| (5) | All $1,250 million 2.077% Series J Medium-Term Notes (NVCC), Second Tranche were redeemed on June 17, 2025 for 100% of the principal amount, plus accrued interest to, but excluding, the redemption date.
| (6) | Interest rate is for the period to but excluding the earliest par value redemption date, and thereafter will reset at a rate equal to the 5-year U.S. treasury bill rate plus the reset premium noted.
| (7) | Interest rate is for the period to but excluding the earliest par value redemption date, and thereafter will reset at a rate equal to the daily compounding CORRA plus the reset premium noted.
| (8) | On March 5, 2025, we issued $1,250 million of unsecured subordinated debt through our Canadian Medium-Term Note program. These notes will reset to a floating rate on March 5, 2030.
| (9) | Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together de creased their carrying value as at October 31, 2025 by $304 million (decreased by $400 million in 2024). Refer to Note 7 for further details on hedge adjustments. The carrying value is also adjusted for our subordinated debt holdings, held for market-making purposes.
na – not applicable

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