Canada

Korean Housing Finance Corporation mandated leads for a euro covered bond on Thursday, to be issued under its social framework. At the same time, after this week’s trio of sterling covered bonds bankers believe there is scope for further Sonia-linked supply.

Canadian Imperial Bank of Commerce managed an outstanding result in sterling covered bonds on Wednesday. Despite the fact that 60% of this year’s entire supply has come in the past three days it managed to issue a sizeable deal at the same spread as an earlier one from Bank of Nova Scotia.

CPPIB Capital came to market on Tuesday for a green benchmark in Australian dollars, its first syndication in the currency.

Bank of Nova Scotia (BNS) priced its first Sonia-linked Canadian covered bond, the largest ever issued against Sonia and the first from a Canadian bank in well over a year on Monday. A t the same time TSB mandated leads for another Sonia linked covered bond.

Bank of Montreal is seeking investor consent to switch from referencing Libor to Sonia on its sterling covered bond, following similar moves from other borrowers. Different calculation methods are emerging for the transition.

CPPIB Capital sold its first public Sonia floating rate note on Monday, with Oesterreichische Kontrollbank set to be the next public sector borrower to hit the sterling market after mandating banks for a long four year fixed rate benchmark.

Bank of Montreal attracted good demand for a €1.25bn eight year covered bond on Tuesday and paid a modest new issue concession. The outcome was deemed a fine result given that market conditions are not at their best.

A favourable move in the basis swap allowed the Province of Quebec to return to the Swiss franc market after seven years away this week, landing its latest bond at a spread flat to its domestic curve.

GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2021.

CDP Financial, one of Canada's largest public pension asset managers, joined three other public sector borrowers in the dollar market on Tuesday to sell its debut green bond.

Guarantor: Ontario Teachers’ Pension Plan Board

GlobalCapital talked to Sarim Farooqi, senior vice-president and treasurer at Laurentian Bank, about the issuer’s recent C$250m five year debut covered bond, established under its new C$2bn covered bond programme, and what the bank’s next moves in the covered bond market could be.