CIBC World Markets

Export Development Canada this week brought what could be the last SSA dollar benchmark of the year, printing a strong deal despite conditions weakening as 2017 draws to a close.

Export Development Canada tapped the short end of the dollar curve on Tuesday, with bankers away from the deal suggesting it was likely aided by a slight bump in three year swap spreads.

A group of institutions working towards a distributed ledger solution for cash settlement has doubled in size, as six global investment banks came aboard this week.

Canadian Imperial Bank of Commerce (CIBC) could sell two tranches of long three year covered bonds in Australian dollars this week, as foreign issuers monitor the cash-rich market for opportunities to fund themselves at competitive levels.

GlobalCapital speaks to Wojtek Niebrzydowski, vice president, treasury, at Canadian Imperial Bank of Commerce about the implications for Canadian covered bonds under the country’s newly proposed resolution regime and ask what SEC Reg AB rule revisions mean for SEC-registered covered bond programmes.

The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

A surfeit of sterling liquidity drove demand for covered bonds to new heights this week with exceptional deal executions seen in two Canadian bank transactions, raising the likelihood that a UK bank will soon follow.

GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2017. The results were revealed at a gala dinner at New York’s Metropolitan Club on May 25. Our thanks to all those who attended the dinner and competed for the awards.

Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.

Four covered bond issuers returned to the market on Tuesday with the first deals of 2017. Two €1.5bn 10 year transactions showed that borrowers are prioritising the tougher, longer duration deals and, while conditions permit, issuing in large size.

Eight heads of funding and two DCM heads spoke to GlobalCapital about covered bonds and regulatory funding, the impact of the Term Long Term Refinancing Operation, the prospective end to the covered bond purchase programme and likelihood of limited funding windows next year.