On September 9, 2016, the SEC registration statement of Bank of Nova Scotia for its covered bonds expired without renewal.*  This was followed by the pricing on September 13, 2016, of a $1.5 billion offering of five year covered bonds by BNS in a 144A private placement.  Apparently BNS, like BMO, has abandoned the SEC registered format for its covered bonds. 

On inquiry, BNS stated that …….  This action now leaves Royal Bank of Canada as the sole Canadian bank with an SEC registered covered bond program.* 

The RBC program was inaugurated in September 2012 to much acclaim.  While RBC has not publicly stated what action it will take regarding the loan-level disclosure requirements imposed under Regulation AB starting in November 2016, the response of BMO and BNS suggest that there may be no further issuances of SEC registered covered bonds after November.  This will certainly be a disappointment to investors and will increase the funding costs of the banks.