Canadian CB News

Canadian Issuers

Dec 2025 –

2026 is expected to be a year of heavy issuance for Canadian banks as 60 series of outstanding covered bonds will mature in 2026. Maturities fall across 6 currencies as follows:

Currency	# Offerings	Total
€	23	24,650
$	11	13,700
C$	4	4,400
£	5	10,100
A$	8	9,200
CHF	5	1,260

See Canadian Issuance.
See also GlobalCapital.

2025 was not a year of heavy issuance after all. Only 22 offerings came to market, marking two slow years in a row for Canadian banks.

---

Jan 2025-

2025 is likely to be a more active year for the Canadian banks as 2024 was a remakably slow year for them (see below).

---

Jan 2025-

2024 was a slow year for Canadian issuance of covered bonds. Canadian banks came to the market with 31 offerings of covered bonds in $, €, £, C$, A$ and CHF currencies compared to 69 deals in 2023.   Many 2024 offerings were reverse inquiries of less than benchmark size.   The distribution of offerings across currencies was as follows:

Currency	# offerings	Total
€	14	13,350
$	5	5.075
C$	1	1,000
£	5	4,350
A$	4	2,300
CHF	2	440

See Canadian Issuance.

---

Other US$ Issuers

Jan 2025- USD offerings by non-Canadian banks was quite low in 2024. There were 10 offerings for a total of $8.9B. Only three such banks, LBBW, Santander and newcomer Shinhan Bank of Korea issued in USD. &nbsp Note that issuance volume and frequency for foreign banks is largely determined by cross currency swap costs of converting the USD proceeds to their home currency.

---

Hot Topics

Jan 2025- Equivalence – perhaps no topic is as important to non-EU issuers of covered bonds as equivalent treatment of their bonds for EU bank capital purposes. See, e.g., the ECBC’s statement or S&#38P’s statement on equivalence and Fitch’s statement that non-EU covered bonds have similar risk. The absence of equivalent treatment means that non-EU covered bonds do not price as favorably as EU covered bonds.

---