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