{"id":7837,"date":"2026-04-05T10:43:25","date_gmt":"2026-04-05T14:43:25","guid":{"rendered":"https:\/\/www.us-covered-bonds.com\/?page_id=7837"},"modified":"2026-09-03T14:46:05","modified_gmt":"2026-09-03T18:46:05","slug":"canadian-news","status":"publish","type":"page","link":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/canadian-news\/","title":{"rendered":"Canadian News"},"content":{"rendered":"\n<div class=\"jmpost\">\n<style scoped=\"\">\n.entry-title {\n     display: none !important;\n     }\n.jmpost {\n     width:600px !important;\n}\n<\/style>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"2121\" height=\"1414\" loading=\"lazy\" src=\"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-content\/uploads\/2026\/07\/iStock-2235570558.webp\" alt=\"\" class=\"wp-image-8138\" srcset=\"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-content\/uploads\/2026\/07\/iStock-2235570558.webp 2121w, https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-content\/uploads\/2026\/07\/iStock-2235570558-1536x1024.webp 1536w, https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-content\/uploads\/2026\/07\/iStock-2235570558-2048x1365.webp 2048w, https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-content\/uploads\/2026\/07\/iStock-2235570558-1568x1045.webp 1568w\" sizes=\"auto, (max-width: 2121px) 100vw, 2121px\" \/><\/figure>\n<\/div>\n\n<h1 class=\"wp-block-heading has-text-align-center has-text-color has-large-font-size has-link-color\" style=\"color: #1928d1;\"><strong>Canadian CB News<\/strong><\/h1>\n\n\n<p style=\"color: #3366ff; text-decoration: underline; background-color: #b5c7e2;\"><strong>Canadian\n                        Issuers<\/strong><\/p>\n                <a><img decoding=\"async\" loading=\"lazy\" id=\"j1mleaf\" src=\"http:\/\/www.us-covered-bonds.com\/wp-content\/uploads\/2013\/12\/maple-leaf.png\"\n                        alt=\"maple leaf\" width=\"25%\" align=\"right\" \/><\/a>\n\n\n\n<scan style=\"font-family: 'Georgia'; font-variant: small-caps; font-size: 80%; font-weight: bold; margin: 0 0 0.625% 0; padding:0; border:0; line-height:70%\">Dec 2025 &#8211; <\/scan>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2026<\/strong> 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:<br><\/p>\n\n\n\n<figure class=\"CDN2016 is-style-stripes wp-block-table\" style=\"font-size:12px\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#d4870b82\"><thead><tr><th>Currency<\/th><th># Offerings<\/th><th>Total<\/th><\/tr><\/thead><tbody><tr><td>\u20ac<\/td><td>23<\/td><td>24,650<\/td><\/tr><tr><td>$<\/td><td>11<\/td><td>13,700<\/td><\/tr><tr><td>C$<\/td><td>4<\/td><td>4,400<\/td><\/tr><tr><td>\u00a3<\/td><td>5<\/td><td>10,100<\/td><\/tr><tr><td>A$<\/td><td>8<\/td><td>9,200<\/td><\/tr><tr><td>CHF<\/td><td>5<\/td><td>1,260<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p style=\"font-size:12px\" class=\"wp-block-paragraph\">\n                See <a href=\"\/staging\/3708\/cdn_issue_details\">Canadian Issuance.<\/a><br>See also <a href=\"https:\/\/bit.ly\/3Y6ZUu2\">GlobalCapital.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2025<\/strong> 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.\n                <\/p>\n\n\n\n<hr class=\"is-style-wide wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<scan style=\"font-family: 'Georgia'; font-variant: small-caps; font-size: 80%; font-weight: bold; margin: 0 0 0.625% 0; padding:0; border:0; line-height:70%\">Jan 2025- <\/scan>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2025 <\/strong>is likely to be a more active year for the Canadian banks as 2024 was a remakably slow year for them (see below).\n                <\/p>\n\n\n\n<hr class=\"is-style-wide wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<scan style=\"font-family: 'Georgia'; font-variant: small-caps; font-size: 80%; font-weight: bold; margin: 0 0 0.625% 0; padding:0; border:0; line-height:70%\">Jan 2025- <\/scan>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2024<\/strong> was a slow year for Canadian issuance of covered bonds.  Canadian banks came to the market with 31 offerings of covered bonds in $, \u20ac, \u00a3, C$, A$ and CHF currencies compared to 69 deals in 2023. &nbsp; Many 2024 offerings were reverse inquiries of less than benchmark size. &nbsp; The distribution of offerings across currencies was as follows:<br><\/p>\n\n\n\n<figure class=\"CDN2016 is-style-stripes wp-block-table\" style=\"font-size:12px\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#d4870b82\"><thead><tr><th>Currency<\/th><th># offerings<\/th><th>Total<\/th><\/tr><\/thead><tbody><tr><td>\u20ac<\/td><td>14<\/td><td>13,350<\/td><\/tr><tr><td>$<\/td><td>5<\/td><td>5.075<\/td><\/tr><tr><td>C$<\/td><td>1<\/td><td>1,000<\/td><\/tr><tr><td>\u00a3<\/td><td>5<\/td><td>4,350<\/td><\/tr><tr><td>A$<\/td><td>4<\/td><td>2,300<\/td><\/tr><tr><td>CHF<\/td><td>2<\/td><td>440<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\n                See <a href=\"\/staging\/3708\/cdn_issue_details\">Canadian Issuance<\/a>.<\/p>\n\n\n\n<hr class=\"is-style-wide wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p style=\"color: #3366ff; text-decoration: underline; background-color: #b5c7e2;\"><strong>Other US$\n\t\t\t\t\t\tIssuers<\/strong><\/p>\n<!----------------------->\n                <scan style=\"font-family: 'Georgia'; font-variant: small-caps; font-size: 80%; font-weight: bold; margin: 0 0 0.625% 0; padding:0; border:0; line-height:70%\">Jan 2025- <\/scan>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. &#038;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. \n\t\t\t\t<hr class=\"Fhspace\" style=\"clear: both; margin-top: 20px;\" \/>\n\n\n<p><!-------------------------------HOT TOPICS------------------------------------><\/p>\n\n\n<p style=\"color: #3366ff; text-decoration: underline; background-color: #b5c7e2;\"><strong>Hot Topics<\/strong><\/p>\n\n\n<p><strong>Jan 2025<\/strong>&#8211; <strong>Equivalence<\/strong> &#8211; 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&#8217;s <a href=\"https:\/\/hypo.org\/ecbc\/publication-news\/achieving-third-country-equivalence\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>statement<\/u><\/a> or S&amp;P&#8217;s <a href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/240626-eu-covered-bond-harmonization-next-steps-13154039\" target=\"_blank\" rel=\"noopener noreferrer\"><u>statement<\/u><\/a> on equivalence and Fitch&#8217;s <a href=\"https:\/\/www.fitchratings.com\/research\/structured-finance\/covered-bonds\/australia-canada-uk-covered-bonds-well-placed-for-eu-equivalence-24-08-2022\" target=\"_blank\" rel=\"noopener noreferrer\"><u>statement<\/u><\/a> 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.<\/p>\n<hr class=\"Fhspace\" style=\"clear: both; margin-top: 20px;\" \/>\n<p><!-- \/wp:post-content --><\/p>\n<p><!-- wp:html --><\/p>\n<p><style scoped>\n.entry-title {<br \/>\n     display: none !important;<br \/>\n     }<br \/>\n.jmpost {<br \/>\n     width:600px !important;<br \/>\n}<br \/>\nbr {<br \/>\n   display: block;<br \/>\n   content: \"\";<br \/>\n   margin-bottom: 6px;<br \/>\n}<br \/>\n<\/style>\n<\/p>\n<p><!-- \/wp:html --><\/p>\n\n<!-- wp:html -->\nshortcode[&#8220;jpshare&#8221;]\n<!-- \/wp:html -->","protected":false},"excerpt":{"rendered":"Canadian CB News Canadian Issuers Dec 2025 &#8211; 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# OfferingsTotal\u20ac2324,650$1113,700C$44,400\u00a3510,100A$89,200CHF51,260 See Canadian Issuance.See also GlobalCapital. 2025 was not a year of heavy issuance after&hellip; <a class=\"more-link\" href=\"https:\/\/www.us-covered-bonds.com\/staging\/3708\/canadian-news\/\">Continue reading <span class=\"screen-reader-text\">Canadian News<\/span><\/a>","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"nf_dc_page":"","footnotes":""},"class_list":["post-7837","page","type-page","status-publish","hentry","entry"],"_links":{"self":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/pages\/7837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/comments?post=7837"}],"version-history":[{"count":7,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/pages\/7837\/revisions"}],"predecessor-version":[{"id":8338,"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/pages\/7837\/revisions\/8338"}],"wp:attachment":[{"href":"https:\/\/www.us-covered-bonds.com\/staging\/3708\/wp-json\/wp\/v2\/media?parent=7837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}