Issuance Documents

Bank of Nova Scotia (BNS) kicked off its covered bond program on July 15 with a three-year, U.S. dollar-denominated covered bond in the amount of $2.5 billion, under its US $15 billion covered bond program.  The Prospectus (dated July 19) set forth legal terms establishing the program.

This eight-page legal document (released July 5, dated June 25) contains the contractual terms and other information regarding the second U.S. dollar-denominated covered bond issue of Canadian Imperial Bank of Commerce (CIBC), in the amount of $1.25 billion, under its €8 billion Global Public Sector Covered Bond Program.  The bonds are not offered to any U.S. person or address in the U.S. except to Qualified Institutional Buyers.

Canadian Imperial Bank of Canada (CIBC) priced its second Swiss Franc-denominated covered bond on June 2, 2010.  This two-page public announcement from rating agency DBRS (June 30) describes the basis for the agency's rating of AAA for that 500 million Swiss Franc issue. 

To download a PDF of "DBRS Assigns Rating of AAA to CIBC Covered Bonds, Series CB6," click on "20100630 DBRS CIBC CHF" under "Attachment," below.

This eleven-page legal document (dated June 8) contains the contractual terms and other information regarding Bank of Montreal's (BMO) US $2 billion dollar covered bond issue (priced June 2) under its new €7 billion covered bond program. The bonds are not offered to any U.S. person or address in the U.S. except to Qualified Institutional Buyers.

Bank of Montreal (BMO) recently (June 6) became the third Canadian bank to issue a covered bond denominated in U.S. dollars.  This prospectus constitutes the legal underpinning for BMO's €7 billion covered bond program.  The prospectus is not intended for distribution to any U.S. person or address in the U.S. except to Qualified Institutional Buyers.

Royal Bank of Canada (RBC) has now released a "Transaction Review" of its April 7 U.S. dollar-denominated covered bond issue for publication by Covered Bond Investor™.  (Public release of such reports is often delayed for a period after the bond issuance for reasons related to U.S. securities laws.)

In April, Toronto-Dominion (TD) announced that it was joining other prominent Canadian banks in establishing a covered bond program.  TD's prospectus (April 26) describes the program in detail, including a graphic of its structure. 

In January, Canadian Imperial Bank of Commerce (CIBC) made history when it became the first Canadian bank to issue a covered bond denominated in U.S. dollars.  The $2 billion issuance - made under CIBC's existing €8 billion covered bond program - was well received and considered a strong success. 

This Final Terms document is offered for educational purposes only, as an example of covered issue final terms.

To download the PDF, click on "20090511 Lloyds TSB Final Terms" under "Attachment" below.

If you would like to see an example of a covered bond issuer’s monthly reporting, including detailed data on the cover pool, this is a good place to start.  The particular covered bonds that are the subject of these reports also have historical significance, since they were a “first” for the U.S. when Washington Mutual introduced them in 2006.  Of course, they are now under the aegis of JPMorgan, on whose website these reports currently reside.