News & Analysis

News

Interview with Rep. Scott Garrett on Covered Bond Bill Amendments

FDIC pushback leaves some big issues still in play

07/30/2010

In this exclusive interview, Rep. Scott Garrett (R-NJ) talks with Covered Bond Investor™ about the amendments offered by Rep. Melissa Bean (D-IL) at the markup session for the United States Covered Bond Act of 2010 (H.R. 5823), held July 28.

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News: Regulatory Legislative and Legal

House Committee Casts Favorable Vote for U.S. Covered Bond Bill

Next step could be vote by full House of Representatives

07/28/2010

The latest version of comprehensive U.S. covered bond legislation, H.R. 5823, was reported out of a markup session by a voice vote of the House Financial Services Committee (HFSC) Wednesday evening (July 28).

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News: Issuance

CIBC Taps Existing U.S. Dollar Covered Bond Issues for $1 Billion

Total from U.S.-aimed CIBC CBs has reached $4.25 billion this year

07/28/2010

Canadian Imperial Bank of Canada (CIBC) tapped both of the U.S. dollar-denominated bonds it has issued to date, generating an additional $1 billion (July 27).

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News: Regulatory Legislative and Legal

Realtors Urge Barney Frank to Support U.S. Covered Bond Bill

"[I]t is imperative that all housing finance instruments . . . be utilized"

07/27/2010

The National Association of Realtors® (NAR) has sent a letter to U.S. House Financial Services Committee (HFSC) Chairman Barney Frank (D-MA), urging him to support the revised version of the proposed U.S. Covered Bond Act of 2010 that was introduced in Congress July 22 as H.R. 5823.

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News: Regulatory Legislative and Legal

Revised U.S. Covered Bond Bill - H.R. 5823 - Scheduled for Markup

Potentially significant step toward vote by full House of Representatives

07/24/2010

A revised version of the proposed U.S. Covered Bond Act of 2010 — introduced July 22 in the House of Representatives as H.R. 5823 — has been scheduled for markup on July 27 by the House Financial Services Committee (HFSC).

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News: Issuance: Lessons From Outside North America: Ratings News

Global Covered Bond News Roundup - Week Ending July 23, 2010

A €2 billion issue in Spain; two French taps; an award to Deutsche Bank

07/24/2010

BBVA scores a solid (though wide) Spanish CB issue . . . CFF and CIF Euromortgage tap existing issues . . . hopes for Australian covered bonds in 2011 ... and more

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America. Even so, readers who want to keep up with covered bond news in general might find them interesting.

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News: Issuance

Toronto-Dominion Prices $2 Billion U.S. Dollar Covered Bond

Fifth Canadian bank to issue USD CBs this year

07/22/2010

Among potential Canadian issuers of U.S. dollar-denominated (USD) covered bonds, Toronto-Dominion Bank (TD) was the next shoe that many expected to drop — and now it has.

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News: Lessons From Outside North America: Ratings News

Global Covered Bond News Roundup - Week Ending July 16

A slow summer week in Europe

07/17/2010

While Bank of Nova Scotia's US $2.5 billion covered bond was making headlines on this side of the Atlantic, Europe's covered bond items were mostly limited to ratings news.

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News: Issuance

Financial Post Puts Canadian Covered Bonds in Spotlight

Bank of Nova Scotia issue is nation's seventh so far this year

07/17/2010

Barry Critchley in the Financial Post used Bank of Nova Scotia's debut issue of covered bonds (CBs) as a news peg to discuss the rise of this funding instrument in Canada (July 17).

"So far this year, [Canadian] banks have been to the market on seven occasions — in three currencies: US$, C$ and Swiss Francs," Critchley points out. This equals the total number of previous Canadian CB issues since the nation's first in 2007.

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News: Issuance

Bank of Nova Scotia Prices U.S. Dollar Covered Bond - Update

$2.5 billion issue will be BNS' first-ever CB

07/15/2010

Bank of Nova Scotia (BNS) launched a three-year, U.S. dollar-denominated covered bond in the amount of $2.5 billion via Scotia Covered Bond Trust (July 15).
Pricing was at 52.2 basis points over the relevant benchmark, for a yield of 1.498%.

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