Financial Post Puts Canadian Covered Bonds in Spotlight
Bank of Nova Scotia issue is nation's seventh so far this year
By:
By Covered Bond Investor™ Staff
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.
Critchley quotes Royal Bank of Canada analyst Altaf Nanji as saying Canadian banks "get more bang for their buck" by issuing CBs "for their non-C$ funding needs."