Canadian covered bonds and the new resolution framework
GlobalCapital speaks to Wojtek Niebrzydowski, vice president, treasury, at Canadian Imperial Bank of Commerce about the implications for Canadian covered bonds under the country’s newly proposed resolution regime and ask what SEC Reg AB rule revisions mean for SEC-registered covered bond programmes.
GlobalCapital: Are Canadian covered bonds likely to be affected in any way by Canada’s newly proposed resolution framework?
Wojtek Niebrzydowski, CIBC: Covered bonds are expected to be explicitly excluded from the bail-in framework. Also the existing covered bond legislation confirms exclusivity of bondholder claims on the collateral pool.
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