CMHC tightens five year CMBs to pre-crisis level
Canada Mortgage and Housing Corp issued a landmark C$6bn five year Canada Mortgage Bonds (CMB) this week. Joint leads CIBC World Markets, Bank of America Merrill Lynch, BMO Capital Markets and RBC Capital Markets priced the offering at 18bp over the June 2015 government bond, the tightest level on a five year fixed rate CMB since September 2007.
"Canadian fundamentals are very strong relative to other global economies," said Mark Chamie, treasurer at CMHC. "International investors have taken notice of this, allowing us to price at the tightest level since September 2007. This allows for even greater cost-effective funding for mortgage originators in Canada."
Foreign investors bought
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