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FIGCovered Bonds

Canadian banks head to euro covered bonds in search of liquidity

Bank_of_Canada_PA_575x375_200320

Royal Bank of Canada, Bank of Montreal and Toronto Dominion Bank all issued euro covered bonds in good size this week, finding big savings over senior unsecured issuance. One leading investor said bringing these deals in a fragile market was opportunistic and reflected The Bank of Canada's more restrictive provision of emergency liquidity than in Europe.

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