Canada banks tap covereds again as Europeans look on

CIBC_PA_230x150
By Bill Thornhill
20 Mar 2020

Europe's bank funding officials are not certain how their borrowing plans are likely to change but seem agreed there is little point in hitting the primary market until serious liquidity returns, That has given Canada's banks the run of the place with this week with another deal emerging from Canadian Imperial Bank of Commerce on Friday.

CIBC opened order books on Friday for the fourth Canadian covered bond of the week, drawing ire from European funding officials who questioned the liquidity of Canadian banks and suggested their recent dealings smacked of desperation.

The issuer followed euro benchmark covered bonds from Bank of Nova ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial