Canada

The Toronto-Dominion Bank priced a €1bn five year covered bond on Tuesday, with the issuer able to tighten pricing from initial price thoughts on the back of strong demand for the non-ECB eligible paper.

The Canadian covered bond market is one of the few that is expected to continue growing in 2016. With Canadian banks likely to issue a similar amount of euro benchmark paper as Italian banks the region is expected to produce the fourth equal largest amount of supply next year.

Canadian Imperial Bank of Commerce took advantage of a back-up in three year euro swap yields following the European Central Bank meeting last week to issue a covered bond of the same tenor.

Canadian Imperial Bank of Commerce (CIBC) has printed a 10 year note on Monday, its first Swiss franc covered bond since 2012, and its fifth currency in covered bonds this year.

Unédic and the Province of Quebec on Monday became the first issuers to print in euros since the European Central Bank disappointed market participants at a meeting of its governing council last week.

Canadian Imperial Bank of Commerce took advantage of the back-up in three year euro swap yields following the European Central Bank meeting last week to issue a covered bond on Monday. The issuer paid a relatively small concession, funded 10bp more cheaply than it could have done in the dollar market and placed nearly a third with central banks.

The Province of British Columbia (BC) has mandated Bank of China and HSBC as joint leads for its debut Panda bond, Mike de Jong, BC’s Minister of Finance, told GlobalRMB. The deal is expected to launch in January and will be the first Panda from a sovereign credit.

The Province of British Columbia (BC) has moved one step closer to selling a Panda bond after it secured a quota of Rmb6bn ($973m) to issue renminbi-denominated notes in China’s interbank market.

A Canadian province braved the five year spot in dollars on Friday. A healthy spread over US Treasuries prompted strong demand despite negative five year swap spreads, which has caused other issuers to avoid this part of the curve.

Province of Manitoba

A Canadian province braved the five year spot in dollars on Friday. A healthy spread over US Treasuries prompted strong demand despite negative five year swap spreads, which has caused other issuers to avoid this part of the curve.

La Caisse Centrale Desjardins du Quebec (CCDJ) issued a €1bn five year covered bond on Thursday which offered the widest spread for a Canadian bank this year, but with little new issue premium.