Canada

Bank of Montreal will early next year become the second Canadian covered bond issuer after Royal Bank of Canada, having today (Monday) announced that it has mandated Bank of Montreal Capital Markets, HSBC, Morgan Stanley, Société Générale and UniCredit for its inaugural covered bond.

Royal Bank of Canada (RBC) priced its debut Eu2bn five year covered bond at 10bp over mid-swaps this (Tuesday) morning, at the tight end of the 11bp over mid-swaps area guidance.

Royal Bank of Canada (RBC) has opened the books on its inaugural, five year covered bond this morning with price guidance that appears to be gaining traction among investors.

The Royal Bank of Canada (RBC) is set to launch its inaugural benchmark covered bond next Monday and all eyes will be on just where the first Canadian transaction is positioned relative to outstanding sectors, especially the UK.

Achmea Hypotheekbank is expected to launch a covered bond announced today (Thursday) early next week, having mandated Barclays Capital, Dresdner Kleinwort, JP Morgan and UniCredit.

Bank of Scotland, formerly HBOS, is expected to issue a seven year euro benchmark covered bond in the coming days.

The Royal Bank of Canada has begun the roadshow for its inaugural covered bond, the first from Canada, which is expected to be launched next week.

The Royal Bank of Canada’s (RBC) debut covered bond issue is expected to closely follow existing UK structures when it is launched after a roadshow starting on Monday. RBC is hopeful that this familiarity coupled with Canada’s stable housing market will prove appealing to investors.