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CIBC World Markets

  • Banks that have access to diverse pockets of demand will be far better equipped to deal with any contraction in central bank liquidity, which could occur if high inflation spooks policy makers and markets.
  • Canadian Imperial Bank of Commerce achieved a roaring success with its $2bn five year 144A deal priced on Wednesday, the first from a Canadian bank in over a year. CIBC managed to achieve a size and spread that would not have been possible in euros and showed the importance of paying attention to key currency markets outside Europe.
  • Crédit Agricole announced plans on Tuesday to market its first covered bond from its social framework in what will be a rare maturity. At the same time leads on Credito Emiliano's proposed covered bond opted to wait until the European Union prices its deal is priced before launching.
  • Canadian Imperial Bank of Commerce revealed the mandate on Monday for the first Canadian dollar covered bond of the year and the first to be issued in 144A format in over 12 months. Prospects for further issuance in the currency are promising.
  • A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.
  • The sterling covered bond market exploded into life this week as three transactions worth more than £3bn priced in three days, increasing this year’s issuance by 150%, and boosting hopes that more deals will follow.
  • Canadian Imperial Bank of Commerce managed an outstanding result in sterling covered bonds on Wednesday. Despite the fact that 60% of this year’s entire supply has come in the past three days it managed to issue a sizeable deal at the same spread as an earlier one from Bank of Nova Scotia.
  • Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value this week. At the same time Laurentian Bank said that its programme had received regulatory approval.
  • Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value on Thursday.
  • Real estate companies are some of the biggest borrowers in Europe this year, with loans for Valor Real Estate and QuadReal Property, a UK/Canadian property joint venture, and Supermarket Income Reit adding to the pile this week.
  • Valour Real Estate and Quadreal Property, a UK and Canadian property joint venture, has signed €212m-equivalent of loans, with real estate companies making up some of the biggest borrowers in Europe so far this year.
  • The World Bank visited the Maple market on Thursday to print the largest ever seven year Canadian dollar bond from a non-domestic issuer, raising C$750m ($569.8m) with a new sustainable development bond (SDB).
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