CIBC World Markets
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DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.
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Canadian Imperial Bank of Commerce followed DNB Boligkreditt with the second five year covered bond of the year. The tenor, which appeals to the broadest audience and offers the best execution certainty, should become increasingly popular as tapering of central bank purchases and refinancing of the central bank liquidity takes effect. -
Export Development Canada this week brought what could be the last SSA dollar benchmark of the year, printing a strong deal despite conditions weakening as 2017 draws to a close.
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Export Development Canada tapped the short end of the dollar curve on Tuesday, with bankers away from the deal suggesting it was likely aided by a slight bump in three year swap spreads.
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A group of institutions working towards a distributed ledger solution for cash settlement has doubled in size, as six global investment banks came aboard this week.
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Canadian Imperial Bank of Commerce (CIBC) could sell two tranches of long three year covered bonds in Australian dollars this week, as foreign issuers monitor the cash-rich market for opportunities to fund themselves at competitive levels.
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GlobalCapital speaks to Wojtek Niebrzydowski, vice president, treasury, at Canadian Imperial Bank of Commerce about the implications for Canadian covered bonds under the country’s newly proposed resolution regime and ask what SEC Reg AB rule revisions mean for SEC-registered covered bond programmes.
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The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.
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Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.
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A surfeit of sterling liquidity drove demand for covered bonds to new heights this week with exceptional deal executions seen in two Canadian bank transactions, raising the likelihood that a UK bank will soon follow.
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GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2017. The results were revealed at a gala dinner at New York’s Metropolitan Club on May 25. Our thanks to all those who attended the dinner and competed for the awards.
