The Canadian government has officially announced its intention to introduce legislation governing covered bonds, “making it easier for Canadian financial institutions to access this low-cost source of funding.”
The announcement came in Ottawa as part of the latest Budget, tabled in Canada’s House of Commons by Finance Minister James M. Flaherty (March 4). The relevant [...]

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The National Association of Realtors® (NAR) — a powerful voice in the U.S. housing arena — recommends moving toward a future where covered bonds could play a significant role in U.S. real estate financing.
This recommendation comes as part of a new NAR document on how best to restructure Fannie Mae and Freddie Mac, the [...]

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Canadian Imperial Bank of Commerce (CIBC) has priced its landmark U.S. dollar-denominated covered bond with initial guidance at about 30-32 basis points over mid-swaps, according to a story Jan. 26 from Canada’s Financial Post. It is estimated that CIBC’s funding cost for the bond — which has a three-year maturity — will be about [...]

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By Mercy Jiménez
Foreign issuers of covered bonds are moving to develop a U.S. covered bond market while proposed legislation to help potential U.S. issuers lags.  
Today, Canadian Imperial Bank of Commerce (CIBC) announced its intention to issue a U.S. dollar-denominated covered bond — perhaps later this week.
This announcement comes on the heels of last week’s [...]

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