DBRS Releases February Monthly Canadian Covered Bond Report

DBRS has today released the Monthly Canadian Covered Bond Report, which provides an overview of the Canadian covered bond market for the month ending February 29, 2012. The report provides detailed information on this debt market, which was previously included in the Monthly Canadian ABS Report.

There were two new issuances in the month of February: National Bank issued a USD 600 million note and Canadian Imperial Bank of Commerce issued a CHF 200 million note. These represent the third and fourth new issuances of 2012, bringing total new issuance in the first two months of the year to $5.4 billion (Canadian-dollar equivalent). As of February 2012, the total amount outstanding in the market was $55.7 billion (Canadian-dollar equivalent), an increase of 1.5% month over month. There were no changes in asset percentage for any programmes.

Canadian financial institutions continue to tap U.S. debt markets for a source of funding. In 2011, there were a total of 12 new U.S. dollar issuances, accounting for $21.7 billion (Canadian-dollar equivalent). With three new U.S. dollar issuances in 2012, total U.S. dollar issuances outstanding reached $42.2 billion (Canadian-dollar equivalent) or 75.6% of covered bonds outstanding.