DBRS Releases November 2010 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 November 30, 2010. The report provides detailed information on this debt market, which was previously included in the Monthly Canadian ABS Report.

Canadian covered bond issuances began in 2007, following a letter issued by the Office of the Superintendent of Financial Institutions, the regulator of Canadian financial institutions, permitting the issuance of covered bonds provided that the aggregate amount issued by any financial institution not exceed 4% of its total assets (as determined by the numerator of the asset-to-capital multiple).

As of November 30, 2010, there had been a total of 12 new issuances in 2010 from the five largest Canadian banks, including inaugural issuances from The Toronto-Dominion Bank and Bank of Nova Scotia.

As of November 30, 2010, the total outstanding amount of Canadian covered bond issuance stood at $25.0 billion (Canadian-dollar equivalent).

Note:
All figures are in Canadian dollars unless otherwise noted.