DBRS Limited (DBRS Morningstar) released the Monthly Canadian Covered Bond Report, which provides an overview of the Canadian covered bond market, for the month ended October 31, 2022, along with detailed information on this debt market.
Total outstanding covered bonds increased to $229.9 billion (Canadian-dollar equivalent) in October 2022, from $224.1 billion in the prior month.
During the month of October 2022, there were seven new issuances in the covered bond market:
Bank of Montreal (Global Registered Covered Bond Program) Series CBL30,
Bank of Montreal (Global Registered Covered Bond Program) Series CBL31,
Bank of Nova Scotia (Global Registered Covered Bond Program) Series CBL49,
Bank of Nova Scotia (Global Registered Covered Bond Program) Series CBL50,
Caisse centrale Desjardins du Quebec (Global Covered Bond Programme) Series CBL16,
Equitable Bank (Global Legislative Covered Bond Programme) Series CBL3, and
Toronto-Dominion Bank (Global Legislative Covered Bond Programme) Series CBL41.
There were two maturities in October 2022:
Canadian Imperial Bank of Commerce (Global Public Sector Covered Bond Programme) Series CBL24 and Series CBL31.
Euro-denominated covered bonds made up the largest part of the covered bond market for the month, representing 54.6% of total covered bonds outstanding, followed by U.S.-dollar-denominated covered bonds at 17.5% and British-pound-sterling-denominated covered bonds at 12.8%.
As of October 2022, the Office of the Superintendent of Financial Institutions (OSFI) and the Autorite des marches financiers (AMF) covered bond ratios, which measure the total asset pledged for covered bonds relative to the total on-balance sheet assets, for existing programs ranged from 1.3% to 4.0%, below the 5.5% limit.
Notes:
All figures are in Canadian dollars unless otherwise noted.
The report is available at www.dbrsmorningstar.com.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com' >info@dbrsmorningstar.com.
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577
BANK OF MONTREAL 
