CMHC Says Royal Bank and CIBC Register Covered Bond Programs

Canada’s housing agency said Royal Bank of Canada (RY) and Canadian Imperial Bank of Commerce have registered to issue covered bonds under a new government framework.

The banks are the first to register under a legal framework introduced by the federal government last year, Canada Mortgage & Housing Corp. said today in a statement.

“Having met the requirements of the program, CIBC and RBC are now in a position to issue the first covered bonds under the framework,” Douglas Stewart, Interim President and chief executive officer at Ottawa-based CMHC, said in the statement. “We expect that other issuers will soon have registered programs in place.”

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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