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Canada

NATIONAL ASSOCIATION

Lily Shum
Canada Mortgage and Housing Corporation (CMHC)
lshum@cmhc-schl.gc.ca
https://www.cmhc-schl.gc.ca/


NATIONAL LEGISLATION

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NATIONAL TRANSPARENCY TEMPLATE

BOND LIST

  ISIN Pool
Identifier
Initial Date
of Issuance
Maturity Date Face value1 Coupon Syn. Listed Tapped Mat.2 EEA3 LCR4
XS2364424544 RBC Covered Bond Guarantor LP 15/07/2021 15/07/2041 EUR 160,000,000 Fixed No Yes No SB No No
XS2363916474 RBC Covered Bond Guarantor LP 13/07/2021 13/07/2026 EUR * 1,390,387,418 Floating Yes Yes No SB No 2A
XS2356566047 CIBC Legislative 23/06/2021 23/06/2026 EUR * 1,390,387,418 Floating Yes Yes No SB No 2A
XS2337335710 CIBC Legislative 30/04/2021 30/04/2029 EUR 1,000,000,000 Fixed Yes Yes No SB No 2A
XS2328625723 CCDQ Covered Bond (Legislative) Guarantor Limited Partnership 08/04/2021 08/04/2026 EUR 500,000,000 Fixed Yes Yes No SB No 2A
XS2324405203 National Bank of Canada Legislative Covered Bonds 25/03/2021 25/03/2028 EUR 500,000,000 Fixed Yes Yes No SB No 2A
XS2291788656 RBC Covered Bond Guarantor LP 27/01/2021 27/01/2031 EUR 1,250,000,000 Fixed Yes Yes No SB No 2A
USC34201JP66 CCDQ Covered Bond (Legislative) Guarantor Limited Partnership 07/10/2020 07/10/2023 EUR * 611,197,132 Fixed Yes Yes No SB No 2A
XS2148051621 CCDQ Covered Bond (Legislative) Guarantor Limited Partnership 24/09/2020 24/09/2025 EUR 500,000,000 Fixed Yes Yes No SB No 2A
CA06415E6Q37 Scotiabank Covered Bond Guarantor Limited Partnership 22/05/2020 22/08/2022 EUR * 4,797,543,658 Floating No No No SB No 2A
CA63306AGH38 National Bank of Canada Legislative Covered Bonds 14/05/2020 14/11/2023 EUR * 639,672,488 Floating No No No SB No 2A
US40427HTL77 HSBC Legislative Covered Bond Guarantor LP 14/05/2020 14/05/2023 EUR * 814,929,509 Fixed Yes No No SB No 2A
AU3FN0053831 RBC Covered Bond Guarantor LP 24/04/2020 24/04/2023 EUR * 1,415,450,428 Floating Yes No No SB No 2A
CH0537261874 CIBC Legislative 24/04/2020 24/10/2023 EUR * 536,937,605 Fixed Yes Yes No SB No 2A
CA06415E5D33 Scotiabank Covered Bond Guarantor Limited Partnership 22/04/2020 20/10/2022 EUR * 4,797,543,658 Floating No No No SB No 2A
CA13607GPY49 CIBC Legislative 22/04/2020 22/10/2022 EUR * 1,279,344,976 Floating No No No SB No 2A
XS1377941106 Scotiabank Covered Bond Guarantor Limited Partnership 20/04/2020 10/03/2023 EUR 1,250,000,000 Fixed Yes Yes Yes SB No 2A
XS2157108239 National Bank of Canada Legislative Covered Bonds 20/04/2020 20/10/2021 EUR * 162,985,902 Floating No Yes No SB No No
CH0538763506 Bank of Montreal Cover Pool 20/04/2020 22/12/2023 EUR * 300,870,210 Fixed Yes Yes No HB No N/A
AU3FN0053823 Bank of Montreal Cover Pool 17/04/2020 17/04/2023 EUR * 1,258,178,159 Floating Yes Yes No SB No N/A
CH0441186514 Scotiabank Covered Bond Guarantor Limited Partnership 16/04/2020 19/11/2025 EUR * 328,642,844 Fixed Yes Yes Yes SB No No
AU3FN0053765 TD Legislative Covered Bonds 14/04/2020 14/04/2023 EUR * 786,361,349 Floating Yes No No SB No 2A
CA31430WDQ48 CCDQ Covered Bond (Legislative) Guarantor Limited Partnership 14/04/2020 14/04/2023 EUR * 959,508,732 Floating Yes Yes No SB No 2A
AU3FN0053740 CIBC Legislative 14/04/2020 14/04/2023 EUR * 503,271,264 Floating Yes No Yes SB No 2A
CH0528881185 CIBC Legislative 09/04/2020 09/10/2028 EUR * 92,575,449 Fixed Yes Yes No SB No 2A
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(1) Please note that the face value of this bond has been converted into EUR values on the 15th of January of the current year (where the exchange rate protocol takes the ECB bilateral exchange rate on the last business day of the previous year) in order to facilitate the comparison across issuances and to increase the overall transparency of the website. Nevertheless, you will be able to check the original currency by directly clicking on the covered bond.

(2) Mat. - Maturity profile

HB - Hard bullet
Hard bullet covered bonds are repaid on the scheduled maturity date. Neither the documentation nor the legal framework contain provisions for a maturity extension. Failure to repay the final redemption amount of a hard bullet covered bond on the scheduled maturity date could trigger the default of the relevant covered bonds and, possibly, the liquidation of the cover pool depending on the respective national insolvency rules.

SB - Soft bullet
Soft bullet covered bonds have a scheduled maturity date and an extended maturity date. If objective, predefined and transparent criteria have been met , the maturity of a soft bullet covered bond can, and in some cases will automatically, be prolonged up to the extended maturity date. During the extension period, the covered bond may be redeemed using cover pool proceeds. Failure to repay a covered bond on the extended maturity date triggers the default of the relevant extended covered bonds (unless multiple extensions are allowed).

CPT - Conditional pass-through
Conditional pass-through (CPT) covered bonds have a scheduled maturity date and an extension mechanism. By itself, the failure to repay the CPT covered bond on the scheduled maturity date does not lead to an acceleration of this covered bond but to an extension of the maturity date of this and potentially other relevant covered bonds. The extension requires that objective, predefined and transparent criteria are met. In such circumstances the maturity of a CPT covered bond can be prolonged to the extended maturity date, which is typically linked to the maximum legal maturity of the underlying assets. During the extension period, cash-flows received or generated from the cover assets will be distributed to the covered bonds investors. Regular attempts are in general made to sell the cover pool assets to redeem the covered bonds . Such sales are subject to predefined criteria intended to protect the interests of all investors under the same programme. In certain jurisdictions and programmes, CPT covered bonds may feature an initial soft bullet extension

(3) European Economic Area (EEA) or non-EEA. While all the non-EEA labelled programmes’ quality standards will be fully aligned to the Covered Bond Label Convention, to Article 129 of the Capital Requirements Regulation (CRR) and to the definitions in the Liquidity Coverage Requirements (LCR) with the exception of being based in the EEA, i.e. they will present similar legislative safeguards from a qualitative and supervisory point of view to those in Europe, these bonds will present different characteristics, for example in terms of risk weights. Therefore, non-EEA Labels will be identified on the Label website by using a different graphic solution.

(4) The issuer believes that, at the time of its issuance and based on transparency data made publicly available by the issuer, this bond would satisfy the eligibility criteria for its classification as a Level 1 or Level 2 asset in accordance with Chapter 2 of the LCR delegated act. It should be noted that whether or not a bond is a liquid asset for the purposes of the Liquidity Coverage Ratio under Regulation (EU) 575/2013 is ultimately a matter to be determined by a relevant investor institution and its relevant supervisory authority and the issuer does not accept any responsibility in this regard.

Sustainable covered bond. A Covered Bond Labelled sustainable covered bond is a covered bond that is fully compliant with the Covered Bond Label Convention, and also includes a formal commitment by the issuer to use an amount equivalent to the proceeds of that same covered bond to (re)finance loans in clearly defined environmental (green), social or a combination of environmental and social (sustainable) criteria. Covered Bond Labelled sustainable covered bond programs are based on their issuer’s sustainable bond framework which has been verified by an independent external assessment. The issuer strives, on a best efforts basis, to replace eligible assets that have matured or are redeemed before the maturity of the bond by other eligible assets.
[Against this background, please note that the EMF-ECBC is currently working on market initiatives which will ultimately define European criteria for energy efficiency covered bonds and sustainability standards]

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