Bank of Nova Scotia has had a new covered bond programme registered with Canada Mortgage & Housing Corp (CMHC) under Canada’s legislative framework, joining Royal Bank of Canada and CIBC in meeting the new requirements.

The Scotiabank Global Registered Covered Bond Program entered CMHC’s registry yesterday (Monday), paving the way for the bank to resume issuing covered bonds. The programme is registered under the National Housing Act, which introduced covered bond legislation.

RBC sold the first covered bond under Canada’s covered bond legislation last Tuesday (16 July), a $1.75bn (Eu1.33bn/C$1.81bn) three year deal, while Canadian Imperial Bank of Commerce went on a European roadshow last week and, if outstanding documentation matters are resolved, could launch a euro deal this month. It is otherwise likely to hold off on issuing until early September, according to bankers.