French mortgage bank Compagnie de Financement Foncier has sold the first benchmark covered bond issue in Canada’s maple bond market. The 10-year issue was so oversubscribed that the borrower increased its size by 25% over the originally planned figure. “We originally considered a C$400 million issue, but it was so oversubscribed that we were able to increase that to C$500 million (US$443 million), which offered a benchmark size for the market,” says Tim Skeet, head of covered bonds at Merrill Lynch, which acted as lead manager on the deal, alongside Royal Bank of Canada.
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