Issuance activities of structured notes in the country slowed down after a strong Q2, but the offerings of new underliers are underway.
In Q3 2024, Canada saw a total of 2,314 structured notes publicly offered and issued by a group of six banks, a slight decline from 2,404 quarter-on-quarter (QoQ), according to the issuers’ websites. Over 85% of the issuances, or 1,991, are non-principal-protected notes (NPPNs), a drop from 2,115 for the second quarter, while the number of PPNs increased to 323 from 289. The Canadian Imperial Bank of Commerce (CIBC) remained the most active issuer with 540 NPPNs and 74