The Canadian market is dominated by medium-term notes (MTNs) with the only other wrapper of note being the certificate of deposit.

The proportion of products wrapped as MTN has consistently increased during the past five years and in 2023 some 4,861 structured products – more than 90% of the total issuance for the year – were wrapped as such, compared to 76% in 2019. Canada: wrapper type by issuance Source: SRP In 2023, Canadian Imperial Bank of Commerce (CIBC) was the main issuer of MTNs with a 23% market share by issuance (1,089 products). The bank’s notes were almost all autocalls mainly linked to a

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