Canadian Banking and Residential Mortgages Overview
Global Registered Covered Bond Program
Highlights
• Able to issue across multiple currencies such as CAD, USD, EUR, GBP, AUD and CHF
CAD$52.3 billion outstanding¹ (of which $15 billion is self-issued) vs. $100 billion program size²
Extensive regulatory oversight and pool audit requirements
• Mandatory property value indexation
⚫ CMHC prescribed disclosure requirements
Program carries the ECBC Covered Bond Label
Issuer The Bank of Nova Scotia
Guarantor
Guarantee
Status
Program Size
Ratings
Cover Pool
Asset Percentage
Scotiabank Covered Bond Guarantor Limited Partnership
Payments of interest and principal in respect of the covered bonds are irrevocably guaranteed by the
Guarantor. The obligations under the Covered Bond Guarantee constitute direct obligations of the Issuer
and are secured by the assets of the Guarantor, including the Portfolio.
The covered bonds will constitute legal, valid and binding direct, unconditional, unsubordinated and
unsecured obligations of the Bank and will rank pari passu with all deposit liabilities of the Bank without
any preference among themselves and at least pari passu with all other unsubordinated and unsecured
obligations of the Bank, present and future.
CAD $100 billion²
Aaa / AAA / AAA (Moody's / Fitch / DBRS)
First lien uninsured Canadian residential mortgage loans with LTV limit of 80%
94.8%
Law
Ontario, Canada
Issuance Format
1 As at January 31, 2022.
144A/Reg S (UKLA Listed)
2 Effective April 6, 2021, OSFI limit for issuance is 5.5% of Total Assets.
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