Canada

The Canadian bank said it will take at least a year to hit an inflection point in U.S. loan growth. It has been shedding assets in an effort to free up space for growth in more promising business lines.

Brookfield Asset Management and a private equity partner reached a friendly deal to take over First National Financial Corp., a mortgage company backed by Canadian billionaire Stephen Smith, for about C$2.9 billion ($2.1 billion).

Mostly prime Canadian consumers bolster securitized assets.

Canadian asset-backed commercial paper issuers eye chance to narrow massive financing gap created by the CDOR benchmark cessation.

Economists are also forecasting faster and deeper cuts to borrowing costs over the next year, and see the central bank reducing the policy rate from the current 4.5% to 3% by next July.

KeyCorp wasn't seeking capital but saw the benefits of Scotiabank's minority stake. The deal would enable the Canadian lender to step into the U.S. consumer market.

C$14.1 billion in purchases of federal government debt led the foreign inflows, as well as a C$6.6 billion investment in securities of government corporations and business enterprises.

CEO Scott Thomson has said that changes to the bank's operations may include "end-to-end digitization" as well as centralization of its international unit, rather than running it on a "country by country by country" basis.

Canada's banking regulator is proposing to make it more costly for lenders to accommodate mortgage borrowers who stretch out their loans in an effort to limit housing-market risks in the financial system.

Prime Minister Justin Trudeau's government is considering winding down the Canada Mortgage Bond program in a bid to reduce borrowing costs.

Canada’s national pension fund struck its first partnership to build and rent out single-family homes in the U.S., joining a rush to capitalize on a housing shortage.

Goeasy would join the likes of Canadian non-prime lender Fairstone Financial Inc., which sold its inaugural ABS transaction in 2019. Also that year, Home Capital Group Inc. priced the first deal pooling non-prime Canadian home loans since 2007.

HomeEquity will sell an as-yet undetermined volume of notes to finance forthcoming originations by the bank sponsored by Birch Hill Equity Partners Management.

DBRS Morningstar and Moody’s Investors Service have assigned preliminary ratings to the Classic RMBS Trust, Series 2020-1 transaction sponsored by Home Trust Co.

A top official at the Office of the Superintendent of Financial Institutions defended tougher underwriting rules blamed recently for a slump in the nation’s housing market, but left open the possibility that regulations could ease if conditions change.

TD Bank joins RBC and Bank of Montreal in sponsoring U.S.-dollar securitizations of prime credit-card receivables from its managed portfolio. The market is still awaiting its first U.S. institutional deal.

The deal is the first credt card securitization by anyone in 2019 and features two-year floating-rate notes from RBC's master trust.

Coping with merging two securitization platforms and the integration of GE Capital's former fleet lease and management business, the Canadian lessor has seen 30-plus and 60-plus delinquencies more than triple.

More than 90% of the collateral for Ford Credit Canada's CAN$614M transaction is popular light-duty trucks that have propelled the automaker's leading 15.5% domestic market share.

Canadian officials are working to slow a rapid rise in home prices that's being attributed to tight inventory levels in the country's largest cities and is threatening to create a housing bubble.