Canadian banks are increasingly crossing the border to fund their credit card programs, taking advantage of lower borrowing costs in the much larger U.S. market.

U.S. dollar-denominated issuance by Canadian card companies has been rising for three years, and shows no signs of stopping. In 2016, there were 15 deals from five separate programs totaling $7.33 billion, according to Moody’s Investors Service.  That was up from $2.33 billion in 2015 and $1.0 billion in 2014.

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