A second Canadian bank debuted as an issuer of covered bonds in the Kangaroo market, with Bank of Novia Scotia (Scotiabank) (AA-/Aa1/AA-, with covered bond programme ratings of AAA/Aaa/AAA) completing a A$1 billion (US$994.5 million) three-year transaction on January 20. The bank recently roadshowed in Australia but has previously never issued in the market in covered bond or unsecured format.