CDS Clearing and Depository Services Inc. announced that it has signed an agreement with Acupay System LLC which will permit the issuance of Maple bonds by Spanish corporations and government agencies, including corporate debt guaranteed by the Spanish government.

Maple bonds are Canadian dollar debt securities issued in the Canadian domestic markets by foreign issuers.

The CDS-Acupay agreement lays out a plan for collaborative efforts to support the servicing of Spanish maple bonds. CDS is the central securities depository and clearing system for Canada, and Acupay is a data processing organization, which specializes in the introduction of tax compliance systems, which facilitate cross-border securities transactions.

The firms note that the Investment Industry Association of Canada played a pivotal role in bringing about the agreement.

IE