CanDeal Inc. acquired the fixed-income data business of Canadian Imperial Bank of Commerce in a deal that will expand the scope of data backing CanDeal’s bond pricing services, the company said in a statement.
The transaction follows a smaller acquisition previously carried out with another Canadian bank, Andre Craig, executive vice president at CanDeal Data and Analytics, said in an interview without identifying the bank. The firm pools trading and pricing data from securities dealers in Canada that institutional clients can use to review bond valuations recorded on their books, among other purposes.
“As we expand our offerings into analytics and other pricing services, we continue to keep our eyes open for synergistic strategic acquisitions,” said Craig, adding that pricing data on interest rate swaps is among the company’s expansion targets. The deal reached with CIBC “comes at a time of expansion and evolution in the Canadian fixed-income markets, where greater emphasis is being put on data quality and accessibility.”
CanDeal, whose shareholders include CIBC and the other five largest Canadian banks, provides electronic marketplaces and data services for Canadian-dollar debt securities.
Bloomberg LP competes with CanDeal in providing data and analytics.