FOR IMMEDIATE RELEASE
This is Canada’s first U.S.-dollar-denominated global offering in 2 years
NEW YORK, February 27, 2014 –Milbank, Tweed, Hadley & McCloy LLP advised the Government of Canada in its public offering of $3 billion in SEC-registered United States dollar bonds.
The 1.625% bonds due 2019 were purchased by a group of 16 underwriters, with HSBC Securities (USA), JP Morgan Securities, RBC Capital Markets, and Scotia Capital (USA) acting as representatives.
The issuance is Canada’s first of U.S.-dollar-denominated global bonds since February 2012 – a transaction for which Milbank was also counsel to the Canadian government. Canada remains one of a small group of nations still triple-A rated by all three major credit-ratings agencies.
Bond proceeds are scheduled to contribute to Canada’s official foreign exchange reserves.
The Milbank team was led by Global Securities partner Paul Denaro. “Milbank is honored to again work with the government of Canada in a global offering,” Mr. Denaro said. “The firm has worked with Canadian government agencies on a number of important issuances, including last month’s $300 million offering of green bonds by Export Development Canada in support of its environmental lending initiatives worldwide.”
Mr. Denaro was assisted by Global Securities partner Robert Mullen and associates Richard Mo and George Naya and Tax partner Andrew Walker and associate Lysondra Ludwig.
About Milbank
Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for more than 145 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial expertise and a strong tradition of innovation and client service.
