In its latest large sovereign debt transaction on behalf of the Government of Canada, Milbank LLP has advised the government in its offering of $3.5 billion in SEC-registered US dollar debt.
The 1.125% three-year notes represent Canada’s largest US-dollar-denominated global debt offering. The Canadian government plans to use the proceeds to supplement and diversify the country’s foreign exchange reserves.
Milbank’s deal team was led by Global Securities partner Paul Denaro, who in the last two years has led transactions resulting in the issuance of over $117 billion of debt and equity securities in the capital markets. Also working on the transactions were New York-based Tax partner Andrew Walker, along with New York-based Global Securities associates Richard Mo and Stephanie Keats and Tax associate Michael Goon.
Mr. Denaro said, “Milbank is pleased to be working once again with the Government of Canada in a global offering, the third in three years to be denominated in US dollars. Milbank has established a strong track record of quality work on behalf of Ottawa and other Canadian entities, and we look forward to the continued development of our relationship.”
Milbank has regularly assisted the Canadian government and Crown Corporations with their SEC-registered financings. In the past two years, Mr. Denaro has advised on $5.3 billion in offerings by Export Development Canada and $7.1 billion in sovereign offerings by the Government of Canada.
