RBC Capital Markets joint bookrunner for largest Canadian
corporate bond dealMorgan Stanley issues record C$2.5 billion Maple
TORONTO, February 19, 2007 — RBC Capital Markets
today announced the successful completion of a C$2.5 billion
Maple Bond transaction by Morgan Stanley. Not only is this
the largest Maple bond transaction, it is the largest corporate
bond deal in Canadian financial markets.
The multi-tranche transaction, jointly led by Morgan Stanley,
RBC Capital Markets and Scotia Capital, represented the issuers'
inaugural foray into the Canadian bond market. The transaction
consisted of C$1.25 billion of 5-year fixed rate notes, $900
million of 10-year fixed rate notes and $350 million of 5-year
floating rate notes. Strong investor interest was driven by
Morgan Stanley's high credit quality, strong brand recognition
and a favourable new issue environment.
"The success of this transaction shows that the Maple
market has a healthy appetite for both high quality issuers
and sizeable issues," said Larry Bates, Managing Director.
"As a result, we're seeing a great deal of interest in
Maples by global issuers. These borrowers view Canada as a
great market for accessing financing." RBC Capital Markets
is the leading underwriter of debt in Canada and has the leading
market share in the Maple market.
"We are extremely pleased with the investor reception
to and the success of our inaugural Maple issue. This transaction
represents the largest ever inaugural transaction in any global
market for Morgan Stanley. We look forward to the Maple market
continuing to be a significant part of our global financing
program," said Jai Sooklal, Assistant Treasurer and Global
Head of Financing at Morgan Stanley.
Defined as Canadian dollar denominated bonds issued by a
non-Canadian entity, typically in Canada, Maple bonds provide
issuers with a new source of funds and investors with portfolio
diversification.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking
arm of RBC and is active globally in fixed income, foreign
exchange, infrastructure finance, structured products, metals
and mining, and energy. Its North American equity underwriting,
sales, trading and research business leads the Canadian market
and supports a significant and growing franchise in the U.S.
middle market. The firm's international fixed income, structured
products and treasury businesses are managed from London,
which is the centre of a 24-hour trading platform with major
hubs in Toronto, New York and Sydney. Bloomberg ranks the
firm as one of the Top 20 investment banks globally. In terms
of assets, RBC is the sixth-largest bank in North America.
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For further information, please contact:
Katherine Gay, RBC Capital Markets Toronto, (416) 974-6286,
katherine.gay@rbc.com
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