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RBC Capital Markets joint bookrunner for largest Canadian corporate bond deal


Morgan 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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