Scotiabank Capital Trust Issues Scotia BaTS II

Scotiabank Capital Trust filed a final prospectus for an issue of $750 million of Scotiabank-Trust Securities 2002-1, or Scotia BaTS II, on April 23, 2002. This is the first issue involving a loan-based innovative tier-one structure for a Canadian bank, and it represents a further evolution in the Canadian innovative tier-one market in that it applies the loan-based model utilized first by life insurance companies, such as Sun Life Financial, Manulife Financial and Canada Life Financial Corporation, to the bank sector, which does not yet have holding company structures in Canada.
McCarthy Tétrault LLP is acting for Scotiabank and the trust, with a team comprised of Barry Ryan, Jonathan Grant, Steven Kim and Stephanie Haladner (business) and Michael Quigley and Gabrielle Richards (tax). Torys LLP is acting for the underwriting syndicate, with a team comprised of Blair Keefe (financial institutions), Brian Davis, David Nowak and Tom Yeo (corporate) and Jim Welkoff (tax).