July 2007

Hybrids: Great West breaches Canada’s corporate frontier

by Alex Chambers and Jethro Wookey

Great-West Lifeco (GWL) has priced the first Canadian dollar-denominated, tax-deductible hybrid capital transaction.


The C$1 billion ($900 million) deal, which priced at a 35-basis point premium over the company’s senior debt, will be used to refinance the C$3.9 billion acquisition of Putnam, which took place in February. "Domestic issuance in Canada’s fixed-income market is scarce," says Susan Rimmer, co-head of...


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