On December 10, 2001, Manulife Financial Capital Trust issued $1 billion of Manulife Financial Capital Securities or MaCS. This MaCS offering represents the largest single offering of innovative tier-one capital by a Canadian financial institution to date and the first time a Canadian life insurance company has distributed innovative tier-one instruments in a multi-tranche format. The raising of innovative tier-one capital through the public capital markets in Canada continues to be popular amongst federally regulated financial institutions as it represents a tax-effective form of financing.
At Manulife Financial, the transaction was directed by Peter Rubenovitch, CFO, and Peter Copestake, treasurer. Legal matters were handled by in-house counsel Richard Lococo and David Kerr; with assistance from a Torys LLP team comprised of Brian Davis, Blair Keefe, David Seville, David Nowak, Tom Yeo and Michael Choiselat (corporate) and Jim Welkoff (tax).
The syndicate of underwriters, led by Scotia Capital Inc., was represented by McCarthy Tétrault LLP with a team comprised of Barry Ryan and Steven Kim (corporate) and Gabrielle Richards and Michael Quigley (tax).