$1.4 Billion of CaTS and BaTS

By acting as counsel to both TD Bank and Scotiabank, McCarthy Tétrault has weighed in with a commanding role in the first issue of innovative tier one capital by Canadian chartered banks, an approach which regulators in other G-7 countries have permitted for some time. First out of the blocks was TD Bank with a $900 million issue of TD Capital Trust Securities (or TD CaTS) by TD Capital Trust, followed quickly by ScotiaBank with an issue of up to $500 million of Scotiabank Trust Securities (or Scotia BaTS).

The McCarthy Tétrault team for TD and TD Capital Trust was comprised of Owen Johnson, Henry Wiercinski, Gordon Thompson, David Judson, Stu Miller, and Wendy Gwyn Phierry on the corporate side, with James Wilson and Jerald Wortsman handling tax matters.

The McCarthy Tétrault team for The Bank of Nova Scotia and BNS Capital Trust was comprised of Barry Ryan, James Archer, Jonathan Grant, Norie Campbell (corporate) and Michael Quigley and Gabrielle Richards (tax). The underwriters on the TD deal were represented by James Lisson, Donald Gilchrist, and Martin Saipe on the corporate side, George Valentini and Michael Hart on securitizations, and Daniel MacIntosh and Blake Murray on the tax side, of Osler, Hoskin & Harcourt LLP. The underwriters on the Scotiabank deal, Scotia Capital Inc., were represented by Fasken Martineau DuMoulin LLP with a team of lawyers including Jonathan Levin, Joel Binder and Stephen Kerr (corporate) and William Bies (tax).