Province of Manitoba Renews US$1B Euro MTN Programme

The province of Manitoba renewed its US$1 billion euro medium term note programme, which closed on February 21, 2003. The dealer group consisted of Merrill Lynch International, Inc. CIBC World Markets plc, Credit Suisse First Boston (Europe) Limited, Mizuho International plc, Royal Bank of Canada Europe Limited, Salomon Brothers International Limited and TD Bank.

The province was represented by Lynn Romeo, Manitoba Department of Justice. Peter Noble and Susan Mann of Ogilvy Renault in London assisted Merrill Lynch International’s transaction management group, led by Carolyn Boey. Bruce Thompson of Thompson Dorfman Sweatman acted as Manitoba counsel to the dealers.

Two recent debt offerings under the programme included a London-listed offering of $150 million 4.25 per cent notes due June 29, 2007, which closed on December 2, 2002, and a Swiss-listed offering of CHF200 million 2 per cent notes due January 10, 2008, which closed on January 10, 2003. For the Canadian dollar issue, CIBC World Markets led a syndicate, which included Banque Bruxelles Lambet S.A., Credit Suisse First Boston (Europe), TD Bank, Bank of Montreal, Deutsche Bank AG London, Dexia Banque Internationale a Luxembourg societe anonyme, acting under the name of Dexia Capital Markets, KBC Bank N.V., Merrill Lynch International, National Bank Financial Inc. and Scotia Capital Inc.

The syndicate for the Swiss franc issue, led by Credit Suisse First Boston (Europe), included ABN AMRO Bank N.V., Zurich Branch, Bank Coop AG, Bank Julius Baer & Co. Ltd., Bank Sarasin & Cie AG, Bank von Ernst & Cie AG, Bank Vontobel AG, BNP Paribas (Suisse) SA, Cantonalbanks of Switzerland, Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Zurich Branch, Groupement des Banquiers Prives Genovois, Liechtensteinische Landesbank Aktiengesellschaft, Rued, Blass & Cie AG and UBS AG.

The province was represented by Tom Hague and Lynn Romeo, Manitoba Department of Justice. The dealers were represented by Peter Noble and Susan Mann of Ogilvy Renault, and by Bruce Thompson, assisted by Sergio Pustogorodsky (tax), both of Thompson Dorfman Sweatman.

Lawyer(s)

Bruce S. Thompson Susan E. Mann Peter S. Noble Sergio Pustogorodsky

Firm(s)

Norton Rose Fulbright Canada LLP Thompson Dorfman Sweatman LLP