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Ogilvy Renault acts for RBC in Deal of the Year
May 15, 2008
Toronto, May 15, 2008 - Ogilvy Renault acted for Royal Bank of Canada in a transaction recognized as the deal of the year for 2008 by The Banker, a leading international financial publication. The firm worked with RBC on its first covered bond transaction last year, valued at 2 billion euros (CDN$3.08 billion). It is the first of its kind in Canada and is considered one of the country's most innovative deals.
Despite global market difficulties, the offering got positive response attracting interest from more than 90 investors worldwide. The transaction was more than 50% oversubscribed shortly after the books opened. Since RBC began this trend, several other Canadian banks followed its lead on covered bond transactions.
Andrew Fleming, senior partner at Ogilvy Renault, was the lead lawyer on the deal, assisted principally by Peter Noble and Eric Reither. Mr. Noble is a resident lawyer in the firm's London (UK) office and Mr. Reither is a lawyer in the Toronto office. The global covered bond market's estimated worth is over $2.5 trillion and Ogilvy Renault is proud to work with RBC as it becomes a regular issuer of covered bonds.
About Ogilvy Renault
Ogilvy Renault LLP is a full-service law firm with close to 450 lawyers, patent and trade-mark agents practising in the areas of business, litigation, intellectual property, and employment and labour. Ogilvy Renault has offices in Montréal, Ottawa, Québec, Toronto and London (England), and serves some of the largest and most successful corporations in Canada and in more than 120 countries worldwide. Find out more at ogilvyrenault.com.
Contacts
Peter Zvanitajs - Toronto
Senior Advisor, Media Relations
416.216.1871
pzvanitajs@ogilvyrenault.com
Joanne Lajeunesse - Montréal
Director, Marketing and Media Relations - Quebec Region
514.847.4723
jlajeunesse@ogilvyrenault.com
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