The Bank of New York Mellon Appointed Trustee, Paying Agent and Registrar for Canada's C$32 Billion Asset-Backed Commercial Paper Market Restructuring



    NEW YORK, Jan. 23 /CNW/ -- The Bank of New York Mellon, through its
subsidiary BNY Trust Company of Canada, has been appointed trustee, paying
agent and registrar for the C$32 billion restructuring of Canada's non-bank
sponsored asset-backed commercial paper market.  The complex restructuring,
which involves issuing new long-term notes to investors in exchange for their
short-term paper, was developed by a group of major banks and investors with
the backing of the Canadian government.
    

    
    In its role, the Bank will service the debt issues and process principal
and interest payments for investors.  The Bank will also serve as collateral
agent and accounting agent on three separate pools of assets, in which the
company will monitor collateral, prepare financial statements and assist with
reporting requirements.
    

    
    "The Bank of New York Mellon is uniquely qualified to handle the diverse
and complex requirements associated with this restructuring," said Scott
Posner, CEO of the company's Global Corporate Trust business.  "We have worked
closely with the Pan-Canadian Investors Committee to design and prepare a
servicing platform that meets the challenging requirements of this transaction
and look forward to working with all parties to implement an effective and
successful restructuring."
    

    
    Corporate trust providers are appointed by corporations, municipal
governments and other entities issuing debt to perform a variety of duties,
including servicing and maintaining the debt issue, processing payments for
investors, representing investors in defaults, and providing value-added
services for complex debt structures.
    

    
    The Bank of New York Mellon and BNY Trust Company of Canada provide
global trust and agency services to Canadian issuers interested in tapping the
global capital markets, as well as any issuer looking to issue in the Canadian
domestic capital markets.  Overall, The Bank of New York Mellon's corporate
trust business services $11.4 trillion in outstanding debt from 56 locations
around the world.  It services all major debt categories, including corporate
and sovereign debt, mortgage-backed and asset-backed securities,
collateralized debt obligations, derivative securities and international debt
offerings.
    

    
    The Bank of New York Mellon Corporation is a global financial services
company focused on helping clients manage and service their financial assets,
operating in 34 countries and serving more than 100 markets. The company is a
leading provider of financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and wealth
management, asset servicing, issuer services, clearing services and treasury
services through a worldwide client-focused team. It has $20.2 trillion in
assets under custody and administration and $928 billion in assets under
management.  Additional information is available at www.bnymellon.com.
    



    




For further information:

For further information: Kevin Heine, +1-212-635-1590,
kevin.heine@bnymellon.com Web Site: http://www.bnymellon.com

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THE BANK OF NEW YORK MELLON CORPORATION

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