TORONTO, Feb. 12 /CNW/ - Today, CIBC Mellon announced its appointment as
custodian in the $32 billion restructuring of the non-Canadian, non-bank
sponsored asset-backed commercial paper (ABCP) market.
"CIBC Mellon is uniquely positioned in the Canadian market to manage this
important and complex ABCP restructuring," said Thomas C. MacMillan, president
and chief executive officer at CIBC Mellon. "We worked closely with the
Pan-Canadian Investors' Committee throughout the restructuring to ensure that
we could provide solutions that benefitted all participating parties in this
highly challenging transition."
During the initial phase of restructuring, CIBC Mellon provided
depositary services to facilitate the exchange of short-term ABCP for new
long-term notes as called for under the plan. In its role as custodian, CIBC
Mellon is responsible for the custody of asset pools held by the newly created
trusts, including Master Asset Vehicles (MAV) I, II and III. CIBC Mellon will
ensure the safekeeping of securities, and will facilitate accurate trade
settlement and timely collection of entitlements, which will contribute to the
protection of capital and reduction of risk to affected investors.
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 support of the Canadian federal government.
The restructuring plan was fully implemented by the Pan-Canadian Investors'
Committee in late January.
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce
and The Bank of New York Mellon Corporation. CIBC Mellon is a leading provider
of financial services for institutions and corporations, providing superior
asset servicing, multicurrency accounting, information delivery, securities
lending and foreign exchange services in Canada. CIBC Mellon is part of BNY
Mellon Asset Servicing, which has more than US$20 trillion in assets under
custody and administration and more than $928 billion in assets under
management. CIBC Mellon provides services through CIBC Mellon Global
Securities Services Company and its sister company CIBC Mellon Trust Company.
Visit CIBC Mellon's website at www.cibcmellon.com.
For further information:
For further information: Rashi Sharma, manager, corporate
communications, CIBC Mellon, (416) 643-6562