(January 18 – 15:15 ET) — Canada Trustco Mortgage Co. filed a final prospectus with regulators for the securitization of $700 million of PowerLine credit receivables under the Genesis Trust umbrella.
The asset-backed securities include lines of credit from Canada Trust that are mainly in the form of first and second residential mortgages.
The initial public offering is expected to close no later than Jan. 31. Genesis will pay an annual yield of 6.869%, semi-annually, in February and August.
The issue, which will come due in 2005, is rated AAA by Dominion Bond Rating Service and Moody’s Investor Service — the highest rating for long-term debt. Minimum investment is $1,000 and multiples thereof.
The deal was put together by Nesbitt Burns, TD Securities, CIBC World Markets, RBC Dominion Securities and Scotia Capital.
IE Staff
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