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McGill hospital: Game changer
29 July 2010
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[mcgill]
[quebec]
[innisfree]
[snc-lavalin]
The McGill University Health Centre bond issue has broken the Canadian PPP market wide open. The C$764.1 million ($740 million) senior series A amortising bonds reached financial close on 9 July, reportedly attracting 51 participants – the most ever for a PPP bond – and setting a new benchmark for investor participation in Canadian PPP deals.
May’s Centre de Recherche (CR) at the Centre Hospitalier de l’Universite de Montreal (CHUM) PPP C$452 million issuance only had 18 participants and, according to an underwriter source close to the McGill financing, there were only six institutions that regularly participated in indexed private infrastructure financing in the country as little as a year ago.
“All the previous PPP bonds in Canada did their part to desensitise investors to the market,” added the source. “McGill was different. It was the first PPP that was structured like a...
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