The Financial Post features Xeno Martis on the front page of its 2014 Dealmakers section and quotes him on the structure of the $5 billion Nalcor bond issued for the financing of the Muskrat Falls Project, the single largest infrastructure financing in Canadian history.
Excerpts from the article
Fasken Martineau DuMoulin LLP served as project finance counsel to Nalcor. Back in November 2012, the government of Canada said it would guarantee the bonds — a massively important step, since that would give the bonds a solid, sovereign-grade credit rating that would save the borrowers an estimated $1-billion in interest costs... “The bonds were designed to walk, smell and feel as much like Canada paper as you could possibly get,” Mr. Martis explains. Whatever the future has in store for Lower Churchill itself, there is nothing that can arise that will interfere with the trust’s payment obligations, he adds. “The guarantee of the federal government is just as constant as the rising sun. It’s always there.”
- Source: "Complex, huge & ironclad" by Drew Hasselback, Financial Post