Leveraged Buyouts

Expert Witness - BCE vs. Bondholders

Dr. Puffer was a key expert witness and provided litigation support for BCE and their partners vs. bondholders in the context of Canada’s largest ever Leveraged Buyout transaction. The case was decided in favour of BCE at the Supreme Court of Canada and has had important effects on the Canadian market. An article by Twist Financial on the Implications of the BCE transaction and court case on corporate bondholders in Canada can be found here.

Implications of BCE Transaction for Bond Covenants

KPMG LLP – CMHC Report, August 2008. This report analysed the effectiveness of Canada Mortgage Bonds (CMB) as financing vehicles for Canadian residential mortgages and assessed the impact of the funding program on the cost of mortgages for Canadians.

Twist Financial interviewed markets participants associated with the CMB program, wrote extensive studies on the structure of Canadian mortgage and funding markets and on the academic literature that contributed to this report.  Dr. Puffer wrote the Addendum on Current Market Conditions (Annex C of the Report) that updated the report's findings to reflect the events and market reaction associated with the financial crisis.
Marlene Puffer in Benefits and Pensions Monitor, August 2008.

Read the Article