The Bank of New York Mellon, through its subsidiary BNY Trust Company of Canada, has been appointed trustee, paying agent and registrar for the $32 billion restructuring of Canada’s non-bank sponsored asset-backed commercial paper market, the bank said Friday.

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 backing of the Canadian government.

In its role, the bank will service the debt issues and process principal and interest payments for investors. The bank will also serve as collateral agent and accounting agent on three separate pools of assets, in which the company will monitor collateral, prepare financial statements and assist with reporting requirements.

“The Bank of New York Mellon is uniquely qualified to handle the diverse and complex requirements associated with this restructuring,” said Scott Posner, CEO of the company’s global corporate trust business, in a release.

“We have worked closely with the Pan-Canadian Investors Committee to design and prepare a servicing platform that meets the challenging requirements of this transaction and look forward to working with all parties to implement an effective and successful restructuring.”

IE