Accumulus Management Ltd. and Gibraltar Consulting Group announced today that the offering Province of Manitoba Portfolio Allocation Notes, Series 1 has closed for. Sales successfully reached $100 million.

The principal protected notes are linked to a portfolio of 16 income trusts and stocks. The notes will pay quarterly coupons equal to 100% of the ordinary cash distributions declared on the underlying equities in the portfolio, as well as a final variable coupon payable at maturity, based on the overall price performance of the portfolio. The notes’ structure will provide 100% initial exposure to the equities at issuance, with the potential for 200% exposure in strong market conditions.

One hundred per cent principal protection provided by the Province of Manitoba if held to maturity.

“We are very pleased with the sales of the Province of Manitoba Portfolio Allocation Notes, Series 1, and appreciate all of the support we received from the advisor community. We also thank the Province of Manitoba and CIBC World Markets for their roles with this product,” said Raj Lala, President of Gibraltar Consulting Group, in a release.