In what is being described as an unprecedented success, The Bank of Nova Scotia (Scotiabank) and the Caribbean Development Bank (CDB) announce the closure of a JPY12.5B/USD103 m (including the funding costs on the novation) Interest Rate Cross Currency Swap transaction. This has been heralded as a win/win for both financial institutions and will allow CDB to continue to prudently manage its financial liabilities. For this transaction, CDB needed to partner with a financial institution with a strong credit rating and Scotiabank's rating (AA-) has remained unchanged since 2008, despite the global economic downturn. The deal was structured by a Scotiabank team comprising local Corporate Banking and Treasury and the New York- based Scotiabank, Global Banking and Markets. On the ground, the Scotiabank team, led by Managing Director Sean Albert, worked closely with the Finance and Legal staff at CDB to close the transaction. This deal is one of the largest transactions closed by the Scotiabank Global Banking and Markets division and one which showcased Scotiabank's investment banking capabilities and commitment to regional development institutions. Managing Director Sean Albert comments: "We worked collaboratively with CDB and in conjunction with our Global Banking and Markets partners to deliver for the first time in our banking experience something on this scale in the Caribbean, for the Caribbean Development Bank. I am exceptionally pleased that we were able to complete such a complex deal we look forward to doing similar wholesale transactions in the future." Dr. Warren Smith, President of CDB remarks "This will enable CDB to maintain an efficient hedge of foreign exchange exposure in our borrowing portfolio and will also assist with our continuing efforts to minimize borrowing costs so that our lending rate can remain affordable for our clients. We wish to thank the Scotiabank staff and the members of our own staff who worked to successfully conclude this transaction."