Erratum: September 26, 2002

Erratum: September 26, 2002

Last issue's article on McGill bonds (Bullish McGill Bonds, Sept. 26, 2002) should have stated that McGill's bond issue was oversubscribed at an issue yield of 6.185 percent. This issue yield is based on the Government of Canada Bonds, which were at their lowest point of the year at the time of pricing. The amount that was printed, 6.85 percent, may have left some with the impression that McGill was obligated to issue the debentures at a yield rate that was higher than its peer institutions (indicating an increased interest cost). Our apologies to the office of the Vice-Principal (Administration and Finance).