This press release contains forward-looking statements. The statements that are concerning the Canso Credit Income Fund’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Lysander considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.

View the original News Release here.

This press release contains forward-looking statements. The statements that are concerning the Canso Credit Income Fund’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Lysander considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.

View the original News Release here.

This press release contains forward-looking statements. The statements that are concerning the Canso Credit Income Fund’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Lysander considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.

View the original News Release here.

This press release contains forward-looking statements. The statements that are concerning the Canso Credit Income Fund’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are  forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Lysander considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.

View the original News Release here.

When Montreal engineering firm SNC-Lavalin Inc. issued $750 million in bonds earlier this year, portfolio manager John Carswell was an eager buyer.

The purchase reflected his view that corporate bonds will continue to do well in the current economic environment.

Carswell manages bond portfolios for Montreal mutual fund company GBC Asset Management.

He was attracted by the 6.63-per-cent yield on the SNC-Lavalin bonds, which are financing the private-public partnership that will build the new MUHC hospital in the Glen Yards.

That makes for a quality bond at an excellent yield, he says, and a nice alternative to the current risks in the stock market

Corporate bonds have fared well this year even as stocks have sold off.

Rising bond prices have produced nice returns for investors: at GBC, for example, the corporate bond portfolio is up about 10 per cent year to date.

Carswell, who is president and chief investment officer at Canso Investment Counsel, doesn’t buy the popular view that there’s a bond “bubble” in the making.

He argues that in a weak economy, with monetary policy on hold and little immediate risk of inflation, bond prices will continue to do well.

As a holder of bonds at other Quebec companies, including Videotron and Cascades, Carswell believes companies are in good shape to withstand a possible downturn in the economy.

Corporate cash balances are “at an all-time high,” he notes, and quality companies have solid balance sheets without too much leverage.

While defaults on corporate bonds in Canada have edged up slightly from previous years, the default rate remains quite low. Last year in Canada, there were nine defaults among issuers, but he expects that rate to fall in 2010.

“The consensus coming out of the recession was that there would be a lot of defaults,” Carswell said. The general view was that “the recession was very severe and the banks were so battered that they would pull in their horns and it would be very difficult for companies to refinance.”

In fact, what happened is that bonds became cheap. Despite the dire predictions that companies wouldn’t be able to refinance after the credit crunch, most quality firms were able to do so.

While it’s true that banks pulled back on lending, many companies were able to replace their bank debt with bond issues.

At the same time, investors who had been burned by the stock market crash were looking to protect their capital and income. As they came into the market, bond yields fell and bond prices, which move in the opposite direction to yields, began to gain ground, providing a nice capital gain to holders.

The result was the interest-rate spread between corporate and government bonds narrowed from about 4.5 percentage points to two percentage points, reflecting increased investor confidence.

There was a very strong market in new issues last year. “It’s awful hard to go bankrupt if someone will refinance you,” Carswell says.

So, how much life is left in the corporate bond market?

View original article in The Gazette here

View PDF version of article here

This press release contains forward-looking statements. The statements that are concerning the Canso Credit Income Fund’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Lysander Funds Limited considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.

View the original News Release here.

The syndicate of agents for the offering was led by RBC Capital Markets and includes CIBC World Markets Inc., BMO Capital Markets, Scotia Capital Inc., National Bank Financial Inc., GMP Securities L.P., Dundee Securities Corporation, Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Private Wealth Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.

This press release contains forward-looking statements. The statements that are concerning the Canso Credit Income Fund’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Lysander considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.

View the original News Release here.

The Fund will give unitholders exposure to a diversified portfolio consisting primarily of corporate bonds (the “Portfolio”). The Portfolio will be actively managed by Canso Investment Counsel Ltd. (“Canso”). With over $4.0 billion in assets under management, Canso believes that it has assembled one of Canada’s largest and most experienced teams of corporate bond and credit professionals. Canso was founded in 1997 by John Carswell, and today manages a wide range of credit portfolios ranging from investment grade to distressed debt. Canso will utilize its proprietary credit analysis and trading expertise to vary the exposure to credit risk in the Portfolio over time during the credit cycle according to the opportunities presented in the market.

The Canso Corporate Value Fund, which employs a substantially similar investment strategy to that which is expected to be employed for the Portfolio, has produced a compound annual return of 10.4% per annum since its inception on December 31, 2000, net of fees and expenses. Moreover, the Canso Corporate Value Fund has not experienced a negative annual return since its inception.

The Fund will seek to achieve the following investment objectives: (i) to maximize total returns for unitholders, on a tax-advantaged basis, while reducing risk; and (ii) to provide unitholders with attractive monthly tax-advantaged cash distributions, initially targeted to be $0.50 per Unit per annum, representing an annual yield of 5.00% based on the original issue price of $10.00 per Unit. Distributions are expected to be primarily return of capital for tax purposes.

The Fund has granted the agents for the offering an over-allotment option to acquire additional Class A units exercisable anytime during the next thirty days.

The syndicate of agents for the offering was led by RBC Capital Markets and includes CIBC World Markets Inc., BMO Capital Markets, Scotia Capital Inc., National Bank Financial Inc., GMP Securities L.P., Dundee Securities Corporation, Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Private Wealth Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.

This press release contains forward-looking statements. The statements that are concerning Canso’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Canso considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.

View the original News Release here.

Listing of the Units will become effective at 5:01 p.m. on Thursday, July 15, 2010, in anticipation of the offering closing on Friday, July 16, 2010. The Units will be posted for trading at the opening on July 16, 2010.

Stock Symbol: “PBY.UN”
CUSIP: 138080 10 6
Trading Currency: CDN $

Temporary Market Maker: TBD

Other Markets: None

Registration of interests in and transfers of the Units will be made only through non-certificated interests issued under the Book-Entry Only System. Non-certificated interests representing the aggregate Units subscribed for under the Offerings will be recorded, in the name of CDS or its nominee, on the register of the Fund maintained by CIBC Mellon Trust Company on the Closing Date. Units must be purchased, converted, transferred and surrendered for redemption through a CDS Participant. All rights of Unitholders must be exercised through, and all payments or other property to which such Unitholders are entitled will be made or delivered by CDS or the CDS Participant through which the Unitholder holds such Units. Upon purchase of any Units, the Unitholders will receive only a customer confirmation from the registered dealer which is a CDS Participant and from or through which the Units are purchased.

Additional information on the Units can be found in the Fund’s final prospectus dated June 28, 2010 (the “Prospectus”), which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Prospectus.

Head Office Address: 100 York Blvd.
Suite 550
Richmond Hill, Ontario
L4B 1J8

Head Office Telephone Number: (905) 881-8853

Fax Number: (905) 881-1466

Email Address: thicks@cansofunds.com

Website Address: www.lysanderfunds.com

Manager: Lysander Funds Limited

Investor Relations: Timothy Hicks
Chief Investment Officer, Chief Financial Officer
(905) 881-8853

Richard Usher-Jones
President, Chief Executive Officer
(905) 881-8853

Chief Financial Officer: Timothy Hicks

Incorporation: The Fund is a closed-end investment fund established under the laws of the Province of Ontario and created pursuant to a declaration of trust dated as of June 28, 2010.

Fiscal Year End: December 31

Nature of Business: The Fund has been established to generate attractive risk-adjusted returns throughout the credit cycle, including monthly, tax-advantaged distributions, by providing exposure to a diversified portfolio consisting primarily of corporate bonds.

Transfer Agent & Registrar: CIBC Mellon Trust Company at its main office in Toronto

Dividends and other Distributions: The Fund initially intends to pay monthly distributions on all Units in an amount equal to $0.50 per Unit per annum, representing a yield of 5.00% per annum on the issue price. The initial distribution is payable to Unitholders of record on or about August 31, 2010 and will be paid no later than September 15, 2010. Commencing in December 2010, the Fund will determine and announce each quarter the amount to be distributed during the following quarter based upon the Manager’s estimate of distributable cash flow of the Fund for the quarter. The Fund may make additional distributions in any given year.

Initial Public Offering: Pursuant to the terms of the Prospectus, a maximum of 20,000,000 Units at a price of $10.00 per Unit are being offered to the public by RBC Dominion Securities Inc, CIBC World Markets, BMO Nesbitt Burns Inc., Scotia Capital Inc, National Bank Financial Inc., GMP Securities LP, Dundee Securities Corporation, Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Private Wealth Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.

View the original News Release here.