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Merrill Lynch & Co., Inc. launched a CDN$5 billion medium term note program and completed a drawdown under the program. The first tranche of notes consisted of "amortizing notes", the principal of which will be paid back to noteholders in accordance with an amortization schedule and the second tranche consisted of "step-up extendible notes", the maturity date of which can be extended (subject to increasing interest rates payable to noteholders) at the option of the company.   Prior to the launch of the medium term note program, Merrill Lynch applied for and received exemptive relief for, among others, the requirement to offer a certain percentage of the notes through independent underwriters, so that Merrill Lynch's underwriting arm may offer up to 100% of the offerings, subject to certain conditions.

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2004