Canada Housing Trust Closes $4.3B Offering

On June 25, 2003, Canada Housing Trust No. 1, a special purpose securitization trust advised by Canada Mortgage and Housing Corporation (CMHC), closed a $4.3 billion offering of 3.7 per cent Canada mortgage bonds, series 5, guaranteed by CMHC.

CMHC was represented in Canada, by Borden Ladner Gervais LLP and was also special counsel to the trust, with a team that included Rosalind Morrow (securities and derivatives), Stephen Redican and Gus Karantzoulis (banking and structured finance), Matt Campbell (securities) and Larissa Tkachenko and Jonathan Willson (tax) in Toronto. Civil law services were provided by Daniel Gendron of BLG’s Montreal office. BLG assisted in-house counsel Douglas Tyler and Reem Hindieh, CMHC, as well as Ted Fujisawa, executive director, CIBC, the administrator of the trust. In the U.S., CMHC and the trust were represented by Gregory Shaw, Lewis Steinberg, Robert Harvey and Terry O’Brien of Cravath, Swaine & Moore LLP.

The underwriters, led by RBC Dominion Securities Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., Scotia Capital Inc. and TD Bank, were represented by Davies Ward Phillips & Vineberg LLP with a team that included Carol Pennycook, Andrea Daly and Sonny Bhalla in Toronto and Scott Tayne in New York.