Canada Housing Trust Issues $7.7B Public Offering

On March 20, 2007, Canada Housing Trust™ No. 1, a special purpose securitization trust, issued 4 per cent Canada Mortgage Bonds, Series 16 in an aggregate principal amount of $7.7 billion, which were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Reem Hindieh, Louise Michel, Marc-André Sirois and Joanne Lucas, who were assisted by Borden Ladner Gervais LLP, special counsel to the trust, with a team that included Rosalind Morrow, Adam Segal and Emma Miller (securities and derivatives); Stephen Redican, Gus Karantzoulis and Terence Lui (banking and structured finance) and Elinore Richardson (tax) in Toronto, and Daniel Gendron (civil) in Montreal.

In the United States, CMHC and the trust were represented by Kevin Keogh, Sang Ji, Terry O'Brien and Jacob Rosenfeld of White & Case LLP.

The underwriters, led by The Toronto-Dominion Bank, CIBC World Markets Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and Scotia Capital Inc., were represented by Davies Ward Phillips & Vineberg LLP. The Davies team consisted of Carol Pennycook and Jim Nikopoulos (corporate and securities) and Ron Wilson (tax) in Toronto, and Scott Tayne (securities) and Candice Turner (tax) in New York.