Canada Housing Trust No. 1 completes $4.25B public offering

On February 25, 2016, Canada Housing Trust No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 2.250 per cent Canada Mortgage Bonds, Series 70 (Re-Opening), in an aggregate principal amount of $2,000,000,000 and Floating Rate Canada Mortgage Bonds, Series 69 (Re-Opening), in an aggregate principal amount of $2,250,000,000 for a combined total of $4,250,000,000 of Canada Mortgage Bonds, which were provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).

CMHC was represented in-house by Sébastien Gignac, Reem Hindieh and Audrey Chauvin, who were assisted by Borden Ladner Gervais LLP, counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow, Francesca Smirnakis and Colin Cameron-Vendrig (corporate and securities), Stephen Redican, Gus Karantzoulis, Aliza Premji and Arthur Nahas (banking and financial services) and Craig Webster (tax) in Toronto and Johanne Thomas (civil) in Montréal. 

In the United States, CMHC and the trust were represented by John Donovan, Sang Ji, Terry O’Brien and Steven Gee of White & Case LLP.

The underwriting syndicate (for both Series 70 (Re-Opening) and Series 69 (Re-Opening)) was led by National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and The Toronto-Dominion Bank, and Osler, Hoskin & Harcourt LLP represented the underwriters, with a team that consisted of Steven Smith and Victoria Au (corporate and securities) and Gregory Wylie (tax) in Toronto, Jason Comerford and Matthew Sadofsky (corporate and securities) and Paul Seraganian and Jennifer Lee (tax) in New York.