Canada Housing Trust No. 1 completes $4B public offering

On February 26, 2015, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 2.550 per cent Canada Mortgage Bonds, Series 62 (Re-Opening), in an aggregate principal amount of $1,500,000,000 and Floating Rate Canada Mortgage Bonds, Series 63 (Re-Opening), in an aggregate principal amount of $2,500,000,000 for a combined total of $4,000,000,000 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, Jenna Grant and Aliza Premji (banking and financial services) and Craig Webster (tax) in Toronto and as to 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 62 (Re-Opening) and Series 63 (Re-Opening)) was led by TD Securities, BMO Capital Markets, National Bank Financial and Scotia Capital, and Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team of Carol Pennycook, Adam Heller and Matthew Rosen (corporate and securities) and Neal Armstrong (tax) in Toronto, Scott Fisher (corporate and securities) and Scott Semer (tax) in New York.