Canada Housing Trust No. 1 Completes $5.1B Public Offering

On May 25, 2010, Canada Housing Trust No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 3.75 per cent Canada Mortgage Bonds, Series 30 (Re-opening), in an aggregate principal amount of $2,800,000,000 and Floating Rate Canada Mortgage Bonds, Series 34, in an aggregate principal amount of $2,300,000,000 for a combined total of $5,100,000,000 of Canada Mortgage Bonds, which were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Reem Hindieh and Marc-André Sirois, who were assisted by Borden Ladner Gervais LLP, counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow and Terence Lui (corporate and securities), Stephen Redican, Gus Karantzoulis and Tiffany Murray (banking and financial services) and Larissa Tkachenko (tax) in Toronto and Johanne Thomas (civil) in Montréal.

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

The underwriting syndicate (for both Series 30 and Series 34) was led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., and The Toronto-Dominion Bank. Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that consisted of Carol Pennycook and Sonny Bhalla (corporate and securities) and Ron Wilson (tax) in Toronto, Scott Tayne (corporate and securities) and Erica Duncan (tax) in New York.