Canada Housing Trust No. 1 completes $5.25B public offering

On June 21, 2016, Canada Housing Trust No. 1, a special-purpose securitization trust, completed a debt financing consisting of the issuance of 1.25 per cent Canada Mortgage Bonds, Series 71 (Re-Opening), in an aggregate principal amount of $5.25 billion, which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

Canada Mortgage and Housing Corp. 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, Canada Mortgage and Housing Corp. and the trust were represented by John Donovan, Sang Ji, Terry O’Brien and Steven Gee of White & Case LLP.

The underwriting syndicate was led by The Toronto-Dominion Bank, BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and Scotia Capital Inc. Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team of Carol Pennycook, Matthew Rosen and James van Wyck (corporate and securities) and Neal Armstrong (tax) in Toronto, and Scott Fisher (corporate and securities) and Heath Martin (tax), in New York.