Canada Housing Trust No. 1 Completes $5.25B Public Offering

Canada Housing Trust No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of Floating Rate Canada Mortgage Bonds, Series 50, in an aggregate principal amount of $3,000,000,000 and 2.400 per cent Canada Mortgage Bonds, Series 48 (Re-Opening), in an aggregate principal amount of $2,250,000,000 for a combined total of $5,250,000,000 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 and Mark Lau (corporate and securities); Stephen Redican, Gus Karantzoulis, Tiffany Murray and Jenna Grant (banking and financial services) and Larissa Tkachenko (tax) in Toronto and Johanne Thomas (civil) in Montreal.

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 50 and Series 48 (Re-Opening)) was led by National Bank Financial Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc. and The Toronto-Dominion Bank, and Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that consisted of Carol Pennycook, Sonny Bhalla and Bradley Ashkin (corporate and securities) and Ron Wilson (tax) in Toronto; Scott Tayne (corporate and securities) and Candice Turner (tax) in New York.