Canada Housing Trust No. 1 Completes $5.5B Public Offering

Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.850 per cent Canada Mortgage Bonds, Series 43 (Re-opening), in an aggregate principal amount of $5,500,000,000, which was provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).

CMHC was represented in-house by 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, Terence Lui and Mark Lau (corporate and securities), Stephen Redican, Gus Karantzoulis, Tiffany Murray, Sabrina Ceccarelli and Jenna Grant (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 Steven Gee of White & Case LLP.

The underwriting syndicate for Series 43 (Re-opening) was led by CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities 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.