Canada Housing Trust No. 1 Completes $5B 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 (Re-Opening), in an aggregate principal amount of $3,000,000,000 and 2.400 per cent Canada Mortgage Bonds, Series 48 (Second Re-Opening), in an aggregate principal amount of $2,000,000,000 for a combined total of $5,000,000,000 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 and Mark Lau (corporate and securities); Stephen Redican, Gus Karantzoulis 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 (Re-Opening) and Series 48 (Second Re-Opening)) was led by BMO Nesbitt Burns Inc., CIBC World Markets 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 Neal Armstrong (tax) in Toronto; and Scott Tayne (cor-porate and securities) and Candice Turner (tax) in New York.