Canada Housing Trust No. 1 Completes $5B Public Offering

Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 2.000 per cent Canada Mortgage Bonds, Series 61 (Re-Opening), in an aggregate principal amount of $5,000,000,000 which was 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, Krstina Skocic and Colin Cameron-Vendrig (corporate and securities), Stephen Redican, Gus Karantzoulis, Jenna Grant and Aliza Premji (banking and financial services) and Daniel Lang (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 was led by BMO Capital Markets, CIBC World Markets Inc., RBC Capital Markets and Scotiabank Global Banking and Markets, and Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that consisted of Carol Pennycook, Adam Heller and Matthew Rosen (corporate and securities) and Neal Armstrong (tax) in Toronto, Scott Fisher (corporate and securities) and Candice Turner (tax) in New York.