Canada Housing Trust No. 1 completes $5B public offering

On March 20, 2015, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.200 per cent Canada Mortgage Bonds, Series 64 in an aggregate principal amount of $5,000,000,000 of Canada Mortgage Bonds, 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, Francesca Smirnakis and Colin Cameron-Vendrig (corporate and securities), Stephen Redican, Gus Karantzoulis and Aliza Premji (banking and financial services) and Danny Lang (tax) in Toronto and Johanne Thomas (civil) in Montréal. 

In the United States, CMHC and the trust were represented by Terry O’Brien and Steven Gee of White & Case LLP.

The underwriting syndicate for Series 64 was led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and The Toronto-Dominion Bank and Davies Ward Phillips & Vineberg LLPrepresented the underwriters, with a team that consisted of Carol Pennycook, Adam Heller, Matthew Rosen and James van Wyck (corporate and securities) and Neal Armstrong (tax) in Toronto, Scott Fisher (corporate and securities) and Scott Semer (tax) in New York.