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 2.050 per cent Canada Mortgage Bonds, Series 46, 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 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 including Rosalind Morrow and Terence Lui (corporate and securities); Stephen Redican, Gus Karantzoulis, Tiffany Murray and Jenna Grant (banking & 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 John Donovan, Sang Ji, Terry O'Brien and Steven Gee of White & Case LLP.

The underwriting syndicate Series 46 was led by The Toronto-Dominion Bank, Merrill Lynch Canada Inc., BMO Nesbitt Burns Inc., and RBC Dominion Securities Inc., 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 Megan Grandinetti (tax) in New York.