Canada Housing Trust No. 1 Completes $6B Public Offering

On December 23, 2010, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 2.750 per cent Canada Mortgage Bonds, Series 39, in an aggregate principal amount of $6,000,000,000, which was provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Reem Hindieh and Marvin Harik, 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 Terence Lui (corporate and securities); Stephen Redican, Gus Karantzoulis, Tiffany Murray and Sabrina Kumar (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 was led by The Toronto-Dominion Bank, Merrill Lynch Canada Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. 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 and Scott Tayne (corporate and securities) and Candice Turner (tax) in New York.