Canada Housing Trust No. 1 Completes Offerings

Canada Housing Trust No. 1, a special purpose securitization trust, completed two debt financings.
The first, completed on August 24, 2011, was a two-tranche debt financing consisting of the issuance of 3.80 per cent Canada Mortgage Bonds, Series 40 (Second Re-opening), in an aggregate principal amount of $2,500,000,000 and Floating Rate Canada Mortgage Bonds, Series 42 (Re-opening), in an aggregate principal amount of $2,500,000,000 for a combined total of $5,000,000,000 of Canada Mortgage Bonds.

The second, completed on September 23, 2011, was a debt financing consisting of the issuance of 1.850 per cent Canada Mortgage Bonds, Series 43, in an aggregate principal amount of $5,000,000,000.
All bonds were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Reem Hindieh, who was assisted by Borden Ladner Gervais LLP, counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow, Terence Lui and Mark Lau (corporate and securities); Stephen Redican, Gus Karantzoulis and Sabrina Kumar (banking and financial services) and Natasha Miklaucic (tax, Series 40 (Second Re-opening) and Series 42 (Re-opening)) and Larissa Tkachenko (tax, Series 43) 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 for both Series 40 (Second Re-opening) and Series 42 (Re-opening) was led by RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., and The Toronto-Dominion Bank.

For Series 43, the underwriting syndicate was led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., and The Toronto-Dominion Bank.

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