Canada Housing Trust No. 1 Completes Offerings

Canada Housing Trust No. 1, a special purpose securitization trust, completed two debt financings. The first, completed May 26, 2011, was a two-tranche debt financing consisting of the issuance of 3.80 per cent Canada Mortgage Bonds, Series 40 (Re-opening), in an aggregate principal amount of $2,250,000,000 and Floating Rate Canada Mortgage Bonds, Series 42, in an aggregate principal amount of $2,500,000,000 for a combined total of $4,750,000,000 of Canada Mortgage Bonds.

The second, completed June 22, 2011, was a debt financing consisting of the issuance of 2.750 per cent Canada Mortgage Bonds, Series 41 (Re-opening), in an aggregate principal amount of $6,000,000,000.

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 and Terence Lui (corporate and se-curities); Stephen Redican, Gus Karantzoulis and Sabrina Kumar (banking and financial services) and Larissa Tkachenko (tax) and Johanne Thomas (civil).

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 (Re-opening) and Series 42 was led by The Toronto-Dominion Bank, BMO Nesbitt Burns Inc., National Bank Financial Inc. and RBC Dominion Securities Inc.

For Series 41 (Re-opening), the underwriting syndicate was led by CIBC World Markets Inc., National Bank Financial 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); and Scott Tayne (corporate and securities) and Candice Turner (tax)
in New York.