Canada Housing Trust No. 1 Completes Public Offerings

Canada Housing Trust No. 1, a special purpose securitization trust, completed two debt financings.

The first, completed on February 24, 2011, was a two-tranche debt financing consisting of the issuance of 3.80 per cent Canada Mortgage Bonds, Series 40, in an aggregate principal amount of $2,500,000,000 and Floating Rate Canada Mortgage Bonds, Series 38 (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 March 24, 2011, consisted of the issuance of 2.75 per cent Canada Mortgage Bonds, Series 41, in an aggregate principal amount of $6,250,000,000.

All bonds were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Reem Hindieh and Marc-André Sirois, 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 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 and Terry O'Brien (corporate and securities) and Sang Ji and Steven Gee (tax) of White & Case LLP in New York.

The underwriting syndicate (for both Series 40 and Series 38) was led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and The Toronto-Dominion Bank.

For Series 41, the underwriting syndicate was led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and The Toronto-Dominion Bank.

Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that consisted of Carol Pennycook and Sonny Bhalla (corporate and securities) and Ron Wilson (tax) in Toronto and Scott Tayne (corporate and securities) and Candice Turner (tax) in New York.