Canada Housing Trust No.1 Completes $3.75B Public Offering

Canada Housing Trust No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 2.650 per cent Canada Mortgage Bonds, Series 45, in an aggregate principal amount of $2,000,000,000 and Floating Rate Canada Mortgage Bonds, Series 44, in an aggregate principal amount of $1,750,000,000 for a combined total of $3,750,000,000 of Canada Mortgage Bonds, which were 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 that included Rosalind Morrow, Terence Lui and Mark Lau (corporate and securities); Stephen Redican, Gus Karantzoulis, Tiffany Murray and Sabrina Kumar Ceccarelli (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 44 and Series 45) was led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., and National Bank Financial 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; and Scott Tayne (corporate and securities) and Candice Turner (tax) in New York.