CMHC’s $2.2B Bond Offering

On June 22, 2001, Canada Housing Trust No. 1, a special purpose securitization trust, closed an offering of $2.2 billion in bonds guaranteed by Canada Mortgage and Housing Corporation (CMHC) under CMHC’s new Canada Mortgage Bond Program (CMB).

Borden Ladner Gervais LLP represented CMHC throughout the structuring and launch process. The BLG team included Toronto partners Lee Woods (real estate), John Tobin (tax and structured finance) and Rosalind Morrow (securities and derivatives) and corporate associates Stephen Redican, Carlyn Klebuc, Matt Campbell and Caroline Goss. BLG assisted CMHC’s in-house group which was led by general counsel Douglas Tyler and attorney Reem Hindieh, and included attorneys Louise Michel and Hélène Mathieu. Civil law services were provided by counsel Johanne Thomas, Pierre Côté and Pierre d’Etchéverry, and Michael Bantey (securities) of BLG’s Montreal office.

Representing financial advisers RBC Dominion Securities Inc. and TD Bank were Ron Wilson and Michael Clifford of Davies Ward Phillips & Vineberg LLP. The underwriters, led by RBC Dominion Securities, TD Securities, and CIBC World Markets, were represented by James Davis and Marianne Sussex of Stikeman Elliott.