Canada Housing Trust Completes Public Offering

On December 22, 2005, Canada Housing Trust No. 1, a special purpose securitization trust, issued 4.05 per cent Canada Mortgage Bonds, series 13 in an aggregate principal amount of $4.95 billion, which were provided with Canada's sovereign guaranteee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Douglas Tyler, Louise Michel and Reem Hindieh, who were assisted by Borden Ladner Gervais LLP, special counsel to the trust, with a team that included Rosalind Morrow and Adam Segal (securities and derivatives), Stephen Redican, Gus Karantzoulis and Terence Lui (banking and structured finance) and Larissa Tkachenko (tax) in Toronto, and Daniel Gendron (civil) in Montreal.

In the US, CMHC and the trust were represented by Terry O'Brien (securities) and Michael Schler and Darren Heil (tax) of Cravath, Swaine & Moore LLP.

The underwriters, led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc. and Scotia Capital Inc., were represented by Davies Ward Phillips & Vineberg LLP. The Davies team consisted of Carol Pennycook, Ron Wilson and Sonny Bhalla in Toronto, and Scott Tayne and Scott Semer in New York.