Canada Housing Trust No. 1 Closes $4.25B Public Offering

On June 23, 2004, Canada Housing Trust No. 1, a special purpose securitization trust advised by Canada Mortgage and Housing Corp. (CMHC), closed a $4.25 billion offering of Canada Mortgage Bonds, series 8, guaranteed by CMHC.

Canada Housing Trust and CMHC were represented by Borden Ladner Gervais, with a team that included Rosalind Morrow (securities and derivatives), Stephen Redican (banking and structured finance), Matt Campbell (securities), Gus Karantzoulis (banking and structured finance) and Larissa Tkachenko (tax) in Toronto. Civil law services were provided by Pierre Côté of BLG in Montreal. BLG assisted CMHC's in-house counsel Douglas Tyler and Reem Hindieh, as well as Ted Fujisawa, executive director of CIBC, the administrator of the Trust. Robert Harvey and Terry O'Brien of Cravath, Swaine & Moore advised CMHC and Canada Housing Trust on US legal matters.

The underwriters, led by CIBC World Markets Inc., RBC Capital Markets, TD Securities, Deutsche Bank AG London and Merrill Lynch Canada Inc. were represented by Davies Ward Phillips & Vineberg, with a team that included Carol Pennycook, Sonny Bhalla and Ron Wilson in Toronto, and Scott Tayne in New York.


Scott Tayne Gus Karantzoulis Stephen J. Redican Carol D. Pennycook Matthew G.A. Campbell Terry O'Brien Rosalind Morrow Pierre B. Côté Ronald S. Wilson Larissa V. Tkachenko


Borden Ladner Gervais LLP (BLG) Cravath, Swaine & Moore LLP Davies Ward Phillips & Vineberg LLP