Canada Housing Trust No. 1 Completes $4.15B Public Offering

On November 24, 2010, Canada Housing Trust No. 1, a special-purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 3.350 per cent Canada Mortgage Bonds, Series 36 (Re-opening), in an aggregate principal amount of $2,150,000,000 and Floating Rate Canada Mortgage Bonds, Series 38, in an aggregate principal amount of $2,000,000,000 for a combined total of $4,150,000,000 of Canada Mortgage Bonds, which were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Reem Hindieh and Marvin Harik, 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 Shaunik Katyal (corporate and securities), Stephen Redican, Gus Karantzoulis, Tiffany Murray 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 36 and Series 38) was led by CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., and The Toronto-Dominion Bank. 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 Ronald Wilson (tax) in Toronto, Scott Tayne (corporate and securities) and Candice Turner (tax) in New York.


Stephen J. Redican Sonny Bhalla Terry O'Brien Shaunik Katyal Carol D. Pennycook Candice Turner Tiffany Murray Terence K. Lui Ronald S. Wilson Larissa V. Tkachenko Bradley Ashkin Rosalind Morrow Marvin Harik Reem Hindieh Johanne Thomas Gus Karantzoulis Scott Tayne Sabrina Kumar Kevin Keogh


Borden Ladner Gervais LLP (BLG) White & Case LLP Davies Ward Phillips & Vineberg LLP