Canada Housing Trust No. 1 completes $5B public offering

On December 18, 2015, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.250 per cent Canada Mortgage Bonds, Series 68 (Re-Opening), in an aggregate principal amount of $5,000,000,000 of Canada Mortgage Bonds, which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).

CMHC was represented in-house by Sébastien Gignac, 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, Francesca Smirnakis and Colin Cameron-Vendrig (corporate and securities), Stephen Redican, Gus Karantzoulis, Aliza Premji and Arthur Nahas (banking and financial services) and Craig Webster (tax) in Toronto and Johanne Thomas (civil) in Montreal.

In the United States, CMHC and the trust were represented by John Donovan, Sang Ji, Terry O’Brien and Steven Gee of White & Case LLP.

The underwriting syndicate (for Series 68 (Re-Opening)) was led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and RBC Dominion Securities Inc., and Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that consisted of Carol Pennycook, Adam Heller, Matthew Rosen and James van Wyck (corporate and securities) and Neal Armstrong (tax) in Toronto, Scott Fisher (corporate and securities) and Heath Martin (tax) in New York.