Canada Housing Trust No. 1 Completes Offerings

Canada Housing Trust No. 1, a special purpose securitization trust, completed two debt financings.
The first, completed on August 24, 2011, was a two-tranche debt financing consisting of the issuance of 3.80 per cent Canada Mortgage Bonds, Series 40 (Second Re-opening), in an aggregate principal amount of $2,500,000,000 and Floating Rate Canada Mortgage Bonds, Series 42 (Re-opening), in an aggregate principal amount of $2,500,000,000 for a combined total of $5,000,000,000 of Canada Mortgage Bonds.

The second, completed on September 23, 2011, was a debt financing consisting of the issuance of 1.850 per cent Canada Mortgage Bonds, Series 43, in an aggregate principal amount of $5,000,000,000.
All bonds were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Reem Hindieh, who was 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 Mark Lau (corporate and securities); Stephen Redican, Gus Karantzoulis and Sabrina Kumar (banking and financial services) and Natasha Miklaucic (tax, Series 40 (Second Re-opening) and Series 42 (Re-opening)) and Larissa Tkachenko (tax, Series 43) in Toronto; and Johanne Thomas (civil) in Montréal.
In the United States, CMHC and the trust were represented by Kevin Keogh, Sang Ji, Terry O'Brien and Steven Gee of White & Case LLP.

The underwriting syndicate for both Series 40 (Second Re-opening) and Series 42 (Re-opening) was led by RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., and The Toronto-Dominion Bank.

For Series 43, the underwriting syndicate was led by BMO Nesbitt Burns Inc., CIBC World Markets 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 Ron Wilson (tax) in Toronto; and Scott Tayne (corporate and securities) and Candice Turner (tax) in New York

Lawyer(s)

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