Canada Housing Trust Closes $3.8B Bond Offering

On June 19, 2002, Canada Housing Trust No. 1, a special-purpose securitization trust, closed a $3.8 billion offering of 5.10 per cent series 3 Canada mortgage bonds due September 15, 2007 and guaranteed by Canada Mortgage and Housing Corporation (CMHC).
Borden Ladner Gervais LLP represented CMHC and was special counsel to the trust. The BLG team included Rosalind Morrow (securities and derivatives), John Tobin (tax and structured finance), Stephen Redican (banking and structured finance), Matt Campbell (securities), Gus Karantzoulis (structured finance) and Jonathan Willson (tax) in Toronto. Civil law services were provided by Pierre d’Etcheverry of BLG in Montreal. BLG assisted CMHC’s in-house counsel, Douglas Tyler and Reem Hindieh. Gregory Shaw, Robert Harvey and Terry O’Brien of Cravath, Swaine & Moore advised CMHC and the trust on U.S. legal matters.
The underwriting group, led by TD Securities Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., RBC Capital Markets Inc. and Deutsche Bank, were represented by Davies Ward Phillips & Vineberg LLP, with a team consisting of Carol Pennycook and Andrea Daly in Toronto and Guy Lander and Scott Tayne in New York.