Canada Housing Trust No. 1 – $12.5 Billion Public Offering

On June 25, 2008, Canada Housing Trust No. 1, a special purpose securitization trust, completed a three-tranche debt financing consisting of the issuance of 3.95 per cent Canada Mortgage Bonds, Series 21, in an aggregate principal amount of $9.0 billion, 4.60 per cent Canada Mortgage Bonds, Series 14 (Second Re-Opening), in an aggregate principal amount of $2.0 billion and Floating Rate Canada Mortgage Bonds, Series 20, in an aggregate principal amount of $1.5 billion, for a combined total of $12.5 billion 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, Marc-André Sirois and Cezary Fudali, who were assisted by Borden Ladner Gervais LLP, counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow, Adam Segal, Terence Lui and Habeeb Syed (corporate and securities), Stephen Redican, Gus Karantzoulis and Alexander Singh (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, Sang Ji, Terry O'Brien and Gerret Baur of White & Case LLP.

The underwriting syndicate was led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Deutsche Bank Securities Limited, Merrill Lynch Canada Inc. and The Toronto-Dominion Bank (for Series 21 and Series 14), and led by The Toronto-Dominion Bank, BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. (for Series 20).

Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that consisted of Carol Pennycook and Sonny Bhalla (corporate and securities) and Ron Wilson (tax), Scott Tayne (corporate and securities) and Scott Semer (tax).