Canada Housing Trust No. 1 Closes $4.35B Offering

On September 20, 2004, Canada Housing Trust No. 1, a special purpose securitization trust, closed a $4.35 billion offering of Canada Mortgage Bonds, series 8, guaranteed by Canada Mortgage and Housing Corp. (CMHC).

CMHC was represented in-house by Douglas Tyler and Reem Hindieh, and by Borden Ladner Gervais LLP, special counsel to the Trust, with a team that included Rosalind Morrow (securities and derivatives), Stephen Redican and Gus Karantzoulis (banking and structured finance), Matt Campbell (securities) and Larissa Tkachenko (tax) in Toronto, and Daniel Gendron (civil) in Montreal. In the US, CMHC and the Trust were represented by Lewis Steinberg and Darren Heil (tax), and Neil Westreich, Robert Harvey and Terry O’Brien (securitization) of Cravath, Swaine & Moore LLP.

The underwriters, led by the Toronto-Dominion Bank, RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc. and Deutsche Bank AG London, were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Carol Pennycook, Sonny Bhalla and Ron Wilson (tax) in Toronto and Scott Tayne in New York.