Canada Housing Trust™ No. 1 Completes $2.8B Public Offering

On February 24, 2010, Canada Housing Trust™ No. 1, a special-purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 3.750 per cent Canada Mortgage Bonds, Series 30 (Re-opening), in an aggregate principal amount of $580,000,000 and Floating Rate Canada Mortgage Bonds, Series 31 (Re-opening), in an aggregate principal amount of $2,250,000,000 for a combined total of $2,830,000,000 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 and Marc-André Sirois, who were assisted by Borden Ladner Gervais LLP, counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow and Terence Lui (corporate and securities); Stephen Redican, Gus Karantzoulis and Tiffany Murray (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 (for both Series 30 and Series 31) was led by The Toronto-Dominion Bank, CIBC World Markets Inc., National Bank Financial Inc. and RBC Dominion Securities Inc.
Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that consisted of Carol Pennycook and Sonny Bhalla (corporate and securities) and Ronald Wilson (tax) in Toronto; Scott Tayne (corporate and securities) and Erica Duncan (tax) in New York.