Canada Housing Trust™ No. 1 completes C$5 billion public offering

Date Closed: 3/20/2014

Value: C$5 billion

On March 20, 2014, Canada Housing Trust™ No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.950% Canada Mortgage Bonds™, Series 59 in an aggregate principal amount of $5,000,000,000, which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).

The underwriting syndicate for Series 59 was led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and The Toronto-Dominion Bank.

CMHC was represented in-house by Sébastien Gignac, Reem Hindieh and Audrey Chauvin, who were assisted by Borden Ladner Gervais LLP, counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow, Mark Lau and Liz Ng (corporate and securities), Stephen Redican, Gus Karantzoulis and Jenna Grant (banking and financial services) and Craig Webster (tax) in Toronto and Johanne Thomas (civil) in Montreal.