Canada Housing Trust No. 1 completes C$11 billion two-tranche debt financing

Date Closed: 3/27/2008

Value: C$11 billion

On March 27, 2008, Canada Housing Trust™ No. 1, a special purpose securitization trust, completed the largest two-tranche debt financing in Canadian history when it issued 3.60% Canada Mortgage Bonds, Series 19, in an aggregate principal amount of $9.0 billion and 4.05% Canada Mortgage Bonds, Series 13 (Second Re-Opening), in an aggregate principal amount of $2.0 billion, for a combined total of $11.0 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 Louise Michel, who were assisted by BLG, 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 Montreal.