Canada Housing Trust™ No. 1 completes C$10 billion two-tranch debt financing

Date Closed: 9/24/2008

Value: C$10 billion 

On September 24, 2008, Canada Housing Trust™ No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 3.55% Canada Mortgage Bonds, Series 22, in an aggregate principal amount of $8.0 billion, and 3.95% Canada Mortgage Bonds, Series 15 (Re-Opening), in an aggregate principal amount of $2.0 billion, for a combined total of $10.0 billion of Canada Mortgage Bonds, which were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).

The underwriting syndicate was led by CIBC World Markets Inc., BMO Nesbitt Burns Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and The Toronto-Dominion Bank (for Series 22), and led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and The Toronto-Dominion Bank (for Series 15).

CMHC was represented in-house by Reem Hindieh, Marc-André Sirois and Cezary Fudali, who were assisted by BLG, counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow, Terence Lui and Habeeb Syed (corporate and securities), Stephen Redican, Gus Karantzoulis, Alexander Singh and Tiffany Murray (banking and financial services) and Larissa Tkachenko (tax) in Toronto and Johanne Thomas (civil) in Montreal.