Canada Housing Trust No. 1 closes $6.25 billion offering

Date Closed: 12/22/2004

Value: C$6.25 billion

On December 22, 2004, Canada Housing Trust No. 1, a special purpose securitization trust, the issuances of which are guaranteed by Canada Mortgage and Housing Corp. (CMHC), closed a two-tranche offering totaling $6.25 billion—$5.45 billion of fixed-rate Canada Mortgage Bonds, series 9 and $800 million of floating-rate Canada Mortgage Bonds, series 10.

BLG represented CMHC and was special counsel to the trust, with a team that included Rosalind Morrow (securities and derivatives), Stephen Redican (banking and structured finance), Matt Campbell and Paul Simon (securities), Gus Karantzoulis and Terence Lui (banking and structured finance) and Larissa Tkachenko (tax) in Toronto, and Daniel Gendron (civil) in Montreal. BLG assisted CMHC’s in-house counsel Douglas Tyler and Reem Hindieh.