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Canada Housing Trust™ No. 1 completes C$4.5B public offering

Date closed: 11/22/2017

Value: C$4.6 billion

On November 22, 2017, Canada Housing Trust™ No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 2.350 per cent Canada Mortgage Bonds™, Series 80, in an aggregate principal amount of $2,500,000,000, and Floating Rate Canada Mortgage Bonds™, Series 81, in an aggregate principal amount of $2,000,000,000 for a combined total of $4,500,000,000 of Canada Mortgage Bonds™, which were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).

BLG acted as counsel to CMHC and special counsel to the trust, with a team that included Rosalind Morrow, Sienne Lam and Colin Cameron-Vendrig (corporate and securities), Stephen Redican, Gus Karantzoulis, Hannah Dutch, Evita Ferreira, Marian Bournas and Samantha Tom (banking and financial services) and Craig Webster (tax) in Toronto and Johanne Thomas (civil) in Montréal.