$11 Billion Issue Is One of Canada's Largest Mortgage Deals
April 7, 2008, National Mortgage News

White & Case represented Canada Housing and Mortgage Corp. in regards to the sale of $11 billion of Canada Mortgage Bonds.  The aggregate sale was one of the largest of AAA-rated bonds by an entity other than a US government-related issuer and the largest bond issue in Canadian history.

Kevin Keogh, a partner in the Securities Practice at White & Case in New York said "he believed the deal may have benefited from the market's recent flight-to-quality because it is directly government-backed as opposed to US government-sponsored enterprise transactions which have an expected guarantee."

"In addition, the Canadian mortgage deal included a new shorter-maturity $2C billion three-year tranche, in addition to the usual five-year maturity tranche.  Some investors may have found this attractive.  The transaction had a US, Canadian and European investor base, and the deal marks the start of the CMHC and Canada Housing Trust's plan to issue more frequently on a quarterly basis."

Terence O'Brien, an associate in White & Case’s New York Securities Practice, and partner Sang Ji and associate Gerret Baur in the Firm’s New York Tax Practice also worked on the deal.