White & Case Acts on Milestone Canadian Debt Offering
More than C$115 Billion of Canada Mortgage Bonds Issued Since 2007

October 1, 2009 ... Global law firm White & Case LLP represented Canada Housing Trust (CHT) and Canada Mortgage and Housing Corporation (CMHC) in connection with CHT’s issuance of C$7 billion of Canada Mortgage Bonds. The deal, which closed on September 23, marks a milestone in the relationship between White & Case and CHT and CMHC, as CHT has issued more than C$115 billion of Canada Mortgage Bonds since January 1, 2007, with White & Case serving as US legal counsel.

Canada Mortgage Bonds are backed by a pool of Canadian residential mortgage loans originated by Canadian banks. Timely payment of principal and interest is guaranteed by CMHC, which carries the full faith and credit of Canada. White & Case advised both Canada Housing Trust as issuer and CMHC as guarantor of the bonds, which are sold primarily to institutional investors in Canada, the United States and Europe.

"The continuing volume of Canada Mortgage Bond issuance highlights the level of investor interest in the explicit government guarantee of these bonds in contrast with the merely implicit backing of bonds issued by government-sponsored entities in the United States," said White & Case partner Kevin Keogh, who led the team working on the deal. "Moreover, these AAA-rated bonds provide the mortgage market with an alternative source of funds that helps Canadians lower their financing costs by assisting the mortgage lending industry to better manage liquidity, capital and risk."

In addition to Keogh, the White & Case team comprised partner Sang Ji (Tax) and senior associates Terry O'Brien (Securities) and Gerret Baur (Tax), all based in New York.

White & Case has one of the world’s leading legal practices across the full range of capital markets activities, including advising sovereigns, public and private issuers and major financial institutions worldwide. The Firm also represents underwriters, arrangers and US domestic and foreign issuers in the full range of equity capital market transactions, including SEC-registered offerings, Rule 144A and Regulation S offerings, American and Global Depositary receipts offerings, convertible bonds and equity warrants.

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