On December 22, 2004, Canada Housing Trust No. 1, a special purpose securitization trust advised by Canada Mortgage and Housing Corp. (CMHC), closed a two-tranche offering of $5.45 billion of Canada Mortgage Bonds, series 9 and $800 million of floating-rate Canada Mortgage Bonds, series 10, for a total offering of $6.25 billion.

The underwriters, led by the Toronto-Dominion Bank, CIBC World Markets Inc., Deutsche Bank AG London, Merrill Lynch Canada Inc. and RBC Dominion Securities Inc. on the series 9 offering and by The Toronto-Dominion Bank, CIBC World Markets Inc., Merrill Lynch Canada Inc. and RBC Dominion Securities Inc. on the series 10 offering, were represented by Davies Ward Phillips & Vineberg LLP. The Davies team consisted of Carol Pennycook, Sonny Bhalla, Melanie Koszegi and Ron Wilson (tax) in Toronto, and Scott Tayne in New York.