On June 23, 2005, Canada Housing Trust No. 1, a special purpose securitization trust advised by Canada Mortgage and Housing Corporation (CMHC), closed a two-tranche offering of $3.1 billion of 3.55 per cent Canada Mortgage Bonds, series 11 and $1.17 billion of floating-rate Canada Mortgage Bonds, series 12, for a total offering of $4.27 billion.

The underwriters, led by CIBC World Markets Inc., Merrill Lynch Canada Inc. RBC Dominion Securities Inc., Scotia Capital Inc. and  The Toronto-Dominion Bank, on the series 11 offering, and by CIBC World Markets Inc., Merrill Lynch Canada Inc.,  RBC Dominion Securities Inc. and  The Toronto-Dominion Bank on the series 12 offering, were represented by Davies Ward Phillips & Vineberg LLP.  The Davies team consisted of Carol Pennycook and Sonny Bhalla (securities) and  Ron Wilson (tax) in Toronto and  Scott Tayne and Charles Malone (securities) and Michele Alexander and Pamela Marcogliese (tax) in New York.