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Canada Housing Trust to sell C$3 billion of notes due 2017, 2022
By Cristal Cody
Prospect News, May 15 - Canada Housing Trust (Aaa/AAA/DBRS: AAA) plans to raise about C$3 billion in two tranches of five- and 10-year Canada Mortgage Bonds on Wednesday, a bond source said Tuesday.
The trust is expected to sell about C$2 billion in a reopening of the 2.65% notes due 2022 with guidance of about 61 basis points over the Government of Canada benchmark.
Canada Housing Trust originally sold the 2.65% notes due 2022 on Feb. 14 at a spread of 48 bps over the Government of Canada benchmark.
In the second tranche, the trust is expected to sell C$1 billion of floating-rate notes due 2017 with price talk at 11 bps over the three-month Canadian Dealer Offered Rate.
The trust sells bonds quarterly and was last in the market on March 15 with an offering of C$5 billion of 2.05% five-year mortgage bonds priced at a spread of 39 bps over the Government of Canada benchmark.
The trust is a unit of Canada Mortgage and Housing Corp., which provides financing, mortgage loan insurance, mortgage-backed securities and housing policy and programs.
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