On May 15, 2008, Home Equity Income Trust's subsidiary, CHIP Mortgage Trust, sold $165 million of senior medium term notes. The dealer syndicate for the sale was led by RBC Capital Markets and included Scotia Capital Inc. The 2008-1 senior notes have a coupon of 5.764%, are rated AAA and have an expected final payment date of May 16, 2011. The 2008-1 senior notes are unconditionally guaranteed by Home Equity Income Trust and are rated by Dominion Bond Rating Service Limited. The sale closed on May 15, 2008. Home Equity Income Trust and CHIP Mortgage Trust were advised by Fasken Martineau with a team that included Richard Steinberg and Brad Freelan (corporate/securities) and Mitchell Thaw (tax).