By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, April 16 – The Province of Ontario priced $1.5 billion of 5.05% 10-year bonds (Aa3/A+/AA-/DBRS: AAL) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.907 to yield 5.062%, or a spread of 78 basis points over mid-swaps or 40.3 bps over Treasuries. Price talk was in the SOFR mid-swaps plus 80 bps area, according to a market source.
CIBC World Markets Corp., Citigroup Global Markets Ltd., RBC Capital Markets LLC and TD Securities (USA) LLC are the underwriters.
Proceeds will be used for general provincial purposes.
| Issuer: | Province of Ontario
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| Amount: | $1.5 billion
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| Issue: | Bonds
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| Maturity: | April 24, 2034
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| Underwriters: | CIBC World Markets Corp., Citigroup Global Markets Ltd., RBC Capital Markets LLC and TD Securities (USA) LLC
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| Fiscal agent: | Bank of New York Mellon
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| Counsel to issuer: | In-house counsel (Canada) and Shearman & Sterling LLP (United States)
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| Counsel to underwriters: | Stikeman Elliott LLP (Canada) and Davis Polk & Wardwell LLP (United States)
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| Coupon: | 5.05%
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| Price: | 99.907
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| Yield: | 5.062%
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| Spread: | Mid-swaps plus 78 bps, or Treasuries plus 40.3 bps
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| Pricing date: | April 16
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| Settlement date: | April 24
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| Ratings: | Moody’s: Aa3
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| S&P: A+
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| Fitch: AA-
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| DBRS: AA (low)
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| Talk: | SOFR mid-swaps plus 80 bps area
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| Cusip: | 683234AV0
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