New Issue: Ontario prices $2.5 billion 1% three-year notes to yield mid-swaps plus 22 bps

By Andrea Heisinger

New York, July 16 - The Province of Ontario tapped Tuesday's market for $2.5 billion of 1% three-year notes (Aa2/AA-/) priced at mid-swaps plus 22 basis points, or Treasuries plus 37.85 bps, an informed source said.

Pricing was at 99.965 to yield 1.012%.

The issue is non-callable.

Bookrunners were Barclays, BofA Merrill Lynch, Deutsche Bank Securities Inc. and RBC Capital Markets LLC.

Proceeds will be used for general provincial purposes.

Issuer:	Province of Ontario
Issue:	Notes
Amount:	$2.5 billion
Maturity:	July 22, 2016
Bookrunners:	Barclays, BofA Merrill Lynch, Deutsche Bank Securities Inc., RBC Capital Markets LLC
Co-managers:	BMO Capital Markets Corp., CIBC World Markets Corp., National Bank Financial Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC
Coupon:	1%
Price:	99.965
Yield:	1.012%
Spread:	Mid-swaps plus 22 bps, Treasuries plus 37.85 bps
Call:	Non-callable
Trade date:	July 16
Settlement date:	July 23
Ratings:	Moody's: Aa2
	Standard & Poor's: AA-

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