New Issue: Ontario details $2 billion issue of 2% five-year notes

By Aleesia Forni

Virginia Beach, Jan. 23 - The Province of Ontario details its $2 billion sale of 2% five-year notes (Aa2/AA-/), according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.943 to yield 2.012% and sold with a spread of Treasuries plus 39 basis points, or 27 bps over mid-swaps.

Pricing was in line with talk, which was set in the mid-swaps plus 27 bps area.

The underwriters were BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., TD Securities, BMO Capital Markets Corp., CIBC World Markets Corp., National Bank Financial Inc., RBC Capital Markets, LLC and Scotia Capital (USA) Inc.

Proceeds will be used for general provincial purposes.

Issuer:	Province of Ontario
Amount:	$2 billion
Description:	Notes
Maturity:	Jan. 30, 2019
Underwriters:	BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., TD Securities, BMO Capital Markets Corp., CIBC World Markets Corp., National Bank Financial Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc.
Price:	99.943
Yield:	2.012%
Spread:	Mid-swaps plus 27 bps, or Treasuries plus 39 bps
Trade date:	Jan. 23
Settlement date:	Jan. 30
Ratings:	Moody's: Aa2
	Standard & Poor's: AA-
	DBRS: AA
Price talk:	Mid-swaps plus 27 bps area
Distribution:	SEC-registered

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