New Issue: Ontario prices $2 billion 2.5% seven-year bonds to yield mid-swaps plus 34 bps

By Aleesia Forni

Virginia Beach, Sept. 4 – The Province of Ontario priced $2 billion of 2.5% seven-year bonds (/AA-/) at mid-swaps plus 34 basis points, or Treasuries plus 41.3 bps, according to a market source and an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.675 to yield 2.551%.

BMO Capital Markets Corp., CIBC World Markets Corp., National bank Financial Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., Barclays, BofA Merrill Lynch, Morgan Stanley & Co. LLC and TD Securities (USA) LLC were the underwriters.

Proceeds from the sale will be used for general provincial purposes.

Issuer:	Province of Ontario
Amount:	$2 billion
Description:	Bonds
Maturity:	Sept. 10, 2021
Underwriters:	Barclays, BofA Merrill Lynch, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, BMO Capital Markets Corp., CIBC World Markets Corp., National bank Financial Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc.
Coupon:	2.5%
Price:	99.675
Yield:	2.551%
Spread:	Mid-swaps plus 34 bps, or Treasuries plus 41.3 bps
Trade date:	Sept. 4
Settlement date:	Sept. 11
Rating:	Standard & Poor's: AA-

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