New Issue: Ontario sells $2 billion 4.4% 10-year global notes to yield Treasuries plus 49.95 bps

By Andrea Heisinger

New York, April 7 - The Province of Ontario priced $2 billion of 4.4% 10-year global notes on Wednesday to yield Treasuries plus 49.95 basis points, a source said.

The deal was announced on Tuesday with a minimum size of $1 billion. Price talk was in the low 50 bps area over mid-swaps, with the deal pricing in line with that level at 52 bps over mid-swaps.

The non-callable notes (Aa1/AA-/) priced at 99.672 to yield 4.441%.

Bank of America Merrill Lynch, Deutsche Bank Securities and J.P. Morgan Securities were the bookrunners.

Co-managers were Bank of Montreal, London branch, CIBC World Markets, National Bank Financial, Scotia Capital and Toronto-Dominion Bank.

Issuer:	Province of Ontario
Issue:	Global notes
Amount:	$2 billion
Maturity:	April 14, 2020
Bookrunners:	Bank of America Merrill Lynch, Deutsche Bank Securities, J.P. Morgan Securities
Co-managers:	Bank of Montreal, London branch, CIBC World Markets, National Bank Financial, Scotia Capital, Toronto-Dominion Bank
Coupon:	4.4%
Price:	99.672
Yield:	4.441%
Spread:	Treasuries plus 49.95 bps
Call:	Non-callable
Trade date:	April 7
Settlement date:	April 14
Ratings:	Moody's: Aa1
	Standard & Poor's: AA-
Price talk:	Mid-swaps plus low-50 bps area

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