By Cristal Cody
Prospect News, Nov. 8 - The Province of Ontario (Aa2/AA-/DBRS: AA) sold C$600 million in a reopening of its 3.5% bonds due 2043 at 102.062 to yield 3.391% on Thursday, an informed source said.
The bonds due June 2, 2043 priced at a spread of 104 basis points over the Government of Canada benchmark.
CIBC World Markets Inc. was the lead manager.
The province last reopened the issue on Sept. 27 with a C$600 million offering priced at 103.62 to yield 3.311%, or a spread of 97 bps over the Government of Canada benchmark.
The bonds originally were priced on Jan. 26, 2012 in a C$600 million offering at 99.187 to yield 3.543%, or 88 bps over the Government of Canada benchmark.
The total outstanding is C$6.45 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million reopening
|
| Maturity: | June 2, 2043
|
| Securities: | Bonds
|
| Bookrunner: | CIBC World Markets Inc.
|
| Co-managers: | BMO Capital Markets Corp., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Merrill Lynch Canada Inc.
|
| Coupon: | 3.5%
|
| Price: | 102.062
|
| Yield: | 3.391%
|
| Spread: | 104 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$6.45 billion
|
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