By Cristal Cody
Prospect News, May 15 - The Regional Municipality of York (Aaa/AAA/) sold C$150 million of 4% 20-year bonds at 99.822 to yield 4.013% on Tuesday, an informed bond source said.
The bonds due May 31, 2032 priced at a spread of 170 basis points over the Government of Canada benchmark.
CIBC World Markets Inc. was the lead manager. Co-managers were RBC Capital Markets Corp., Scotia Capital Inc., BMO Capital Markets Corp. and National Bank Financial Inc.
The issuer was last in the market on Nov. 2, 2011 with a C$300 million offering of 10-year notes and 30-year bonds. The province sold C$200 million in a reopening of 4% notes due June 30, 2021 at a spread of 119 bps over the Government of Canada benchmark.
The region sold C$100 million of 4.15% bonds due Nov. 18, 2041 at a spread of 131 bps over the government benchmark.
The issuer is a regional group made up of nine municipalities in Ontario.
| Issuer: | Regional Municipality of York
|
| Amount: | C$150 million
|
| Maturity: | May 31, 2032
|
| Securities: | Bonds
|
| Bookrunner: | CIBC World Markets
|
| Co-managers: | RBC Capital Markets Corp., Scotia Capital Inc., BMO Capital Markets Corp., National Bank Financial Inc.
|
| Coupon: | 4%
|
| Price: | 99.822
|
| Yield: | 4.013%
|
| Spread: | 170 bps over Government of Canada benchmark
|
| Pricing date: | May 15
|
| Settlement date: | May 31
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Distribution: | Canada
|
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