By Cristal Cody
Tupelo, Miss., May 14 – The Province of Ontario (Aa3/A+/AA-/AA(low)) priced $1.75 billion of 1.05% seven-year global notes on Thursday at mid-swaps plus 65 basis points, or a Treasuries plus 62 bps spread, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the mid-swaps plus 65 bps area.
The notes priced at 99.745 to yield 1.088%.
BofA Securities, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Scotia Capital (USA) Inc. and National Bank of Canada Financial Inc. were the bookrunners.
Proceeds will be used for general provincial purposes.
| Issuer: | Province of Ontario
|
| Amount: | $1.75 billion
|
| Description: | Global notes
|
| Maturity: | May 21, 2027
|
| Bookrunners: | BofA Securities, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Scotia Capital (USA) Inc. and National Bank of Canada Financial Inc.
|
| Coupon: | 1.05%
|
| Price: | 99.745
|
| Yield: | 1.088%
|
| Spread: | Mid-swaps plus 65 bps, or Treasuries plus 62 bps
|
| Trade date: | May 14
|
| Settlement date: | May 21
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| Fitch: AA-
|
| DBRS: AA (low)
|
| Distribution: | SEC registered
|
| Price guidance: | Mid-swaps plus 65 bps area
|
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