By Marisa Wong
Los Angeles, May 12 – The Province of Ontario priced $2.25 billion of 3.1% five-year bonds (Aa3/A+/AA-/DBRS: AA(low)) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.908 to yield 3.12%, or a spread of 51 basis points over mid-swaps or 30.4 bps over Treasuries.
Price talk was in the mid-swaps plus 50 bps area.
Barclays Bank plc, CIBC World Markets Corp., J.P. Morgan Securities plc and RBC Capital Markets, LLC are the underwriters.
Proceeds will be used for general provincial purposes, according to a 424B2 filing with the SEC.
| Issuer: | Province of Ontario
|
| Amount: | $2.25 billion
|
| Issue: | Bonds
|
| Maturity: | May 19, 2027
|
| Underwriters: | Barclays Bank plc, CIBC World Markets Corp., J.P. Morgan Securities plc and RBC Capital Markets, LLC
|
| Counsel to issuer: | In-house counsel (Canada) and Shearman & Sterling LLP (United States)
|
| Counsel to underwriters: | Stikeman Elliott LLP (Canada) and Davis Polk & Wardwell LLP (United States)
|
| Coupon: | 3.1%
|
| Price: | 99.908
|
| Yield: | 3.12%
|
| Spread: | Mid-swaps plus 51 bps, or Treasuries plus 30.4 bps
|
| Pricing date: | May 12
|
| Settlement date: | May 19
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| DBRS: AA (low)
|
| Fitch: AA-
|
| DBRS: AA
|
| Price talk: | Mid-swaps plus 50 bps area
|
| Cusip: | 683234DB1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
