New Issue: Ontario prices $2 billion 1.875% five-year notes at mid-swaps plus 18 bps

By Aleesia Forni

Virginia Beach, May 13 – The Province of Ontario priced $2 billion of 1.875% five-year notes (Aa2/AA-/) on Wednesday at mid-swaps plus 18 basis points, or Treasuries plus 33.3 bps, according to an FWP filed with the Securities and Exchange Commission.

The notes were guided in the high-teens area over mid-swaps.

Pricing was at 99.957 to yield 1.884%.

Proceeds from the sale will be used for general provincial purposes.

The bookrunners are Barclays, BMO Capital Markets Corp., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.

Issuer:	Province of Ontario
Amount:	$2 billion
Description:	Bonds
Maturity:	May 21, 2020
Bookrunners:	Barclays, BMO Capital Markets Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc.
Co-managers:	CIBC World Markets Corp., National Bank of Canada Financial Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC
Coupon:	1.875%
Price:	99.957
Yield:	1.884%
Spread:	Mid-swaps plus 18 bps, Treasuries plus 33.3 bps
Trade date:	May 13
Settlement date:	May 21
Ratings:	Moody’s: Aa2
	Standard & Poor’s: AA-
Distribution:	SEC registered
Price guidance:	Mid-swaps plus high-teens area

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