New Issue: Province of Ontario sells $2.5 billion 1.625% three-year bonds at mid-swaps plus 55 bps

By Aleesia Forni

New York, Jan. 13 – The Province of Ontario sold $2.5 billion of 1.625% bonds (Aa2/A+//DBRS: AA) on Wednesday at mid-swaps plus 55 basis points, or Treasuries plus 56.5 bps, according to an FWP filing with the Securities and Exchange Commission.

Pricing was at 99.695 to yield 1.73%.

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

The bookrunners are BofA Merrill Lynch, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital Markets Corp., CIBC World Markets Corp., National Bank of Canada Financial Inc. and RBC Capital Markets LLC.

Issuer:	Province of Ontario
Amount:	$2.5 billion
Description:	Bonds
Maturity:	Jan. 18, 2019
Bookrunners:	BofA Merrill Lynch, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital Markets Corp., CIBC World Markets Corp., National Bank of Canada Financial Inc., RBC Capital Markets LLC
Coupon:	1.625%
Price:	99.695
Yield:	1.73%
Spread:	Mid-swaps plus 55 bps, Treasuries plus 56.5 bps
Trade date:	Jan. 13
Settlement date:	Jan. 21
Ratings:	Moody’s: Aa2
	Standard & Poor’s: A+
	DBRS: AA (low)
Distribution:	SEC registered

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