New Issue: Ontario prices $1 billion 2.5% 10-year bonds at mid-swaps plus 88 bps

By Cristal Cody

Eureka Springs, Ark., April 20 – The Province of Ontario sold $1 billion of 2.5% 10-year bonds at 99.631 to yield 2.542% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Aa2/A+/DBRS: AA) priced with a spread of 75.2 basis points over Treasuries, or mid-swaps plus 88 bps.

BMO Capital Markets Corp., Deutsche Bank AG, London Branch, Goldman Sachs International and J.P. Morgan Securities plc were the lead managers.

Issuer:	Province of Ontario
Amount:	$1 billion
Maturity:	April 27, 2026
Securities:	Bonds
Bookrunners:	BMO Capital Markets Corp., Deutsche Bank AG, London Branch, Goldman Sachs International, J.P. Morgan Securities plc
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:	2.5%
Price:	99.631
Yield:	2.542%
Spread:	Mid-swaps plus 88 bps or Treasuries plus 75.2 bps
Trade date:	April 20
Settlement date:	April 27
Ratings:	Moody’s: Aa2
	Standard & Poor’s: A+
	DBRS: AA
Distribution:	SEC registered

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