New Issue: Ontario prices $2 billion 2.25% five-year bonds at mid-swaps plus 29 bps

By Cristal Cody

Tupelo, Miss., May 11 – The Province of Ontario priced a $2 billion offering of 2.25% five-year global notes on Thursday at 99.864 to yield 2.279%, according to an FWP filing with the Securities and Exchange Commission.

The notes (Aa2/A+/AA-) priced at mid-swaps plus 29 basis points, or Treasuries plus 35.6 bps. The notes were talked to price in the mid-swaps plus high 20 bps area, according to a market source.

Barclays, CIBC World Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC were the lead managers.

Proceeds will be used for general provincial purposes.

Issuer:	Province of Ontario
Amount:	$2 billion
Description:	Global notes
Maturity:	May 18, 2022
Bookrunners:	Barclays, CIBC World Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC
Co-managers:	BMO Capital Markets Corp., National Bank of Canada Financial Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
Coupon:	2.25%
Price:	99.864
Yield:	2.279%
Spread:	Mid-swaps plus 29 bps, or Treasuries plus 35.6 bps
Trade date:	May 11
Settlement date:	May 18
Ratings:	Moody’s: Aa2
	S&P: A+
	Fitch: AA-
Distribution:	SEC registered, Canada, Europe and Asia
Price guidance:	Mid-swaps plus high 20 bps area

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