New Issue: Ontario sells $2 billion 2.2% five-year bonds at mid-swaps plus 27 bps

By Cristal Cody

Tupelo, Miss., Sept. 26 – The Province of Ontario priced a $2 billion offering of 2.2% five-year bonds on Tuesday at 99.991 to yield 2.202%, according to an FWP filing with the Securities and Exchange Commission.

The bonds (Aa2/A+/AA-) priced at mid-swaps plus 27 basis points, or Treasuries plus 35.2 bps.

The underwriters were Citigroup Global Markets Ltd., Goldman Sachs International, HSBC Bank plc, TD Securities (USA) LLC, National Bank of Canada Financial Inc., BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets, LLC and Scotia Capital (USA) Inc.

Proceeds will be used for general provincial purposes.

Issuer:	Province of Ontario
Amount:	$2 billion
Description:	Bonds
Maturity:	Oct. 3, 2022
Bookrunners:	Citigroup Global Markets Ltd., Goldman Sachs International, HSBC Bank plc, TD Securities (USA) LLC, National Bank of Canada Financial Inc., BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets, LLC and Scotia Capital (USA) Inc.
Coupon:	2.2%
Price:	99.991
Yield:	2.202%
Spread:	Mid-swaps plus 27 bps, or Treasuries plus 35.2 bps
Trade date:	Sept. 26
Settlement date:	Oct. 3
Ratings:	Moody’s: Aa2
	S&P: A+
	Fitch: AA-
Distribution:	SEC registered

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