New Issue: Ontario prices $3 billion 2.55% three-year bonds to yield mid-swaps plus 15 bps

By Devika Patel

Knoxville, Tenn., Feb. 6 – The Province of Ontario sold $3 billion of 2.55% three-year bonds (Aa2/A+/AA-/AA low) on Tuesday at 99.868 to yield 2.596%, according to an FWP filing with the Securities and Exchange Commission.

The bonds priced with a spread of mid-swaps plus 15 basis points.

The notes were talked to price in the mid-swaps plus 16 bps area.

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

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

Issuer:	Province of Ontario
Amount:	$3 billion
Description:	Bonds
Maturity:	Feb. 12, 2021
Underwriters:	Barclays, BMO Capital Markets Corp., BofA Merrill Lynch, Morgan Stanley & Co. LLC, National Bank of Canada Financial Inc., CIBC World Markets Corp., RBC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
Coupon:	2.55%
Price:	99.868
Yield:	2.596%
Spread:	Mid-swaps plus 15 bps, or Treasuries plus 36.7 bps
Price guidance:	Mid-swaps plus 16 bps area
Trade date:	Feb. 6
Settlement date:	Feb. 12
Ratings:	Moody’s: Aa2
	S&P: A+
	Fitch: AA-
	DBRS: AA (low)
Distribution:	SEC registered

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