New Issue: Ontario prices $2.5 billion of 3.4% five-year bonds to yield mid-swaps plus 25 bps

By Devika Patel

Knoxville, Tenn., Oct. 10 – The Province of Ontario sold $2.5 billion of 3.4% five-year bonds (Aa2/A+/AA-/AA low) on Wednesday at 99.845 to yield 3.434%, or mid-swaps plus 25 basis points, according to an FWP filing with the Securities and Exchange Commission.

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

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

Issuer:	Province of Ontario
Amount:	$2.5 billion
Description:	Bonds
Maturity:	Oct. 17, 2023
Underwriters:	Barclays, Citigroup Global Markets Ltd., Goldman Sachs International, Scotia Capital (USA) Inc., BMO Capital Markets Corp., National Bank of Canada Financial Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC
Coupon:	3.4%
Price:	99.845
Yield:	3.434%
Spread:	Mid-swaps plus 25 bps or Treasuries plus 37.75 bps
Trade date:	Oct. 10
Settlement date:	Oct. 17
Ratings:	Moody’s: Aa2
	S&P: A+
	Fitch: AA-
	DBRS: AA (low)
Distribution:	SEC registered

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