New Issue: Ontario prices $2.5 billion 3.05% five-year notes to yield mid-swaps plus 36 bps

By Cristal Cody

Tupelo, Miss., Jan. 18 – The Province of Ontario (Aa2/A+/AA-) priced $2.5 billion of 3.05% five-year global notes on Friday at mid-swaps plus 36 basis points, or a spread of Treasuries plus 44.9 bps, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes were initially talked to price in the mid-swap plus 38 bps area.

The issue came at 99.899 to yield 3.072%.

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

Proceeds will be used for general provincial purposes.

Issuer:	Province of Ontario
Amount:	$2.5 billion
Description:	Global notes
Maturity:	Jan. 29, 2024
Bookrunners:	BofA Merrill Lynch, HSBC Securities (USA) Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC, BMO Capital Markets Corp., National Bank of Canada Financial Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
Coupon:	3.05%
Price:	99.899
Yield:	3.072%
Spread:	Mid-swaps plus 36 bps, or Treasuries plus 44.9 bps
Trade date:	Jan. 18
Settlement date:	Jan. 29
Ratings:	Moody’s: Aa2
	S&P: A+
	Fitch: AA-
Distribution:	SEC registered
Price talk:	Mid-swaps plus 38 bps area

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