By Cristal Cody
Tupelo, Miss., June 13 – The Province of Ontario (Aa3/A+/AA-) priced $1.75 billion of 2.3% seven-year global notes on Thursday at mid-swaps plus 40 basis points, or a Treasuries plus 35.4 bps spread, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.84 to yield 2.325%.
Initial price talk was in the mid-swaps plus 40 bps area.
BofA Securities, Inc., HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Scotia Capital (USA) Inc. were the bookrunners.
The notes are non-callable.
Proceeds will be used for general provincial purposes.
| Issuer: | Province of Ontario
|
| Amount: | $1.75 billion
|
| Description: | Global notes
|
| Maturity: | June 15, 2026
|
| Bookrunners: | BofA Securities, Inc., HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 2.3%
|
| Price: | 99.84
|
| Yield: | 2.325%
|
| Spread: | Mid-swaps plus 40 bps, or Treasuries plus 35.4 bps
|
| Call feature: | None
|
| Trade date: | June 13
|
| Settlement date: | June 20
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price guidance: | Mid-swaps plus 40 bps area
|
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