By Cristal Cody
Tupelo, Miss., Jan. 16 – The Province of Ontario (Aa3/A+/AA-/AA(low)) priced $3 billion of 1.75% three-year global notes on Thursday at mid-swaps plus 15 basis points, or a Treasuries plus 18.75 bps spread, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the mid-swap plus 17 bps area.
The notes priced at 99.953 to yield 1.766%.
Citigroup Global Markets Ltd., Goldman Sachs International, Morgan Stanley & Co. International plc and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used for general provincial purposes.
| Issuer: | Province of Ontario
|
| Amount: | $3 billion
|
| Description: | Global notes
|
| Maturity: | Jan. 24, 2023
|
| Bookrunners: | Citigroup Global Markets Ltd., Goldman Sachs International, Morgan Stanley & Co. International plc and TD Securities (USA) LLC
|
| Coupon: | 1.75%
|
| Price: | 99.953
|
| Yield: | 1.766%
|
| Spread: | Mid-swaps plus 15 bps, or Treasuries plus 18.75 bps
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 24
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| Fitch: AA-
|
| DBRS: AA (low)
|
| Distribution: | SEC registered
|
| Price guidance: | Mid-swaps plus 15 bps area; initial talk at mid-swaps plus 17 bps area
|
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