New Issue: Ontario Teachers’ prices $1 billion 1.375% notes due 2025 at mid-swaps plus 80 bps

By Cristal Cody

Tupelo, Miss., April 7 – Ontario Teachers’ Finance Trust priced a $1 billion offering of 1.375% five-year senior notes (Aa1/AA+) on Tuesday at mid-swaps plus 80 basis points, or a spread of 92.05 bps over Treasuries, according to a market source.

Initial guidance on the Rule 144A and Regulation S notes was in the mid-swaps plus 80 bps area.

BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. were the bookrunners.

Ontario Teachers’ Finance Trust is a Toronto-based financing arm of the Ontario Teachers’ Pension Plan Board.

Issuer:	Ontario Teachers’ Finance Trust
Amount:	$1 billion
Description:	Senior notes
Maturity:	April 15, 2025
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc.
Coupon:	1.375%
Spread:	Mid-swaps plus 80 bps, or Treasuries plus 92.05 bps
Trade date:	April 7
Ratings:	Moody’s: Aa1
	S&P: AA+
Distribution:	Rule 144A and Regulation S
Price talk:	Mid-swaps plus 80 bps area

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