By Cristal Cody
Prospect News, Sept. 18 - The Greater Toronto Airports Authority on Tuesday sold C$400 million of 3.04% 10-year secured medium-term notes (A1/A/DBRS: A) at 99.991 to yield 3.041%, an informed bond source said.
The Rule 144A-eligible series 2012-1 notes priced at a spread of 111 basis points over the Government of Canada benchmark.
BMO Capital Markets Corp. and CIBC World Markets Inc. were the co-lead managers. The co-managers were National Bank Financial Inc., RBC Capital Markets Corp., Scotia Capital Inc. and TD Securities Inc.
The notes are redeemable at the Canada bond yield plus 27.5 bps.
The authority was last in the Canadian debt markets nearly a year ago with a long bond offering. The authority sold C$400 million of 4.53% 30-year medium-term notes due Dec. 2, 2041 (DBRS: A) at 99.886 to yield 4.537%, or a spread of 183 bps over the Canadian government benchmark.
Greater Toronto Airports Authority operates the Pearson International Airport.
| Issuer: | Greater Toronto Airports Authority
|
| Amount: | C$400 million
|
| Maturity: | Sept. 21, 2022
|
| Securities: | Secured medium-term notes
|
| Bookrunners: | BMO Capital Markets Corp. and CIBC World Markets Inc.
|
| Co-managers: | National Bank Financial Inc., RBC Capital Markets Corp., Scotia Capital Inc. and TD Securities Inc.
|
| Coupon: | 3.04%
|
| Price: | 99.991
|
| Yield: | 3.041%
|
| Spread: | 111 bps over Government of Canada benchmark
|
| Call option: | Canada bond yield plus 27.5 bps
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 21
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| DBRS: A
|
| Distribution: | Canada, Rule 144A
|
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