By Cristal Cody
Prospect News, July 12 - The Province of Ontario (Aa1/AA-//DBRS: AA) raised C$750 million in a reopening of its benchmark 4% notes due 2021 at 102.629 to yield 3.68%, a syndicate source said Tuesday.
The province sold the bonds at a spread of 74.5 basis points over the Government of Canada benchmark.
RBC Capital Markets Corp. was the bookrunner. BMO Capital Markets Corp. and CIBC World Markets Inc. were the co-managers.
The province last reopened the issue on June 22 to sell C$750 million of the notes at a spread of 77.5 bps over the government benchmark. The issue now has a total of C$6 billion outstanding.
| Issuer: | Province of Ontario
|
| Amount: | C$750 million reopening
|
| Maturity: | June 2, 2021
|
| Securities: | Benchmark notes
|
| Bookrunner: | RBC Capital Markets Corp.
|
| Co-managers: | BMO Capital Markets Corp., CIBC World Markets Inc.
|
| Coupon: | 4%
|
| Price: | 102.629
|
| Yield: | 3.68%
|
| Spread: | 74.5 bps over Government of Canada benchmark
|
| Pricing date: | July 11
|
| Settlement date: | July 14
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
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