By Cristal Cody
Prospect News, Jan. 10 - The Province of Ontario (Aa1/AA-/DBRS: AA) priced C$750 million in a reopening of its 3.15% notes due June 2, 2022 at 101.749 to yield 2.953% on Tuesday, according to a bond source.
The bonds priced at a spread of 86.5 basis points over the Government of Canada benchmark.
The issue is non-callable.
The managers were Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets Corp., BMO Capital Markets Corp., National Bank Financial Inc., TD Securities Inc. and Merrill Lynch Canada Inc.
The province originally priced the issue on Nov. 3 in a C$750 million offering at 99.589 to yield 3.196%, or a spread of 87 bps over the government benchmark.
The total outstanding is C$3.25 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$750 million reopening
|
| Maturity: | June 2, 2022
|
| Securities: | Notes
|
| Bookrunners: | Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets Corp., BMO Capital Markets Corp., National Bank Financial Inc., TD Securities Inc., Merrill Lynch Canada Inc.
|
| Coupon: | 3.15%
|
| Price: | 101.749
|
| Yield: | 2.953%
|
| Spread: | 86.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Jan. 10
|
| Settlement date: | Jan. 13
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$3.25 billion
|
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