New Issue: Ontario prices C$500 million 2.85% notes due 2023 at 97.5 bps spread

By Cristal Cody

Prospect News, Nov. 1 - The Province of Ontario (Aa2/AA-/DBRS: AA) sold C$500 million in a new benchmark issue of 2.85% bonds due June 2, 2023 on Thursday at 99.736 to yield 2.879%, according to an informed source.

The bonds priced at a spread of 97.5 basis points over the Government of Canada benchmark.

CIBC World Markets Inc. was the lead manager.

The notes are non-callable.

Issuer:	Province of Ontario
Amount:	C$500 million
Maturity:	June 2, 2023
Securities:	Bonds
Bookrunner:	CIBC World Markets Inc.
Co-managers:	RBC Capital Markets LLC, TD Securities Inc., BMO Capital Markets Corp., National Bank Financial Inc., Scotia Capital Inc., Merrill Lynch Canada Inc.
Coupon:	2.85%
Price:	99.736
Yield:	2.879%
Spread:	97.5 bps over Government of Canada benchmark
Call feature:	Non-callable
Pricing date:	Nov. 1
Settlement date:	Nov. 6
Ratings:	Moody's: Aa2
	Standard & Poor's: AA-
	DBRS: AA
Distribution:	Canada

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