By Cristal Cody
Prospect News, Nov. 26 - The Province of Ontario (Aa2/AA-/DBRS: AA) priced C$750 million in a reopening of its non-callable 2.85% bonds due June 2, 2023 on Monday at 99.82 to yield 2.87%, according to an informed source.
The bonds priced at a spread of 101.5 basis points over the Government of Canada benchmark.
RBC Capital Markets was the lead manager.
The province first priced the issue on Nov. 1 in a C$500 million offering at 99.736 to yield 2.879%, or a spread of 97.5 bps over the Government of Canada benchmark. The total outstanding is C$2.5 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$750 million reopening
|
| Maturity: | June 2, 2023
|
| Securities: | Bonds
|
| Bookrunner: | RBC Capital Markets
|
| Coupon: | 2.85%
|
| Price: | 99.82
|
| Yield: | 2.87%
|
| Spread: | 101.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Nov. 26
|
| Settlement date: | Nov. 29
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
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