By Cristal Cody
Prospect News, Dec. 4 - The Province of Ontario (Aa2/AA-/DBRS: AA) priced C$1 billion in a reopening of its 1.9% five-year notes at 100.176 to yield 1.861%, an informed source said.
The notes due Sept. 8, 2017 came at a spread of 56 basis points over the Government of Canada benchmark.
The deal included a C$600 million carve-out for one investor, which left C$400 million for the syndicate, the source said.
CIBC World Markets Inc. was the lead manager.
The province first sold the issue on Jan. 17, 2012 in a C$1.25 billion offering at 99.744 to yield 1.948%, or a spread of 58.5 bps over the government benchmark.
The issue last was reopened on Oct. 25 in a C$1 billion offering that priced at 99.672 to yield 1.971%, or a spread of 52.5 bps over the Government of Canada benchmark. The total outstanding is C$4.25 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$1 billion reopening
|
| Maturity: | Sept. 8, 2017
|
| Securities: | Notes
|
| Bookrunner: | CIBC World Markets Inc.
|
| Coupon: | 1.9%
|
| Price: | 100.176
|
| Yield: | 1.861%
|
| Spread: | 56 bps over Government of Canada benchmark
|
| Pricing date: | Dec. 3
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$4.25 billion
|
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