By Rebecca Melvin
New York, Dec. 14 - The Province of Ontario (Aa2/AA-/DBRS: AA) priced C$600 million in a reopening of its 3.5% long bonds at par to yield 3.5% on Friday, an informed source said.
The bonds due June 2, 2043 priced at a spread of 103.5 basis points over the Government of Canada benchmark.
BMO Capital Markets Corp. was the lead manager, with National Bank Financial Inc. and RBC Capital Markets as co-leads.
Ontario last reopened the issue on Sept. 27 in a C$600 million add-on that priced at 103.62 to yield 3.311%, or a spread of 97 bps over the Government of Canada benchmark.
The bonds originally priced on Jan. 26, 2012 in a C$600 million offering at 99.187 to yield 3.543%, or 88 bps over the Government of Canada benchmark.
The total amount outstanding of this issue is C$6.45 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million
|
| Maturity: | June 2, 2043
|
| Securities: | Reopening of bonds
|
| Bookrunners: | BMO Capital Markets Corp. (lead), with National Bank Financial Inc., RBC Capital Markets (co-leads)
|
| Coupon: | 3.5%
|
| Price: | 100
|
| Yield: | 3.5%
|
| Spread: | 103.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Dec. 14
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$6.45 billion
|
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