By Cristal Cody
Prospect News, Dec. 17 - The Province of Ontario (Aa2/AA-/DBRS: AA) raised C$600 million in a reopening of its 3.5% bonds due 2043 at 101.429 to yield 3.424% on Monday, an informed source said.
The bonds due June 2, 2043 priced at a spread of 103 basis points over the Government of Canada benchmark.
Of the C$600 million, C$400 million was placed on behalf of the syndicate.
CIBC World Markets Inc. was the lead manager. Co-lead managers were Scotia Capital Inc. and TD Securities Inc.
The add-on followed the province's $600 million reopening on Friday of the issue in an offering that priced at par to yield a spread of 103.5 bps over the government benchmark.
The province first sold the bonds 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 outstanding is C$8.25 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million reopening
|
| Maturity: | June 2, 2043
|
| Securities: | Bonds
|
| Bookrunner: | CIBC World Markets Inc.
|
| Co-lead managers: | Scotia Capital Inc., TD Securities Inc.
|
| Co-managers: | BMO Capital Markets Corp., National Bank Financial Inc., RBC Capital Markets, Merrill Lynch Canada Inc.
|
| Coupon: | 3.5%
|
| Price: | 101.429
|
| Yield: | 3.424%
|
| Spread: | 103 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 20
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$8.25 billion
|
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