By Rebecca Melvin
New York, March 8 - The Province of Ontario priced C$900 million of 3.5% bonds due June 2, 2043 at 99.057 to yield 3.55% on Wednesday, which was one of two tranches priced by the provincial government that day, according to a bond source.
The bonds priced at a spread of 98.5 basis points over the Government of Canada 30-year benchmark.
Lead managers were RBC Capital Markets Corp., CIBC World Markets Inc. and National Bank Financial Inc.
There was a sizable reverse inquiry in the bond and C$750 million was put away by a single account, the source said.
In the secondary market Thursday, the long bond's spread rallied, tightening to 96 bps.
There is $2.1 billion of the Ontario long bond issue outstanding.
| Issuer: | Province of Ontario
|
| Amount: | C$900 million reopening
|
| Maturity: | June 2, 2043
|
| Securities: | Bonds
|
| Lead managers: | RBC Capital Markets Corp., CIBC World Markets Inc., National Bank Financial Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.057
|
| Yield: | 3.55%
|
| Spread: | 98.5 bps over Government of Canada benchmark
|
| Pricing date: | March 7
|
| Distribution: | Canada
|
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