By Cristal Cody
Prospect News, April 11 - The Province of Ontario (Aa1/AA-/DBRS: AA) sold C$600 million in an add-on to its 3.5% bonds due June 2, 2043 at 98.30 to yield 3.591% on Wednesday, a bond source said.
The bonds priced at a spread of 100.5 basis points over the Government of Canada benchmark.
TD Securities Inc. and RBC Capital Markets Corp. were lead managers. Co-managers were Scotia Capital Inc., CIBC World Markets Inc., BMO Capital Markets Corp. and Merrill Lynch Canada Inc.
The province originally sold the issue on Jan. 26 in a C$600 million offering at 99.187 to yield 3.543%, or 88 bps over the Government of Canada benchmark.
The issue was last reopened on March 7 in a C$900 million offering at 99.057 to yield 3.55%, or a spread of 98.5 bps.
The total outstanding now is C$2.7 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million
|
| Maturity: | June 2, 2043 reopening
|
| Securities: | Bonds
|
| Bookrunner: | TD Securities Inc. and RBC Capital Markets Corp.
|
| Co-managers: | Scotia Capital Inc., CIBC World Markets Inc., BMO Capital Markets Corp. and Merrill Lynch Canada Inc.
|
| Coupon: | 3.5%
|
| Price: | 98.30
|
| Yield: | 3.591%
|
| Spread: | 100.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | April 11
|
| Settlement date: | April 16
|
| Ratings: Moody's: Aa1
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: C$2.7 billion
|
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