By Cristal Cody
Prospect News, April 30 - The Province of Ontario (Aa2/AA-/DBRS: AA) sold C$750 million in a reopening of its 3.15% 10-year notes at 100.472 to yield 3.095% on Monday, a bond source said.
The notes due June 2, 2022 priced at a spread of 96 basis points over the Government of Canada benchmark.
RBC Capital Markets Corp. was the lead manager. Co-managers were TD Securities Inc., BMO Capital Markets Corp., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and Merrill Lynch Canada Inc.
The province originally priced the notes on Nov. 3, 2011 in a C$750 million offering at 99.589 to yield 3.196%, or a spread of 87 bps over the government benchmark.
The issue was last reopened on March 7 to sell C$500 million of the notes at 101.477 to yield 2.981%, or 92.5 bps over the government benchmark. The total outstanding is C$4.5 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$750 million
|
| Maturity: | June 2, 2022 reopening
|
| Securities: | Notes
|
| Bookrunner: | RBC Capital Markets Corp.
|
| Co-managers: | TD Securities Inc., BMO Capital Markets Corp., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and Merrill Lynch Canada Inc.
|
| Coupon: | 3.15%
|
| Price: | 100.472
|
| Yield: | 3.095%
|
| Spread: | 96 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$4.5 billion
|
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