By Cristal Cody
Prospect News, May 10 - The Province of Ontario (Aa2/AA-/DBRS: AA) sold C$600 million in an add-on to the 3.5% bonds due June 2, 2043 at 97.654 to yield 3.572% on Thursday, a bond source said.
The bonds priced at a spread of 104 basis points over the Government of Canada benchmark.
CIBC World Markets Inc. was the lead manager. Co-managers were BMO Capital Markets Corp., RBC Capital Markets Corp., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc. 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.
In the last reopening on April 18, the province sold C$600 million of the bonds at 97.331 to yield 3.644%, or 104 bps over the Canadian government benchmark.
The total outstanding is C$3.9 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million reopening
|
| Maturity: | June 2, 2043
|
| Securities: | Bonds
|
| Bookrunner: | CIBC World Markets Inc.
|
| Co-managers: | BMO, RBC, National Bank Financial, Scotia, TD Securities, Merrill Lynch Canada
|
| Coupon: | 3.5%
|
| Price: | 97.654
|
| Yield: | 3.572%
|
| Spread: | 104 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$3.9 billion
|
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