By Cristal Cody
Prospect News, Aug. 8 - The Province of Ontario (Aa2/AA-/DBRS: AA) sold C$600 million in a reopening of its 3.5% bonds due June 2, 2043 at 102.399 to yield 3.374% on Wednesday, an informed source said.
The bonds priced at a spread of 101.5 basis points over the Government of Canada benchmark.
CIBC World Markets Inc. was the lead manager. Co-managers were National Bank Financial Inc., TD Securities Inc., RBC Capital Markets Corp., BMO Capital Markets Corp., Scotia Capital Inc. and Merrill Lynch Canada Inc.
The province first 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 total outstanding is C$5.25 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million
|
| Maturity: | June 2, 2043 reopening
|
| Securities: | Bonds
|
| Bookrunner: | CIBC World Markets Inc.
|
| Co-managers: | National Bank Financial Inc., TD Securities Inc., RBC Capital Markets Corp., BMO Capital Markets Corp., Scotia Capital Inc., Merrill Lynch Canada Inc.
|
| Coupon: | 3.5%
|
| Price: | 102.399
|
| Yield: | 3.374%
|
| Spread: | 101.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$5.25 billion
|
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