By Cristal Cody
Prospect News, Sept. 27 - The Province of Ontario (Aa2/AA-/DBRS: AA) priced C$600 million in a reopening of its 3.5% long bonds at 103.62 to yield 3.311% on Thursday, an informed source said.
The bonds due June 2, 2043 priced at a spread of 97 basis points over the Government of Canada benchmark.
TD Securities Inc. was the lead manager.
The province last reopened the issue on Aug. 8 in a C$600 million add-on that priced at 102.399 to yield 3.374%, or a spread of 101.5 bps over the Government of Canada benchmark.
The bonds originally priced on Jan. 26, 2012 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$5.85 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million
|
| Maturity: | June 2, 2043
|
| Securities: | Reopening of bonds
|
| Bookrunner: | TD Securities Inc.
|
| Coupon: | 3.5%
|
| Price: | 103.62
|
| Yield: | 3.311%
|
| Spread: | 97 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 2
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$5.85 billion
|
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