By Cristal Cody
Prospect News, Jan. 2 - The Province of Ontario (Aa2/AA-/DBRS: AA) sold C$600 million in a reopening of its 3.5% debentures due 2043 at 100.84 to yield 3.455% on Wednesday, an informed source said.
The debentures priced at a spread of 101 basis points over the Government of Canada benchmark.
The province raised a total of C$600 million with C$500 million placed on behalf of the syndicate at the same terms.
BMO Nesbitt Burns Inc. was the bookrunner. Co-lead managers were RBC Capital Markets and TD Securities Inc.
The issue was last reopened on Dec. 17 in a C$600 million offering with C$400 million placed on behalf of the syndicate at 101.429 to yield 3.424%, or a spread of 103 bps over the Government of Canada benchmark.
The province first sold the debentures 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$8.85 billion.
| Issuer: | Province of Ontario
|
| Amount: | C$600 million reopening
|
| Maturity: | June 2, 2043
|
| Securities: | Debentures
|
| Bookrunner: | BMO Nesbitt Burns Inc. (lead); RBC Capital Markets, TD Securities Inc. (co-lead)
|
| Co-managers: | CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Merrill Lynch Canada Inc.
|
| Coupon: | 3.5%
|
| Price: | 100.84
|
| Yield: | 3.455%
|
| Spread: | 101 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Jan. 2
|
| Settlement date: | Jan. 7
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$8.85 billion
|
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