Commentary & Deal Flow

Reoffer: 5yr: MS+48 / 99.57 / 4.093%
Benchmark: 5yr: CT5 3.875 31-Mar-31 @ 99.9375 / B+20.4bp / HR 104%

IPTs: 5yr: MS+51a

• Issuer: OMERS Finance Trust
• Ticker: OMERFT
• Guarantor: OMERS Administration Corporation
• LEI: 529900M039WCPES03P17
• Issue Ratings: S&P (Exp): AAA/Stable, Moody's (Exp): Aa1/Stable, Fitch (Exp): AAA/Stable, DBRS (Exp): AAA/Stable
• Format: 144A/3(c)(7)/Reg S
• Ranking: Sr Unsecured Note
• Size: US$1 billion
• Maturity Date: 22-Jul-31
• Settlement: 22-Apr-26 (T+5)
• Coupon Type: Fixed, SA 30/360
• Coupon: 4.00%
• Spread: SOFR MS SA 30/360 +48
• US Ref: +20.4 bps vs CT5 (T 3 ⅞ 31-Mar-31 @ 99.9375 / HR 104%)
• Re-Offer: 99.57 / 4.093%
• ISIN: US68218TAB70 (144A) / US68218UAB44 (Reg S)
• CUSIP: 68218TAB7 (144A) / 68218UAB4 (Reg S)
• Leads: CIBC (B&D) / NBCCM / RBCCM / TD
• Governing Law: New York
• Listing: Euro MTF of the Luxembourg Stock Exchange
• Denominations: US$250,000 + US$1,000
• Timing: ToE. 10.53am EST / 15.53pm UKT
• Notes: Short first coupon to 22-Jul-26.
• Target Market: The manufacturer target markets (MIFID II/ UK MIFIR product governance) as assessed by the relevant lead managers are eligible counterparties and professionals (all distribution channels).
• Programme: Issued off the Issuer's Debt Issuance Program.
• Stabilisation: FCA/ICMA stabilisation applies.