Commentary & Deal Flow

Spread set at: 10yr: MS+40bp - Books to close at 3.30pm CET
IPTs: 10yr: MS+40a

• Issuer: Province of Ontario
• Ticker: ONT
• Issuer Domicile: Canada
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured debt
• Issuer Rating: Aa3/AA-/AA-/AA (Moody's/S&P/Fitch/DBRS)
• Instrument Rating (exp): Aa3/AA- (Moody's/Fitch)
• Issue Size: Min. CHF 175m
• Coupon: 0.973% p.a. (indicative, will price at par) (30/360, following unadj.)
• Maturity: 10 years (12-May-26 to 12-May-36)
• Spread/Yield: SARON MS +40.0 // YTM 0.9725% // Govt + 60.0
• Lead Manager(s): Deutsche Bank, BNP Paribas, CIBC (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer’s CAD 32.0bn Programme for the Issuance of Debt Instruments, as documented in the Offering Circular dated 06-Mar-26 (the “Programme”)
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: The Notes and all related contractual documentation will be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein
• Covenants: Pari Passu
• SIX Listing: 11-May-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: In particular, United States, US Persons, European Economic Area (including Italy and Belgium), the United Kingdom, Japan, and Singapore in accordance with the Programme. RegS TEFRA D Rules apply, no communications with or into the US
• Target Market: As defined by the manufacturer domiciled in the EEA and UK (MIFID II/UK MIFIR): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
• Timing: Books to close at 3.30pm CET, pricing to follow shortly thereafter
• Settle: 12-May-26