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Commentary & Deal Flow

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Province of Ontario (ONT) May 26

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Province of Ontario

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Province of Ontario

by Anna Tkachenko

May 21, 2026 5:01 AM ET

UPDATE (BOOKS): Province of Ontario US$ bmk 10yr Sr Unsec; SOFR MS+67bp

IGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	CUSIP	ISIN	IPT	Spread Set
Province of Ontario	10yr	29-May-36	bmk	Sr Unsec	Fixed	683234 D47	US683234D471	SOFR MS+70a	SOFR MS+67

Book Update: Books in excess of $16bn (incl. $300mm JLM interest)
Spread set at: 10yr: SOFR MS+67bp - IOIs in excess of $7.2bn (incl. $100mm JLM interest)
IPTs: 10yr: SOFR MS+70a

Issuer: Province of Ontario
Ticker: ONT
Issuer Ratings: Aa3/AA-/AA-/AA (Moody's/S&P/Fitch/DBRS, stb/stb/stb/stb)
Format: SEC Registered Global
Size: US$ Benchmark
Maturity: 29-May-36 (10yr)
Settlement: 29-May-26 (T+5)
Coupon: TBD, Fixed, SA 30/360
Spread: SOFR MS S/A 30/360 +67bps
Denominations: US$5,000 + US$1,000
Listing: Luxembourg (Euro MTF Market)
Governing Law: Province of Ontario/Canada
CUSIP/ISIN: 683234 D47 / US683234D471
Target Market: Professional / Eligible Counterparties (All Distribution Channels)
Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
Bookrunners: Barc / BNP / CIBC (DM/B&D) / MS
Timing: Books open, today's business. EMEA/Asia books to close at 10.30 LDN, US books to close at 8.00 NY