Commentary & Deal Flow

Reoffer: 10yr: SOFR MS+67bp / 99.812 / 4.874%
Benchmark: 10yr: T 4⅜ 15-May-36 @ 98-04+ / B+26.5bp / HR 100%

Final Books: In excess of US$17.5bn (incl. US$300m JLM interest)

Launched: 10yr: US$3bn @ SOFR MS+67bp - Books closed in excess of US$17.5bn (incl. US$300m JLM interest)
Book Update: Books in excess of US$16bn (incl. US$300m JLM interest)
Spread set at: 10yr: SOFR MS+67bp - IOIs in excess of US$7.2bn (incl. US$100m 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$3bn
• Maturity: 29-May-36 (10yr)
• Settlement: 29-May-26 (T+5)
• Coupon: 4.850%, Fixed, S/A 30/360
• Reoffer: 99.812 / 4.874%
• Final Spread: SOFR MS S/A 30/360 +67bp
• UST Ref: +26.5bp vs. CT10 (T 4⅜ 15-May-36 @ 98-04+ / 4.609% / HR 100%)
• 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: Priced. TOE: 15:20 LDN / 10:20 ET