Commentary & Deal Flow

Final book in excess of €5bn (excl. JLM interest)

Launched: 10yr: €2bn @ MS+46bp - Book in excess of €4.2bn (excl. JLM interest)
Guidance: 10yr: MS+48a

• Issuer: Province of Ontario
• Issuer Rating: Aa3/AA-/AA-/AA (Moody's/S&P/Fitch/DBRS - all Stable)
• Format: Eurobond; Reg S, Bearer Notes, TEFRA D, NGN
• Size: €2bn
• Maturity: 14-Jul-36 (10Y)
• Settlement: 14-Jul-26 (T+5)
• Coupon: TBD, Fixed, Annual, ACT/ACT (ICMA)
• Reference Gilt: DBR 2.9 15-Feb-36 (HR 101%)
• Hedge Deadline: 12:40 LDN / 13:40 CET
• Listing: Luxembourg (Euro MTF Market)
• Law: Ontario
• Docs: Issuer’s Euro Medium Term Note programme
• Denoms: €100k +1k
• ISIN: XS3440171075
• Leads: BMO (DM/B&D), Deutsche Bank, Goldman Sachs International, J.P. Morgan and TD Securities
• Timing: Pricing to follow
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels).
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Final Prospectus, when published, will be available at https://www.bourse.lu/issuer/Ontario/27853