Commentary & Deal Flow

Reoffer: 10yr: MS+46bp / 99.734 / 3.482%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.431 / B+51.5bp / HR 101%

Final Books: 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: 3.450%, Fixed, Annual, ACT/ACT (ICMA)
• Spread: MS+46bps
• Reoffer: 99.734 / 3.482%
• DBR spread: +51.5bps vs. DBR 2.9 15-Feb-36 (99.431 / HR 101%)
• 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: Priced. TOE: 13:49 LDN / 14:49 CET. FTT immediately.
• 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