The province ofontario raised A$225m from last Wednesday's sale of 10-year Kangaroo bonds via sole lead manager TD Securities. The 4.25% August 22 2024s priced at 99.096 for a yield of 4.3625%, 90.75bp over the April 2014 ACGBs. As Ontario is rated Aa2/AA-/AA, all with negative outlooks, it has to pay a premium over Triple A rated British Columbia, which added A$300m to its 4.25% November 27 2024 Kangaroo line on July 30, priced to yield 67.75bp wide of ACGBs. Four Canadian provinces have tapped the Kangaroo market, including Quebec and Manitoba, all of which targeted the 10-year tenor. Ontario had issued two 10-year tranches previously, a A$300m piece in November 2005 and A$275m in September 2010.
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