Debt Issuance Programs
The Province has established several programs to meet its borrowing requirements through the issuance of bonds, Treasury bills and U.S. commercial paper in the domestic and international capital markets.*
Establishing programs in different markets provides the Province with diverse sources of funding and ongoing access to domestic and international bond and money markets. Issuances are done in all sizes, major currencies and maturities, through syndicated public bond offerings and private placements.
DOMESTIC MARKET
The Province has a Domestic Medium Term Note program and a Treasury Bill program in place.
Domestic Medium Term Note (DMTN) program (est. 2000)
Under the DMTN program, the Province issues bonds in the Canadian-dollar market to a domestic underwriting syndicate that settle within three business days.
| Issue Size | Flexible, syndicated issuances are frequently in the $600 million to $1 billion range |
|---|---|
| Maturity | 2 – 50 years |
| Coupon | Fixed, floating, inflation-linked, step-up, quarterly, semi-annual |
| Denomination | $1,000 or multiples thereof |
| Clearing System | CDS Clearing and Depository Services Inc. (CDS) |
| Governing Law | Province of Ontario / Canada |
Ontario Savings Bonds (OSB) (est. 1995)
The Province has discontinued sales of Ontario Savings Bonds. Despite the discontinuation of future sales, all outstanding bonds continue to be safe and guaranteed, and the Province will honour these bonds until the time of redemption or maturity.
Learn about our Ontario Savings Bonds
Treasury Bill (T-Bill) program
Through the T-Bill program, the Province issues treasury bills with various maturities up to three years, on a regular basis.
| Issue Size | Flexible |
|---|---|
| Currency | Canadian dollars |
| Denomination | $1,000 or multiples thereof |
| Clearing System | CDS |
| Governing Law | Province of Ontario / Canada |
INTERNATIONAL MARKETS
Australian Debt Issuance (ADIP) programme (est. 2005)
Through the ADIP programme, the Province issues Australian dollar denominated notes targeted to Australian investors in the Australian wholesale domestic capital market – “Kangaroo Bonds”.
| Issue Size and Maturity | Flexible |
|---|---|
| Coupon | Fixed, floating, zero-coupon, semi-annual |
| Denomination | A $5,000 (minimum investment amount A $500,000 within Australia) |
| Listing | Optional, generally Australian Securities Exchange |
| Clearing System | Austraclear, Euroclear and Clearstream |
| Governing Law | New South Wales, Australia |
Euro Medium Term Note (EMTN) programme (est. 1992)
Under the EMTN programme, the Province issues medium term notes in the European capital markets, flexible in size and maturity. The programme allows for both private and public placements on a syndicated or non-syndicated basis.
| Issue Size | Typically $50 million Canadian dollar equivalent |
|---|---|
| Currencies | All currencies (subject to compliance with all applicable legal and regulatory requirements) Euro-denominated issues qualify as ECB eligible collateral |
| Coupon | Fixed, floating, quarterly, semi-annual, annual |
| Listing | Luxembourg Stock Exchange Euro MTF Market |
| Clearing System | Euroclear, Clearstream and/or any other approved clearing system |
| Governing Law | Province of Ontario / Canada |
Global Bonds (since 1991)
Under the Province’s shelf registration statement with the U.S. Securities and Exchange Commission (SEC), the Province issues global bonds simultaneously in the international and domestic markets. They are purchased by investors world-wide and traded globally.
| Issue Size | Benchmark issue size typically $1 billion and higher |
|---|---|
| Currencies | Major currencies, but largely in U.S. dollars |
| Maturity | 3 – 20 years |
| Coupon | Fixed, floating, quarterly, semi-annual |
| Denomination | $5,000 and multiples of $1,000 |
| Listing | Luxembourg Stock Exchange Euro MTF Market |
| Form of Bonds | Registered |
| Clearing Systems | The Depository Trust Company (DTC), CDS, Euroclear, Clearstream |
| Governing Law | Province of Ontario / Canada |
U.S. Commercial Paper (USCP) program (est. 1992)
Through the USCP program, the Province issues short-term commercial paper issues with a term to maturity of up to 270 days to sophisticated professional investors through a group of dealers.
| Denomination | US$100,000 minimum face or principal amount with multiples of US$1,000 thereafter |
|---|---|
| Clearing System | DTC |
| Governing Law | New York |