Ontario Teachers’ Finance Trust
About OTFT
Ontario Teachers' Finance Trust (OTFT) issues commercial paper and term-debt that is fully, unconditionally and irrevocably guaranteed by Ontario Teachers'. OTFT primarily generates funding through fixed income products in international markets. Since its inception in 2015, OTFT has issued U.S. and Canadian dollar-denominated commercial paper in addition to U.S. dollar and EUR benchmark-sized term debt targeting international institutional investors.
OTFT Issuance Summary
In 2015, OTFT began issuing commercial paper in U.S. and Canadian dollars.
In September 2017, OTFT issued its inaugural U.S.$ 1.75 billion five-year senior unsecured notes, carrying a semi-annual coupon of 2.125%. Since then, OTFT has issued at least one benchmark note per calendar year. OTFT is committed to being a regular issuer in the market.
In April 2020, OTFT issued a U.S.$ 1.0 billion five-year senior note, followed by its inaugural EUR issuance € 1.5 billion 5-year notes in May.
The coupon and principal paid to investors are senior to pension liabilities.
| Issuance | Currency | Size | Maturity Date | Coupon |
|---|---|---|---|---|
| September 2017 | USD | $1.75 billion | September 19, 2022 | 2.125% |
| April 2018 | USD | $2.00 billion | April 16, 2021 | 2.75% |
| September 2019 | USD | $1.75 billion | September 12, 2024 | 1.625% |
| April 2020 | USD | $1.00 billion | April 15, 2025 | 1.375% |
| May 2020 | EUR | €1.50 billion | May 06, 2025 | 0.500% |
Additional information on the debt issuances can be found on the Euronext Dublin website.