Ontario Teachers’ Finance Trust
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, Canadian dollar and EUR benchmark-sized term debt targeting international institutional investors.
OTFT Issuance Summary
In September 2017, OTFT issued its inaugural U.S.$ 1.75 billion five-year senior unsecured notes. Since then, OTFT has issued at least one U.S. dollar benchmark notes offering per calendar year. OTFT is committed to being a regular issuer in the U.S. dollar market.
In 2020, OTFT further broadened into other markets with inaugural issuances in Euro and Canadian dollars as well as an inaugural Green Bond issuance in Euro.
The coupon and principal paid to investors are senior to pension liabilities.
|Outstanding Issuance||Currency||Size||Maturity Date||Coupon|
|September 2017||USD||$1.75 billion||September 19, 2022||2.125%|
|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%|
|September 2020||USD||$1.50 billion||September 29, 2023||0.375%|
|September 2020||USD||$1.50 billion||September 27, 2030||1.250%|
|October 2020||CAD||$1.25 billion||October 19, 2027||1.100%|
|November 2020 Green Bond||EUR||€750 million||November 25, 2030||0.050%|
|April 2021||USD||$1.50 billion||April 16, 2031||2.000%|
|May 2021||EUR||€1.25 billion||May 19, 2028||0.100%|
|May 2021||EUR||€1.25 billion||May 20, 2041||0.900%|
|September 2021||USD||$2.00 billion||September 21, 2026||0.875%|
Additional information on the debt issuances can be found on the Euronext Dublin website.