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.