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Ontario Teachers’ Finance Trust debuts a USD 1.75 billion 5-year inaugural benchmark, executed by Goldman Sachs International, J.P. Morgan and RBC Capital Markets

September 13, 2017

  • Successful debut transaction in the international capital markets
  • Order book in excess of USD 2.75 billion
  • 55 global, diversified orders

Ontario Teachers' Finance Trust, fully guaranteed by Ontario Teachers' Pension Plan Board, rated Aaa / AA+ / AAA (Moody's / S&P / DBRS) priced a USD 1.75 billion 5-year USD Reg S 144A 3c7 benchmark on September 12, 2017. Goldman Sachs International, J.P. Morgan and RBC Capital Markets acted as joint lead managers on the transaction, which marks OTFT's inaugural international benchmark as an SSA issuer.  The 5-year USD benchmark carries a semi-annual coupon of 2.125% and matures on 19th September 2022. It offers investors a yield of 2.173% which is equivalent to a spread of 42.3 basis points ("bps") over the 1.625% August 2022 US Treasury. 

The high quality and well diversified order book is a testament to the extensive global marketing conducted across Asia, Europe and North America ahead of this inaugural international transaction.

Approximate Investor Distribution of the USD 1.75 billion 5-year Benchmark

By Geography:

By Investor Type:

Americas

69%

Bank Treasuries / Private Banks

39%

Asia

20%

CBs / OIs

32%

EMEA

11%

Fund Managers

15%

 

 

Pension Funds / Insurances

13%

 

 

Other

1%

 

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