The provincial bond market is in the midst of its busiest week of the year, as Ontario taps investors for $750-million on Thursday.
Ontario's five-year bond sale, led by Scotia Capital, brings the total amount of borrowing from Canada's deficit-loving provinces to $2.35-billion this week. It's the second trip to the well for Ontario, and British Columbia and Quebec also did large financings. Last week, provincial bond issues dried up on European credit woes.
Ontario is selling 10 year bonds on Thursday that pay 4.2 per cent interest, or 80.5 basis points over the comparable government of Canada debt.