The Province of Ontario recently closed off its annual Ontario Saving Bond campaign with sales of $3.4 billion, setting a new Canadian record for provincial savings bonds. The savings bond campaign was also distinguished by the introduction of an on-line dealer to the group of investment dealers and other financial institutions selling the government bonds.
In addition to the introduction of an Internet dealer to the selling group, prospective investors also had the opportunity to obtain information about the bonds and download purchase application forms from the Ontario Financing Authority (OFA) website. The OFA is an agency of the Province of Ontario, which is responsible for provincial borrowing and debt management activities.
Cassels Brock & Blackwell LLP advised the Ontario Ministry of Finance on the Internet-related aspects of the 2000 Ontario Savings Bond campaign. Mark Young, head of the firm’s securities practice, and Howard Burshtein worked closely with Alexandra Raphael, legal counsel with the Ministry of Finance. Before joining CB&B earlier this year, Burshtein had acted in Canada’s first offering of securities over the Internet.