Ontario Savings Bonds Campaign Sets Canadian Record

The Province of Ontario recently closed off its annual Ontario Savings Bonds campaign with sales of $4 billion, setting a new Canadian record for provincial savings bonds.

This is the third year in a row that Ontario residents have invested more than $2 billion in OSBs. During 1999, sales reached $2 billion and in 2000 there were $3.4 billion in bond sales.

The Ontario Financing Authority provided Ontario residents with the convenience of buying their bonds directly by telephone or by downloading an application from the Internet. In addition, prospective investors were able to access information about the bonds from the OSB Web site. The OFA, an agency of the Province of Ontario, is responsible for provincial borrowing and debt management.

Howard Burshtein (securities) of Cassels Brock & Blackwell LLP advised the Ontario Ministry of Finance on the Internet-related aspects of the 2001 Ontario Savings Bond Campaign, working closely with Ontario Financing Authority officials and legal counsel Kristina Knopp of the Ministry of Finance.