Nova Scotia Refinances $250 Million at Low Rate

The Province of Nova Scotia is reaping more benefits from low longer-term interest rates and good financial management.

Earlier this week, the Department of Finance issued a five-year $250-million bond with an all-in yield of 5.57 per cent.

The $250 million will be used to pay off floating-rate notes as they come due.

"As short-term rates have been on the rise, it makes sense to lengthen the term a bit and lock in some at very low medium-term rates," said Finance Minister Bill Gillis.