New Issue: British Columbia prices $750 million 2.25% 10-year bonds at 59 bps over mid-swaps

By Cristal Cody

Eureka Springs, Ark., May 25 – The Province of British Columbia sold $750 million of 2.25% 10-year series BCUSG-9 bonds at 99.511 to yield 2.305% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The bonds (Aaa/AAA) priced at 59 basis points over mid-swaps, or 45.1 bps over Treasuries.

BMO Capital Markets Corp., RBC Capital Markets Corp., HSBC Securities (USA) Inc. and National Bank of Canada Financial Inc. were the lead managers.

Proceeds will be paid into the province’s consolidated revenue fund and may be used for the purpose of lending money to British Columbia government bodies.

Issuer:	Province of British Columbia
Amount:	$750 million
Maturity:	June 2, 2026
Securities:	Bonds
Bookrunners:	BMO Capital Markets Corp., RBC Capital Markets Corp., HSBC Securities (USA) Inc., National Bank of Canada Financial Inc.
Co-managers:	CIBC World Markets Corp., BofA Merrill Lynch, Scotia Capital (USA) Inc., TD Securities (USA) LLC
Coupon:	2.25%
Price:	99.511
Yield:	2.305%
Spread:	Mid-swaps plus 59 bps or Treasuries plus 45.1 bps
Pricing date:	May 25
Settlement date:	June 2
Ratings:	Moody’s: Aaa
	S&P: AAA
Distribution:	SEC registered

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