By Cristal Cody
Prospect News, Jan. 19 - Hydro-Quebec sold C$500 million in a reopening of its 5% series JN debentures due Feb. 15, 2050 at 107.145 to yield 4.604% on Wednesday, an informed source said.
The debentures (Aa2//AA-/DBRS: A) were sold at a spread of 87.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the bookrunner. CIBC World Markets Inc. and TD Securities Inc. were co-lead managers.
Co-managers were BMO Nesbitt Burns Inc.; Casgrain & Co. Ltd.; Desjardins Securities Inc.; Laurentian Bank Securities Inc.; Merrill Lynch Canada Inc.; RBC Dominion Securities Inc. and Scotia Capital Inc.
The sale was the seventh additional tranche in the series, first sold on Jan. 15, 2009. The total outstanding now is C$4 billion.
Hydro-Quebec is a government-owned corporation, which generates, transmits and distributes electricity in Quebec.
| Issuer: | Hydro-Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: | Feb. 15, 2050
|
| Securities: | Debentures
|
| Bookrunner: | National Bank Financial Inc.
|
| Co-lead managers: | CIBC World Markets Inc., TD Securities Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc.; Casgrain & Co. Ltd.; Desjardins Securities Inc.; Laurentian Bank Securities Inc.; Merrill Lynch Canada Inc.; RBC Dominion Securities Inc., Scotia Capital Inc.
|
| Coupon: | 5%
|
| Price: | 107.145
|
| Yield: | 4.604%
|
| Spread: | 87.5 bps over Government of Canada benchmark
|
| Pricing date: | Jan. 19
|
| Settlement date: | Jan. 24
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA-
|
| DBRS: A
|
| Distribution: | Canada
|
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