By Andrea Heisinger
New York, June 23 - Hydro-Quebec sold $1 billion of 2% global five-year notes on Thursday to yield mid-swaps plus 22 basis points, or Treasuries plus 55.7 bps, an informed source said.
The notes were initially talked in the mid-to-low 20 bps area, and that was later revised to the mid-swaps plus 22 bps area. The notes priced in line with revised guidance.
The notes (Aa2/A+/) were sold at 99.981 to yield 2.004%. They are non-callable.
Bookrunners were Bank of America Merrill Lynch, HSBC Securities, National Bank of Canada and RBC Capital Markets LLC.
Senior co-managers were BMO Capital Markets, BNP Paribas Securities Corp., CIBC World Markets, Deutsche Bank Securities Inc. and Scotia Capital.
Co-managers were Casgrain & Co. (USA) Ltd., Desjardins Capital Markets, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities, RBS Securities Inc., Societe Generale, TD Securities and UBS Securities LLC.
Proceeds are being added to general funds to be used for general purposes.
The notes are guaranteed by the Province of Quebec.
The government-owned generator and distributor of electric power is based in Montreal.
| Issuer: | Hydro-Quebec
|
| Guarantor: | Province of Quebec
|
| Issue: | Global notes
|
| Amount: | $1 billion
|
| Maturity: | June 30, 2016
|
| Bookrunners: | Bank of America Merrill Lynch, HSBC Securities, National Bank of Canada, RBC Capital Markets LLC
|
| Senior co-managers: | BMO Capital Markets, BNP Paribas Securities Corp., CIBC World Markets, Deutsche Bank Securities Inc., Scotia Capital
|
| Co-managers: | Casgrain & Co. (USA) Ltd., Desjardins Capital Markets, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities, RBS Securities Inc., Societe Generale, TD Securities, UBS Securities LLC
|
| Coupon: | 2%
|
| Price: | 99.981
|
| Yield: | 2.004%
|
| Spread: | Treasuries plus 55.7 bps, mid-swaps plus 22 bps
|
| Call: | Non-callable
|
| Trade date: | June 23
|
| Settlement date: | June 30
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| Price talk: | Mid-to-low 20 bps over mid-swaps (initial), mid-swaps plus 22 bps (revised)
|
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