Hydro-Quebec to sell five-year notes, talked at mid-swaps plus low to mid 30 bps area

By Cristal Cody

Prospect News, June 11 - Hydro-Quebec (Aa2/A+/DBRS: A) is expected to bring a U.S.-dollar denominated benchmark offering of five-year notes, a bond source said on Monday.

The notes are talked at mid-swaps plus a spread in the low to mid 30 basis points and pricing is expected on Tuesday.

Bank of America Merrill Lynch, CIBC World Markets Inc., HSBC Securities and RBC Capital Markets LLC are the lead managers.

Hydro-Quebec was in the U.S. market on June 23, 2011 with a $1 billion offering of 2% global five-year notes (Aa2/A+/) that priced at mid-swaps plus 22 bps, or Treasuries plus 55.7 bps.

Hydro-Quebec is a Quebec government-owned electric power generator and distributor.

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