By Cristal Cody
Prospect News, June 12 - Hydro-Quebec (Aa2/A+/DBRS: A) priced a $1 billion U.S.-dollar-denominated benchmark offering of 1.375% five-year global notes at 99.884 to yield 1.399% on Tuesday, a bond source said.
The notes due June 19, 2017 priced at a spread of 35 basis points plus mid-swaps, or 64.65 bps plus Treasuries. The notes were talked at mid-swaps plus low to mid 30 bps.
Bank of America Merrill Lynch, CIBC World Markets Inc., HSBC Securities and RBC Capital Markets LLC were joint lead managers.
Proceeds will be used for general corporate purposes.
Hydro-Quebec is a Quebec government-owned electric power generator and distributor.
| Issuer: | Hydro-Quebec
|
| Guarantor: | Quebec
|
| Amount: | $1 billion
|
| Maturity: | June 19, 2017
|
| Securities: | Global notes
|
| Bookrunners: | Bank of America Merrill Lynch, CIBC, HSBC Securities, RBC Capital Markets
|
| Coupon: | 1.375%
|
| Price: | 99.884
|
| Yield: | 1.399%
|
| Spread: | 35 bps plus mid-swaps, or 64.65 bps plus Treasuries
|
| Trade date: | June 12
|
| Settlement date: | June 19
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Price talk: | Mid-swaps plus low to mid 30 bps area
|
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