By Cristal Cody
Prospect News, July 19 - Hydro-Quebec (Aa2/A+/DBRS: A) sold C$500 million in the 10th additional tranche of its 5% debentures due Feb. 15, 2050 at 132.648 to yield 3.444% on Thursday, according to the company and bond sources.
The series JN debentures priced at a spread of 117.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the lead manager. RBC Dominion Securities Inc. and Scotia Capital Inc. were co-lead managers.
Co-managers were BMO Nesbitt Burns Inc., Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc. and TD Bank Securities Inc.
Hydro-Quebec originally sold the debentures on Jan. 15, 2009. The issue was last reopened on Nov. 3 in a C$500 million offering priced at 123.836 to yield 3.811%, or a spread of 98 bps over the Government of Canada benchmark.
The total outstanding is C$5.5 billion.
Hydro-Quebec is a Quebec government-owned electric power generator and distributor.
| Issuer: | Hydro-Quebec
|
| Guarantor: | Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: | Feb. 15, 2050
|
| Securities: | Debentures
|
| Bookrunners: | National Bank Financial Inc. (lead); RBC Dominion Securities Inc., Scotia Capital Inc. (co-lead)
|
| Co-managers: | BMO Nesbitt Burns Inc., Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc., TD Bank Securities Inc.
|
| Coupon: | 5%
|
| Price: | 132.648
|
| Yield: | 3.444%
|
| Spread: | 117.5 bps over Government of Canada benchmark
|
| Trade date: | July 19
|
| Settlement date: | July 24
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$5.5 billion
|
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