By Andrea Heisinger
New York, April 19 - The Province of Manitoba sold $750 million of 1.375% three-year global bonds on Tuesday at a spread of mid-swaps plus 5 basis points, or Treasuries plus 28.25 bps, an informed source said.
This was in line with talk in the mid-swaps plus 5 bps area.
The bonds (Aa1/AA) were priced at 99.921 to yield 1.402%.
They are non-callable.
CIBC World Markets Corp., HSBC Securities (USA) Inc., the National Bank Financial Inc. and RBC Capital Markets Corp. were bookrunners.
Co-managers were Bank of Montreal, London Branch, Casgrain & Co. (USA) Ltd., Merrill Lynch, Scotia Capital (USA) Inc. and TD Securities (USA) LLC.
Proceeds will be used to fund advances to Manitoba Hydro-Electric board and for general corporate purposes.
The issuer is based in Winnipeg.
| Issuer: | Province of Manitoba
|
| Issue: | Global notes
|
| Amount: | $750 million
|
| Maturity: | April 28, 2014
|
| Bookrunners: | CIBC World Markets Corp., HSBC Securities (USA) Inc., the National Bank Financial Inc., RBC Capital Markets Corp.
|
| Co-managers: | Bank of Montreal, London Branch, Casgrain & Co. (USA) Ltd., Merrill Lynch, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
|
| Coupon: | 1.375%
|
| Price: | 99.921
|
| Yield: | 1.402%
|
| Spread: | Mid-swaps plus 5 bps, Treasuries plus 28.25 bps
|
| Call: | Non-callable
|
| Trade date: | April 19
|
| Settlement date: | April 27
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Price talk: | Mid-swaps plus 5 bps area
|
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