By Cristal Cody
Prospect News, May 23 - The Province of Manitoba sold $600 million of 1.75% seven-year global debentures at a spread of mid-swaps plus 31 bps, or Treasuries plus 62.95 bps, on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The debentures due May 30, 2019 (Aa1/AA) priced at 99.889 to yield 1.767%.
The offering was upsized from $500 million.
CIBC World Markets Inc., HSBC Securities (USA) Inc., National Bank Financial Inc. and RBC Capital Markets Corp. were the lead managers. Co-managers were BMO Capital Markets Corp., Casgrain & Co. Ltd., Scotia Capital (USA) Inc. and TD Securities (USA) LLC.
Proceeds will be used for general government purposes, according to a preliminary prospectus supplement filed with the SEC Wednesday.
| Issuer: | Province of Manitoba
|
| Amount: | $600 million
|
| Maturity: | May 30, 2019
|
| Securities: | Global debentures
|
| Bookrunners: | CIBC World Markets Inc., HSBC Securities (USA) Inc., National Bank Financial Inc., RBC Capital Markets Corp.
|
| Co-managers: | BMO Capital Markets Corp., Casgrain & Co. Ltd., Scotia Capital (USA) Inc., TD Securities (USA) LLC
|
| Coupon: | 1.75%
|
| Price: | 99.889
|
| Yield: | 1.767%
|
| Spread: | Mid-swaps plus 31 bps, Treasuries plus 62.95 bps
|
| Pricing date: | May 23
|
| Settlement date: | May 31
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Distribution: | SEC registered
|
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