By Andrea Heisinger
New York, Aug. 29 - The Province of Manitoba priced $600 million of 2.1% 10-year global debentures on Wednesday to yield Treasuries plus 43.85 basis points, or mid-swaps plus 34 bps, a market source said.
The deal had been announced on Tuesday and went overnight to allow participation from a broader range of investors, the source said.
The securities (Aa1/AA/) were priced at 99.973 to yield 2.103%.
The debentures will be non-callable.
Bookrunners were CIBC World Markets Corp., HSBC Securities (USA) Inc., National Bank of Canada Financial and Scotia Capital (USA) Inc.
Proceeds will be used for advances to Manitoba Hydro and/or for general government programs.
| Issuer: | Province of Manitoba
|
| Issue: | Global debentures
|
| Amount: | $600 million
|
| Maturity: | Sept. 6, 2022
|
| Bookrunners: | CIBC World Markets Corp., HSBC Securities (USA) Inc., National Bank of Canada Financial, Scotia Capital (USA) Inc.
|
| Co-managers: | RBC Capital Markets, LLC, TD Securities (USA) LLC, BMO Capital Markets Corp., Casgrain & Co. Ltd.
|
| Coupon: | 2.1%
|
| Price: | 99.973
|
| Yield: | 2.103%
|
| Spread: | Treasuries plus 43.85 bps, mid-swaps plus 34 bps
|
| Call: | Non-callable
|
| Trade date: | Aug. 29
|
| Settlement date: | Sept. 6
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
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