New Issue: Manitoba sells $1 billion 2.05% five-year debentures at mid-swaps plus 53 bps

By Aleesia Forni

New York, Nov. 20 – The Province of Manitoba priced a $1 billion offering of 2.05% five-year global debentures, series GM, on Friday at mid-swaps plus 53 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.

The notes (Aa2/AA) sold at the tight end of talk set in the mid-swaps plus 55 bps area.

Pricing was at 99.816 to yield 2.089%. The offering sold with a spread of 43.3 bps over Treasuries.

The bookrunners are CIBC Capital Markets, RBC Capital Markets LLC, National Bank of Canada Financial Markets and Scotia Capital (USA) Inc.

Proceeds will be used for general government programs and for advances to the Manitoba Hydro-Electric Board.

Issuer:	Province of Manitoba
Amount:	$1 billion
Description:	Global debentures, series GM
Maturity:	Nov. 30, 2020
Bookrunners:	CIBC Capital Markets, RBC Capital Markets LLC, National Bank of Canada Financial Markets, Scotia Capital (USA) Inc.
Co-managers:	HSBC Securities (USA) Inc., BMO Capital Markets Corp., TD Securities (USA) LLC, BofA Merrill Lynch, Canaccord Genuity Corp., Casgrain & Co. Ltd.
Coupon:	2.05%
Price:	99.816
Yield:	2.089%
Spread:	Mid-swaps plus 53 bps, Treasuries plus 43.3 bps
Trade date:	Nov. 20
Settlement date:	Nov. 30
Ratings:	Moody’s: Aa2
	Standard & Poor’s: AA
Distribution:	SEC registered
Price guidance:	Mid-swaps plus 55 bps area

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