New Issue: Manitoba prices $500 million debentures to yield Treasuries plus 75 bps

By Lisa Kerner

Charlotte, N.C., June 14 – The Province of Manitoba priced $500 million of global debentures, series GP (Aa2/AA), with a spread of 75 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

The bonds were priced at 99.143 to yield 2.221%.

BMO Capital Markets Corp., CIBC Capital Markets, RBC Capital Markets LLC and TD Securities (USA) LLC are the bookrunners.

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

The Canadian province is seeking to have the debentures admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.

Issuer:	Province of Manitoba
Amount:	$500 million
Description:	Global debentures, series GP
Maturity:	June 22, 2026
Bookrunners:	BMO Capital Markets Corp., CIBC Capital Markets, RBC Capital Markets LLC, TD Securities (USA) LLC
Co-managers:	HSBC Bank plc, National Bank of Canada Financial Inc., Scotia Capital (USA) Inc., BofA Merrill Lynch, Canaccord Genuity Corp., Casgrain & Co. Ltd.
Coupon:	2.125%
Price:	99.143
Yield:	2.221%
Spread:	Treasuries plus 75 bps
Trade date:	June 14
Settlement date:	June 22
Ratings:	Moody’s: Aa2
	S&P: AA
Distribution:	SEC registered

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