By Cristal Cody
Tupelo, Miss., July 16 – The Province of Quebec (Aa2/AA-/AA-) priced $3.25 billion of 0.6% five-year global notes on Thursday at mid-swaps plus 30 basis points, or a Treasuries plus 34 bps spread, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the mid-swaps plus 33 bps area with guidance at the 31 bps area.
The issue was sold at 99.956 to yield 0.609%.
BMO Capital Markets Corp., BofA Securities, Inc., National Bank of Canada Financial Inc., RBC Capital Markets LLC and TD Securities (USA) LLC were the bookrunners.
Proceeds will be added to Quebec’s consolidated revenue fund or advanced to its financing fund.
| Issuer: | Province of Quebec
|
| Amount: | $3.25 billion
|
| Description: | Series RA global notes
|
| Maturity: | July 23, 2025
|
| Bookrunners: | BMO Capital Markets Corp., BofA Securities, Inc., National Bank of Canada Financial Inc., RBC Capital Markets LLC and TD Securities (USA) LLC
|
| Coupon: | 0.6%
|
| Price: | 99.956
|
| Yield: | 0.609%
|
| Spread: | Mid-swaps plus 30 bps, or Treasuries plus 34 bps
|
| Call feature: | None
|
| Trade date: | July 16
|
| Settlement date: | July 23
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price guidance: | Mid-swaps plus 31 bps area; initial talk at mid-swaps plus 33 bps area
|
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