Quebec offers five-year global notes; price talk emerges

By William Gullotti and Cristal Cody

Buffalo, N.Y., March 26 – The Province of Quebec intends to price U.S. dollar-denominated series RE global notes due April 3, 2029, according to a 424B3 filed with the Securities and Exchange Commission and details from a market source.

Initial price talk is in the SOFR mid-swaps plus 53 basis points area.

BofA, BMO, CIBC, HSBC and TD Securities are the bookrunners.

The underwriters will be advised by Sullivan & Cromwell LLP, Norton Rose Fullbright LLP and Norton Rose Fullbright Canada LLP.

Miller Thomson LLP is advising the province.

The province intends to add the proceeds to its consolidated revenue fund or advance the proceeds to its financing fund.

The notes will be issued on the Euro MTF Market of the Luxembourg Stock Exchange.

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