By Andrea Heisinger
New York, July 22 - Quebec sold $1.5 billion of 3.5% 10-year global notes on Thursday to yield Treasuries plus 60.45 basis points, a source away from the sale said.
The notes were talked at mid-swaps plus 60 bps, they said.
The notes (Aa2/A+/AA-) priced at 99.607 to yield 3.547%. They are non-callable.
Bookrunners were Bank of America Merrill Lynch, Deutsche Bank Securities, HSBC Securities and National Bank of Canada Financial.
BMO Capital Markets, CIBC, RBC Capital Markets, Scotia Capital and TD Securities were the senior co-managers.
BNP Paribas Securities, Casgrain & Co. (USA) Ltd., Citigroup Global Markets, Desjardins Securities Inc., J.P. Morgan Securities Inc., Mitsubishi UFJ Securities International plc and RBS Securities were the co-managers.
Proceeds will be added to a consolidated revenue fund of Quebec to be used for general corporate purposes or partially or entirely credited to the Financial Fund of Quebec to be used for loans to public institutions or government enterprises and agencies.
The issuer is based in Montreal.
| Issuer: | Quebec
|
| Issue: | Global notes
|
| Amount: | $1.5 billion
|
| Maturity: | July 29, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities, HSBC Securities, National Bank of Canada Financial
|
| Senior co-managers: | BMO Capital Markets, CIBC, RBC Capital Markets, Scotia Capital, TD Securities
|
| Co-managers: | BNP Paribas Securities, Casgrain & Co. (USA) Ltd., Citigroup Global Markets, Desjardins Securities Inc., J.P. Morgan Securities Inc., Mitsubishi UFJ Securities International plc, RBS Securities
|
| Coupon: | 3.5%
|
| Price: | 99.607
|
| Yield: | 3.547%
|
| Spread: | Treasuries plus 60.45 bps
|
| Call: | Non-callable
|
| Trade date: | July 22
|
| Settlement date: | July 29
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Price talk: | Mid-swaps plus 60 bps
|
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