By Cristal Cody
Prospect News, Oct. 25 - The Province of Quebec (Aa2/A+//DBRS: A) sold C$500 million in an add-on to its 4.25% bonds due Dec. 1, 2043 at 104.68 to yield 3.99%, according to a bond source on Tuesday.
The province sold the bonds due Dec. 1, 2043 at a spread of 100 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the lead manager.
The province last reopened the bonds on Sept. 14 to sell C$500 million of the notes at 106.746 to yield 3.88%, or a spread of 102 bps over the Government of Canada benchmark.
The issue was first sold on Aug. 12 in a C$500 million offering priced at 103.875 to yield 4.034%, or a spread of 97 bps over the benchmark.
The total outstanding in the issue is C$2 billon.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million
|
| Maturity: | Dec. 1, 2043
|
| Securities: | Bonds
|
| Bookrunner: | National Bank Financial Inc.
|
| Coupon: | 4.25%
|
| Price: | 104.68
|
| Yield: | 3.99%
|
| Spread: | 100 bps over Government of Canada benchmark
|
| Pricing date: | Oct. 21
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
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