By Cristal Cody
Prospect News, Dec. 23 - The Province of Quebec (Aa2/A+/DBRS: A) sold C$300 million in an add-on to its 4.5% notes due Dec. 1, 2020 at 113.412 to yield 2.794% on a private placement basis into one account, an informed source said.
The notes priced at a spread of 99.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the lead manager.
The province last reopened the issue on Oct. 12 in a C$300 million offering priced at 109.888 to yield 3.239%, or a 98 bps spread.
The issue now has a total of C$5.6 billion outstanding.
Issuer: | Province of Quebec
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Amount: | C$300 million reopening
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Maturity: | Dec. 1, 2020
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Securities: | Benchmark notes
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Bookrunner: | National Bank Financial Inc.
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Coupon: | 4.5%
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Price: | 113.412
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Yield: | 2.794%
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Spread: | 99.5 bps over Government of Canada benchmark
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Pricing date: | Dec. 20
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Settlement date: | Dec. 23
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Ratings: | Moody's: Aa2
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| Standard & Poor's: A+
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| DBRS: A
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Distribution: | Canada
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