By Cristal Cody
Prospect News, June 20 - The Province of Quebec (Aa2/A+/DBRS: A) priced C$500 million in a reopening of its 5% bonds due Dec. 1, 2041 at 111.307 to yield 4.328% on Monday, an informed bond source said.
The bonds priced at a spread of 91.5 basis points over the Government of Canada benchmark.
The lead manager was National Bank Financial Inc. Co-managers were BMO Capital Markets Corp. and RBC Capital Markets Corp.
Quebec previously reopened the issue on June 14 to sell C$500 million at 110.749 to yield 4.359%, or a spread of 89 bps over the government benchmark. The total outstanding now is C$8 billion.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: | Dec. 1, 2041
|
| Securities: | Bonds
|
| Bookrunner: | National Bank Financial Inc.
|
| Co-managers: | BMO Capital Markets Corp., RBC Capital Markets Corp.
|
| Coupon: | 5%
|
| Price: | 111.307
|
| Yield: | 4.328%
|
| Spread: | 91.5 bps over Government of Canada benchmark
|
| Pricing date: | June 20
|
| Settlement date: | June 23
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
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