By Cristal Cody
Prospect News, Aug. 3 - The Province of Quebec (Aa2/A+//DBRS: A) priced C$500 million in a reopening of the 4.25% benchmark notes due Dec. 1, 2021 at 106.264 to yield 3.52% on Wednesday, an informed bond source said.
The notes were sold at a spread of 87.5 basis points over the Canadian government benchmark.
National Bank Financial Inc. was the lead manager. BMO Capital Markets Corp. was a co-manager.
The issue previously was reopened on July 13 in a C$500 million add-on priced at 104.007 to yield 3.779%, or a spread of 84 bps. The total amount now outstanding is C$4 billion.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: | Dec. 1, 2021
|
| Securities: | Notes
|
| Bookrunner: | National Bank Financial Inc.
|
| Co-manager: | BMO Capital Markets Corp.
|
| Coupon: | 4.25%
|
| Price: | 106.264
|
| Yield: | 3.52%
|
| Spread: | 87.5 bps over Government of Canada benchmark
|
| Pricing date: | Aug. 3
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
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