By Cristal Cody
Prospect News, Jan. 10 - The Province of Quebec (Aa2/A+/DBRS: A) priced C$500 million in a reopening of its 3.5% medium-term notes due Dec. 1, 2022 at 103.875 to yield 3.078% on Tuesday, a bond source said.
The notes priced at a spread of 98.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. and BMO Capital Markets Corp. were lead managers. Co-managers included Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets Corp., Casgrain & Co. Ltd., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc. and TD Securities Inc.
The notes are non-callable.
Quebec originally sold C$500 million of the issue on Nov. 29 at 100.6 to yield 3.434%, or a spread of 115 bps over the Government of Canada benchmark.
The total outstanding is C$1.5 billion.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: | Dec. 1, 2022
|
| Securities: | Medium-term notes
|
| Bookrunners: | National Bank Financial Inc., BMO Capital Markets Corp.
|
| Co-managers: | Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets Corp., Casgrain & Co. Ltd., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc., TD Securities Inc.
|
| Coupon: | 3.5%
|
| Price: | 103.875
|
| Yield: | 3.078%
|
| Spread: | 98.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Jan. 10
|
| Settlement date: | Jan. 13
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$1.5 billion
|
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