By Rebecca Melvin
New York, Oct. 11 - The Province of Quebec (Aa2/A+/DBRS: A) raised C$500 million in a reopening of its 4.25% medium-term notes due Dec. 1, 2043 at 112.165 to yield 3.597% on Tuesday, a bond source said.
The notes priced at a spread of 116.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc., RBC Capital Markets and CIBC were bookrunners.
The province first sold the notes in a C$500 million offering on Aug. 12, 2011 at 103.875 to yield 4.034%, or 97 bps over the government benchmark.
The issue was last tapped on Sept. 25 in a C$500 million offering of notes that priced at 114.284 to yield 3.494%, or 108.5 bps over the Government of Canada benchmark. The total outstanding is C$5.5 billion.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million
|
| Maturity: | Dec. 1, 2043
|
| Securities: | Medium-term notes reopening
|
| Bookrunner: | National Bank Financial Inc., RBC Capital Markets, and CIBC
|
| Coupon: | 4.25%
|
| Price: | 112.165
|
| Yield: | 3.597%
|
| Spread: | 116.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Oct. 11
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$5.5 billion
|
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