New Issue: Quebec sells C$500 million add-on to 3.5% 10-year notes at 111.5 bps over benchmark

By Cristal Cody

Prospect News, Nov. 1 - The Province of Quebec (Aa2/A+/DBRS: A) priced C$500 million in a reopening of its 3.5% 10-year medium-term notes on Thursday at 105.089 to yield 2.913%, an informed bond source said.

The notes due Dec. 1, 2022 priced at a spread of 111.5 basis points over the Government of Canada benchmark.

National Bank Financial Inc. was the lead manager.

The notes are non-callable.

The province last tapped the issue on Sept. 20 with a C$500 million add-on that priced at 105.155 to yield 2.911%, or 106.5 bps over the Government of Canada benchmark.

Issuer:	Province of Quebec
Amount:	C$500 million reopening
Maturity:	Dec. 1, 2022
Securities:	Medium-term notes
Bookrunner:	National Bank Financial Inc.
Co-managers:	BMO Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., TD Securities Inc., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc., RBC Capital Markets Corp., Scotia Capital Inc., Desjardins Securities Inc.
Coupon:	3.5%
Price:	105.089
Yield:	2.913%
Spread:	111.5 bps over Government of Canada benchmark
Call feature:	Non-callable
Pricing date:	Nov. 1
Settlement date:	Nov. 6
Ratings:	Moody's: Aa2
	Standard & Poor's: A+
	DBRS: A
Distribution:	Canada
Total outstanding:	C$6 billion

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