New Issue: Quebec sells C$500 million more 3% notes due 2023 at 119 bps spread

By Cristal Cody

Prospect News, Dec. 5 - The Province of Quebec (Aa2/A+/DBRS: A) sold C$500 million in a reopening it its 3% medium-term notes due Sept. 1, 2023 at 100.143 to yield 2.984% on Wednesday, according to a syndicate source.

The notes priced at a spread of 119 basis points over the Government of Canada benchmark.

National Bank Financial Inc. was the bookrunner.

The province was expected to reopen the notes that it first issued on Friday in a C$500 million offering at 99.997 to yield 3%, or a spread of 119.5 bps over the Canadian government benchmark. That offering closed on Wednesday.

The total outstanding is C$1 billion.

Issuer:	Province of Quebec
Amount:	C$500 million reopening
Maturity:	Sept. 1, 2023
Securities:	Medium-term notes
Bookrunner:	National Bank Financial Inc.
Co-managers:	CIBC World Markets Inc., Desjardins Securities Inc., BMO Nesbitt Burns Inc., Casgrain & Co. Ltd., TD Securities Inc., RBC Capital Markets, Scotia Capital Inc., Laurentian Bank Securities, Inc.
Coupon:	3%
Price:	100.143
Yield:	2.984%
Spread:	119 bps over Government of Canada benchmark
Pricing date:	Dec. 5
Settlement date:	Dec. 10
Ratings:	Moody's: Aa2
	Standard & Poor's: A+
	DBRS: A
Distribution:	Canada
Total outstanding:	C$1 billion

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