New Issue: Quebec sells C$500 million more 4.25% bonds due 2043 at 121.5 bps over benchmark

By Cristal Cody

Prospect News, Dec. 11 - The Province of Quebec (Aa2/A+/DBRS: A) priced a C$500 million add-on to its 4.25% medium-term notes due Dec. 1, 2043 at 113.227 to yield 3.543% on Tuesday, according to an informed bond source.

The notes priced at a spread of 121.5 basis points over the Government of Canada benchmark.

National Bank Financial Inc. was the bookrunner.

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 province last tapped the issue on Oct. 11 with a C$500 million offering that priced at 112.165 to yield 3.597%, or 116.5 bps over the Government of Canada benchmark. The total outstanding is C$6 billion.

Issuer:	Province of Quebec
Amount:	C$500 million
Maturity:	Dec. 1, 2043 reopening
Securities:	Medium-term notes
Bookrunner:	National Bank Financial Inc.
Co-managers:	Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Casgrain & Co. Ltd., CIBC World Markets Inc., RBC Capital Markets, Desjardins Securities Inc., Laurentian Bank Securities, Inc.
Coupon:	4.25%
Price:	113.227
Yield:	3.543%
Spread:	121.5 bps over Government of Canada benchmark
Call feature:	Non-callable
Pricing date:	Dec. 11
Settlement date:	Dec. 14
Ratings:	Moody's: Aa2
	Standard & Poor's: A+
	DBRS: A
Distribution:	Canada
Total outstanding:	C$6 billion

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