By Cristal Cody
Prospect News, Dec. 18 - The Province of Quebec (Aa2/A+/DBRS: A) sold C$500 million of its existing 3% medium-term notes due Sept. 1, 2023 at 99.39 to yield 3.067% on Tuesday, according to an informed source.
The notes priced at a spread of 111.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the bookrunner.
The province last reopened the issue on Dec. 5 when it sold C$500 million of the notes at 100.143 to yield 2.984%, or a spread of 119 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: | Sept. 1, 2023
|
| Securities: | Medium-term notes
|
| Bookrunner: | National Bank Financial Inc.
|
| Coupon: | 3%
|
| Price: | 99.39
|
| Yield: | 3.067%
|
| Spread: | 111.5 bps over Government of Canada benchmark
|
| Pricing date: | Dec. 18
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$1.5 billion
|
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