New Issue: Quebec prices C$500 million add-on to 3.5% 10-year notes at 107.5 bps spread

By Cristal Cody

Prospect News, April 12 - The Province of Quebec (Aa2/A+/DBRS: A) priced C$500 million in a reopening of its 3.5% medium-term notes due Dec. 1, 2022 at 102.663 to yield 3.202% on Thursday, a bond source said.

The notes priced at a spread of 107.5 basis points over the Government of Canada benchmark.

National Bank Financial Inc. and BMO Capital Markets Corp. were the lead managers. Co-managers were Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets Corp., Casgrain & Co. Ltd., Laurentian Bank Securities, Inc. and Merrill Lynch Canada Inc.

The issue originally priced on Nov. 29 at 100.6 to yield 3.434%, or a spread of 115 bps over the Government of Canada benchmark. The total outstanding now is C$3.5 billion.

Issuer:	Province of Quebec
Amount:	C$500 million reopening
Maturity:	Dec. 1, 2022
Securities:	Medium-term notes
Bookrunners:	National Bank Financial Inc., BMO Capital Markets Corp.
Co-managers:	Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets Corp., Casgrain & Co. Ltd., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc.
Coupon:	3.5%
Price:	102.663
Yield:	3.202%
Spread:	107.5 bps over Government of Canada benchmark
Call feature:	Non-callable
Pricing date:	April 12
Settlement date:	April 17
Ratings:	Moody's: Aa2
	Standard & Poor's: A+
	DBRS: A
Distribution:	Canada
Total outstanding:	C$3.5 billion

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.