By Cristal Cody
Prospect News, April 24 - The Province of Quebec (Aa2/A+/DBRS: A) priced C$500 million in a reopening of its 4.25% medium-term notes due Dec. 1, 2043 at 109.798 to yield 3.72% on Tuesday, a bond source said.
The notes priced at a spread of 110.5 basis points over the Government of Canada benchmark.
National Bank of Canada was the bookrunner. Co-managers were BMO Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc., RBC Capital Markets Corp. and Scotia Capital Inc.
The province initially 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 issue was reopened on March 29 to add C$500 million of notes priced at 110.863 to yield 3.667%, or a spread of 101.5 bps over the Government of Canada benchmark. The total outstanding is C$4 billion.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million
|
| Maturity: | Dec. 1, 2043 reopening
|
| Securities: | Medium-term notes
|
| Bookrunner: | National Bank of Canada
|
| Co-managers: | BMO Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc., RBC Capital Markets Corp., Scotia Capital Inc.
|
| Coupon: | 4.25%
|
| Price: | 109.798
|
| Yield: | 3.72%
|
| Spread: | 110.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | April 24
|
| Settlement date: | April 27
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
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