By Cristal Cody
Prospect News, May 1 - The Province of Quebec (Aa2/A+/DBRS: A) sold C$500 million in a reopening of its 3.5% medium-term notes due Dec. 1, 2022 at 103.008 to yield 3.163% on Tuesday, a bond source said.
The notes priced at a spread of 105 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the bookrunner.
The issue originally priced on Nov. 29, 2011 at 100.6 to yield 3.434%, or a spread of 115 bps over the Government of Canada benchmark.
Quebec sold C$500 million of the notes in a reopening on April 12 at 102.663 to yield 3.202%, or a spread of 107.5 bps over the Government of Canada benchmark. The total outstanding now is C$4 billion.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million
|
| Maturity: | Dec. 1, 2022
|
| Securities: | Medium-term notes reopening
|
| Bookrunner: | National Bank Financial Inc.
|
| Coupon: | 3.5%
|
| Price: | 103.008
|
| Yield: | 3.163%
|
| Spread: | 105 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | May 1
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$4 billion
|
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