By Cristal Cody
Prospect News, June 20 - The Province of Quebec sold C$500 million in a reopening of its 3.5% medium-term notes due Dec. 1, 2022 at 104.769 to yield 2.965% on Wednesday, a bond source said.
The notes priced at a spread of 116 basis points over the Government of Canada benchmark.
National Bank Financial Inc. and BMO Capital Markets Corp. were the lead managers.
Co-managers included Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc., RBC Capital Markets Corp., Scotia Capital Inc. and TD Securities Inc.
The province was in the market earlier in the month with a reopening of the issue, first priced on Nov. 29, 2011 at a spread of 115 bps over the Government of Canada benchmark.
On June 7, Quebec sold C$500 million in an add-on to the notes at a spread of 116.5 bps over the Canadian government benchmark. The total outstanding is C$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: | Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities, Inc., Merrill Lynch Canada Inc., RBC Capital Markets Corp., Scotia Capital Inc., TD Securities Inc.
|
| Coupon: | 3.5%
|
| Price: | 104.769
|
| Yield: | 2.965%
|
| Spread: | 116 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | June 20
|
| Settlement date: | June 26
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$5 billion
|
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