By Cristal Cody
Prospect News, Sept. 20 - The Province of Quebec raised C$500 million in an add-on to its 3.5% 10-year medium-term notes on Thursday, pricing the offering at 105.155 to yield 2.911%, according to a bond source.
The notes due Dec. 1, 2022 priced at a spread of 106.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the lead manager.
Co-managers were BMO Capital Markets Corp., RBC Capital Markets Corp., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities, Inc., Scotia Capital Inc., TD Securities Inc., Merrill Lynch Canada Inc. and HSBC Capital (Canada) Inc.
The province last reopened the issue on June 20 with a C$500 million add-on priced at 104.769 to yield 2.965%, or a spread of 116 bps over the Government of Canada benchmark.
The total outstanding is C$5.5 billion.
| Issuer: | Province of Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: | Dec. 1, 2022
|
| Securities: | Medium-term notes
|
| Bookrunners: | National Bank Financial Inc.
|
| Co-managers: | BMO Capital Markets Corp., RBC Capital Markets Corp., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities, Inc., Scotia Capital Inc., TD Securities Inc., Merrill Lynch Canada Inc. and HSBC Capital (Canada) Inc.
|
| Coupon: | 3.5%
|
| Price: | 105.155
|
| Yield: | 2.911%
|
| Spread: | 106 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | Sept. 20
|
| Settlement: | Sept. 25
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$5.5 billion
|
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