New Issue: Quebec sells $1.25 billion 2.625% 10-year global notes to yield mid-swaps plus 60 bps

By Aleesia Forni and Andrea Heisinger

New York, Feb. 6 - The Province of Quebec priced $1.25 billion of 2.625% 10-year global notes (Aa2/A+/AA-) on Wednesday to yield mid-swaps plus 60 basis points, or Treasuries plus 68.5 bps, a source away from the trade said.

Pricing was at 99.59 to yield 2.672%. There is no call option.

BofA Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and RBC Capital Markets LLC were the bookrunners.

Proceeds will be added to the Consolidated Revenue Fund of Quebec and used for general expenses.

Issuer:	Province of Quebec
Issue:	Global notes
Amount:	$1.25 billion
Maturity:	Feb. 13, 2023
Bookrunners:	BofA Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBC Capital Markets LLC
Senior co-managers:	National Bank of Canada Financial, CIBC World Markets Corp., Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital Markets Corp.
Co-managers:	Mitsubishi UFJ Securities (USA) Inc., BNP Paribas Securities Corp., Casgrain & Co. Ltd., J.P. Morgan Securities LLC, Societe Generale, RBS Securities Inc., Desjardins Capital Markets
Coupon:	2.625%
Price:	99.59
Yield:	2.672%
Spread:	Mid-swaps plus 60 bps, Treasuries plus 68.5 bps
Call:	Non-callable
Trade date:	Feb. 6
Settlement date:	Feb. 13
Ratings:	Moody's: Aa2
	Standard & Poor's: A+
	Fitch: AA-

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