New Issue: Quebec prices $2 billion 2.5% 10-year notes at mid-swaps plus 90 bps

By Aleesia Forni

New York, April 12 – The Province of Quebec sold $2 billion of 2.5% 10-year global notes on Tuesday at mid-swaps plus 90 basis points, or Treasuries plus 76.7 bps, according to an FWP filing with the Securities and Exchange Commission.

Pricing was at 99.701 to yield 2.534%.

CIBC Capital Markets, BofA Merrill Lynch, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are the bookrunners.

Proceeds will be added to the consolidated revenue fund of Quebec and will be used for general expenses or advanced to its financing fund.

Issuer:	Quebec
Amount:	$2 billion
Description:	Global notes, series QP
Maturity:	April 20, 2026
Bookrunners:	CIBC Capital Markets, BofA Merrill Lynch, Scotia Capital (USA) Inc., TD Securities (USA) LLC
Senior co-managers:	National Bank of Canada Financial Inc., RBC Capital Markets LLC
Co-managers:	BMO Capital Markets Corp., BNP Paribas Securities Corp., Casgrain & Co. Ltd., Desjardins Securities Inc., Deutsche Bank, HSBC Securities (USA) Inc., J.P. Morgan Securities, MUFG, RBS Securities Inc., Societe Generale
Coupon:	2.5%
Price:	99.701
Yield:	2.534%
Spread:	Mid-swaps plus 90 bps, Treasuries plus 76.7 bps
Trade date:	April 12
Settlement date:	April 20
Ratings:	Moody’s: Aa2
	Standard & Poor’s: A+
Distribution:	SEC registered

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