New Issue: Quebec prices $2 billion 2.375% five-year global notes at 43 bps over mid-swaps

By Cristal Cody

Eureka Springs, Ark., Jan. 24 – The Province of Quebec (Aa2/A+/AA-) priced $2 billion of 2.375% five-year global notes on Tuesday at mid-swaps plus 43 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

The series QQ notes (Aa2/A+/AA-) priced at 99.911 to yield 2.394%.

The notes were talked to price in the mid-swaps plus 46 bps area.

BMO Capital Markets Corp., Deutsche Bank Securities Inc., BofA Merrill Lynch and Scotia Capital (USA) Inc. were the lead managers.

Proceeds will be added to Quebec’s consolidated revenue fund and applied to general expenses or advanced to the financing fund of Quebec as permitted by law.

Issuer:	Province of Quebec
Amount:	$2 billion
Description:	Global notes
Maturity:	Jan. 31, 2022
Bookrunners:	BMO Capital Markets Corp., Deutsche Bank Securities Inc., BofA Merrill Lynch, Scotia Capital (USA) Inc.
Senior co-managers:	CIBC World Markets Corp., National Bank of Canada Financial Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC
Co-managers:	BNP Paribas, Casgrain & Co. Ltd., HSBC Securities (USA) Inc., Desjardins Securities Inc., J.P. Morgan Securities plc, MUFG, Societe Generale, Royal Bank of Scotland plc
Coupon:	2.375%
Price:	99.911
Yield:	2.394%
Spread:	Treasuries plus 49.15 bps, or mid-swaps plus 43 bps
Trade date:	Jan. 24
Settlement date:	Jan. 31
Ratings:	Moody’s: Aa2
	S&P: A+
	Fitch: AA-
Distribution:	SEC registered
Price guidance:	Mid-swaps plus 46 bps area

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