Quebec talks 10-year notes at mid-swaps plus low to mid 50 bps area

By Cristal Cody

Tupelo, Miss., April 5 – The Province of Quebec plans to price a dollar-denominated benchmark offering of 10-year bonds on Wednesday, according to a market source and a 424B3 filing with the Securities and Exchange Commission.

The global notes (Aa2/A+/AA-) due April 12, 2027 were talked to price in the mid-swaps plus low to mid 50 basis points area.

BofA Merrill Lynch, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC are the bookrunners.

The notes are non-callable except in certain Canadian taxation events.

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

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