Published on 4/5/2017 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Quebec prices $1.25 billion 2.75% 10-year notes to yield mid-swaps plus 53 bps
By Cristal Cody
Tupelo, Miss., April 5 – The Province of Quebec priced $1.25 billion of 2.75% 10-year global notes (Aa2/A+/AA-) at 98.972 to yield 2.869% on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The series Q notes priced at a spread of Treasuries plus 50.75 basis points, or mid-swaps plus 53 bps.
The notes were talked to price in the mid-swaps plus low to mid 50 bps area.
J.P. Morgan Securities LLC, BofA Merrill Lynch, RBC Capital Markets, LLC and TD Securities (USA) LLC were 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.
| Issuer: | Province of Quebec
|
| Amount: | $1.25 billion
|
| Description: | Global notes
|
| Maturity: | April 12, 2027
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, RBC Capital Markets, LLC and TD Securities (USA) LLC
|
| Senior co-lead manager: | National Bank of Canada Financial Inc.
|
| Co-lead managers: | BMO Capital Markets Corp., CIBC World Markets Corp. and Scotia Capital (USA) Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Desjardins Securities Inc., Deutsche Bank AG, London Branch, HSBC Bank plc, MUFG, Societe Generale and the Royal Bank of Scotland plc
|
| Coupon: | 2.75%
|
| Price: | 98.972
|
| Yield: | 2.869%
|
| Spread: | Treasuries plus 50.75 bps, or mid-swaps plus 53 bps
|
| Call feature: | Non-callable
|
| Trade date: | April 5
|
| Settlement date: | April 12
|
| Ratings: | Moody’s: Aa2
|
| S&P: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price guidance: | Mid-swaps plus low to mid 50 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
