New Issue: Quebec prices $1 billion of 2.5% five-year notes at mid-swaps plus 23 bps

By Cristal Cody

Tupelo, Miss., April 2 – The Province of Quebec (Aa2/AA-/AA-) priced $1 billion of 2.5% global notes due April 9, 2024 on Tuesday at a spread of mid-swaps plus 23 basis points, or Treasuries plus 27.4 bps, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes were sold at 99.748 to yield 2.554%.

Initial price talk was in the mid-swaps plus 27 bps area.

CIBC World Markets Inc., J.P. Morgan Securities LLC, National Bank of Canada Financial Inc. and RBC Capital Markets LLC were the bookrunners.

Proceeds will be added to Quebec’s consolidated revenue fund or advanced to its financing fund.

Issuer:	Province of Quebec
Amount:	$1 billion
Description:	Series QW global notes
Maturity:	April 9, 2024
Bookrunners:	CIBC World Markets Inc., J.P. Morgan Securities LLC, National Bank of Canada Financial Inc. and RBC Capital Markets LLC
Co-lead managers:	BNP Paribas Securities Corp., Desjardins Securities Inc., Deutsche Bank AG, London Branch, HSBC Bank plc, BofA Merrill Lynch, MUFG, NatWest Markets plc and Societe Generale
Coupon:	2.5%
Price:	99.748
Yield:	2.554%
Spread:	Mid-swaps plus 23 bps, or Treasuries plus 27.4 bps
Call feature:	None
Trade date:	April 2
Settlement date:	April 9
Ratings:	Moody’s: Aa2
	S&P: AA-
	Fitch: AA-
Distribution:	SEC registered
Price guidance:	Mid-swaps plus 27 bps area

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