By Cristal Cody
Tupelo, Miss., May 19 – The Province of Quebec (Aa2/AA-/AA-) priced an upsized $1.5 billion of 1.35% 10-year global notes on Tuesday at mid-swaps plus 67 basis points, or a spread of Treasuries plus 64.85 bps, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial talk was at the mid-swaps plus 68 bps area.
The issue priced at 99.925 to yield 1.358%.
The offering was upsized from $1 billion.
HSBC Bank plc, J.P. Morgan Securities plc, RBC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) 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: | $1.5 billion
|
| Description: | Series QZ global notes
|
| Maturity: | May 28, 2030
|
| Bookrunners: | HSBC Bank plc, J.P. Morgan Securities plc, RBC Capital Markets LLC and Scotia Capital
|
| Coupon: | 1.35%
|
| Price: | 99.925
|
| Yield: | 1.358%
|
| Spread: | Mid-swaps plus 67 bps, or Treasuries plus 64.85 bps
|
| Call feature: | None
|
| Trade date: | May 19
|
| Settlement date: | May 28
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price guidance: | Mid-swaps plus 68 bps area
|
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