By Cristal Cody
Prospect News, Dec. 14 - The Province of British Columbia (Aaa/AAA/DBRS: AA) raised C$500 million in reopenings of two tranches of bonds on Wednesday, according to a bond source.
The province sold C$250 million of 3.25% notes due Dec. 18, 2021 at 102.922 to yield 2.911%, or a spread of 93.5 basis points over the Government of Canada benchmark.
The province also priced C$250 million in an add-on to its 4.3% bonds due June 18, 2042 at 115.542 to yield 3.47%, or a spread of 91 bps over the government benchmark.
CIBC World Markets Inc. was the lead manager. TD Securities Inc. and RBC Capital Markets Corp. were co-lead managers. Co-managers were National Bank Financial Inc., Scotia Capital Inc. and BMO Capital Markets Corp.
Both tranches were last reopened on Nov. 30.
The province sold C$400 million in the Nov. 30 reopening of the 3.25% 10-year notes at 100.975 to yield 3.136%, or a spread of 97 bps over the Government of Canada benchmark. The total outstanding is C$1.75 billion.
The tranche of 4.3% 30-year bonds priced in a C$200 million offering on Nov. 30 at 111.767 to yield 3.657%, or a spread of 95 bps over. The total outstanding is C$3.45 billion.
| Issuer: | Province of British Columbia
|
| Amount: | C$500 million
|
| Securities: | Bonds
|
| Bookrunners: | CIBC World Markets (lead), TD Securities, RBC Capital Markets (co-leads)
|
| Co-managers: | National Bank Financial, Scotia Capital, BMO Capital Markets
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| DBRS: AA
|
| Distribution: | Canada
|
|
|
| Bonds due 2021
|
| Amount: | C$250 million reopening
|
| Maturity: | Dec. 18, 2021
|
| Coupon: | 3.25%
|
| Price: | 102.922
|
| Yield: | 2.911%
|
| Spread: | 93.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Total outstanding: | C$1.75 billion
|
|
|
| Bonds due 2042
|
| Amount: | C$250 million reopening
|
| Maturity: | June 18, 2042
|
| Coupon: | 4.3%
|
| Price: | 115.542
|
| Yield: | 3.47%
|
| Spread: | 91 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Total outstanding: | C$3.45 billion
|
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