Quebec sells C$500 million in add-on; Scotiabank's 2015s widen 7 bps but firmer on year

By Cristal Cody

Prospect News, Dec. 5 - The Province of Quebec reopened its 3% medium-term notes due Sept. 1, 2023 to sell C$500 million in the Canadian markets on Wednesday, while the corporate bond markets closed the day on a quiet note, informed sources said.

Quebec had been expected to reopen the notes over the week.

The province sold the notes ½ of a basis point tighter than where the issue priced on Friday, a source said.

Otherwise, the day saw little action, sources said.

There was "very little secondary trading," one Canadian investment-grade bond source said, noting "all in all, a very quiet day."

Bonds traded better on the day after holding flat to weaker in the first two sessions of the week. The Markit CDX Series 18 North American investment-grade index firmed 2 basis points to a spread of 98 bps.

The Markit CDX Series 18 North American high-yield index climbed to 100.26 from 99.95.

Canadian U.S. dollar paper was mixed in trading, a market source said.

Bank of Nova Scotia's 1.85% notes due 2015 widened 7 bps on the day but have come in more than 100 bps since the notes priced at the start of the year.

Paper from Bank of Montreal, Toronto-Dominion Bank and National Bank of Canada traded flat.

Royal Bank of Canada's notes firmed 1 bp over the session.

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