By Cristal Cody
Prospect News, Jan. 26 - The Province of New Brunswick (Aa2/AA-/DBRS: A) sold C$400 million in reopenings of two tranches of debentures on Thursday, according to an informed source.
The province sold C$300 million in an add-on to its 3.35% debentures due Dec. 3, 2021 at 102.907 to yield 3.006%, or a spread of 96 basis points over the Government of Canada benchmark. The total outstanding now is C$900 million.
In the second tranche, New Brunswick sold C$100 million in a reopening of its 4.8% debentures due June 3, 2041 at 119.865 to yield 3.686%, or a spread of 102.5 bps over the government benchmark. The total outstanding is C$1 billion.
TD Securities Inc. and CIBC World Markets Inc. were the lead managers. Co-managers were RBC Capital Markets Corp. and BMO Capital Markets Corp.
| Issuer: | Province of New Brunswick
|
| Amount: | C$400 million reopenings
|
| Securities: | Debentures
|
| Bookrunners: | TD Securities Inc., CIBC World Markets Inc.
|
| Co-managers: | RBC Capital Markets Corp., BMO Capital Markets Corp.
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 2
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| DBRS: A
|
| Distribution: | Canada
|
|
|
| Debentures due 2021
|
| Amount: | C$300 million
|
| Maturity: | Dec. 3, 2021
|
| Coupon: | 3.35%
|
| Price: | 102.907
|
| Yield: | 3.006%
|
| Spread: | 96 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
|
|
| Debentures due 2041
|
| Amount: | C$100 million
|
| Maturity: | June 3, 2041
|
| Coupon: | 4.8%
|
| Price: | 119.865
|
| Yield: | 3.686%
|
| Spread: | 102.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
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