New Issue: Province of New Brunswick sells C$400 million 2.85% notes due 2023 at 105 bps spread

By Cristal Cody

Prospect News, Nov. 7 - The Province of New Brunswick (Aa2/A+/DBRS: A) priced C$400 million of 2.85% notes due June 2, 2023 at 99.621 to yield 2.892% on Wednesday, a syndicate source said.

The notes priced on top of guidance at a spread of 105 basis points over the Government of Canada benchmark.

RBC Capital Markets LLC, CIBC World Markets Inc., TD Securities Inc. and Bank of America Merrill Lynch were the lead managers.

Issuer:	Province of New Brunswick
Amount:	C$400 million
Maturity:	June 2, 2023
Securities:	Notes
Bookrunners:	RBC Capital Markets LLC, CIBC World Markets Inc., TD Securities Inc., Bank of America Merrill Lynch
Coupon:	2.85%
Price:	99.621
Yield:	2.892%
Spread:	105 bps over Government of Canada benchmark
Pricing date:	Nov. 7
Settlement date:	Nov. 15
Ratings:	Moody's: Aa2
	Standard & Poor's: A+
	DBRS: A
Distribution:	Canada
Price talk:	105 bps over Government of Canada benchmark

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