New Issue: New Brunswick prices $500 million 2.5% five-year bonds at mid-swaps plus 32 bps

By Cristal Cody

Tupelo, Miss., Dec. 5 – The Province of New Brunswick sold $500 million of 2.5% five-year bonds (Aa2/A+) on Tuesday at 99.799 to yield 2.543%, according to an FWP filing with the Securities and Exchange Commission.

The bonds priced at a spread of mid-swaps plus 32 basis points, or Treasuries plus 37.8 bps.

BMO Capital Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC were the bookrunners.

Proceeds will be used to refinance existing debt with remaining proceeds to be used for general provincial purposes.

Issuer:	Province of New Brunswick
Amount:	$500 million
Description:	Bonds
Maturity:	Dec. 12, 2022
Bookrunners:	BMO Capital Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
Co-managers:	CIBC World Markets Corp., BofA Merrill Lynch and National Bank of Canada Financial Inc.
Coupon:	2.5%
Price:	99.799
Yield:	2.543%
Spread:	Mid-swaps plus 32 bps, or Treasuries plus 37.8 bps
Call features:	None
Trade date:	Dec. 5
Settlement date:	Dec. 12
Ratings:	Moody’s: Aa2
	S&P: A+
Distribution:	SEC registered

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