Alberta talks benchmark five-year notes at mid-swaps plus 34 bps area

By Cristal Cody

Tupelo, Miss., July 19 – The Province of Alberta is expected to price its benchmark-sized dollar-denominated offering of bonds due July 26, 2022 (Expected: Aa1/A+) later on Wednesday, according to a market source.

The bonds were talked to price in the mid-swaps plus 34 basis points area as books opened early in the day. Book orders were more than $1.6 billion.

Initial price thoughts on the notes were in the mid-swaps plus mid-30s bps area on Tuesday.

BNP Paribas, CIBC, RBC and Scotia are the active bookrunners. National Bank Financial, BMO, TD, HSBC and BofA Merrill Lynch are co-managers.

Proceeds will be used for general government purposes.

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