New Issue: Ville de Montreal sells upsized C$350 million 4.5% 10-year notes at 108 bps spread

By Cristal Cody

Prospect News, March 9 - Ville de Montreal (Aa2/A+/) priced an upsized C$350 million offering of 4.5% notes due Dec. 1, 2021 at 99.306 to yield 4.582%, a source said.

The notes priced at a spread of 108 basis points over the Government of Canada benchmark, slightly wider than initial guidance of 107.5 bps. The deal was upsized from C$300 million.

National Bank Financial Inc., Desjardins Securities Inc. and CIBC World Markets Inc. were the joint bookrunners.

Issuer:	Ville de Montreal
Amount:	C$350 million, increased from C$300 million
Maturity:	Dec. 1, 2021
Securities:	Notes
Bookrunners:	National Bank Financial Inc., Desjardins Securities Inc., CIBC World Markets Inc.
Coupon:	4.5%
Price:	99.306
Yield:	4.582%
Spread:	108 bps over Government of Canada benchmark
Pricing date:	March 9
Settlement date:	March 16
Ratings:	Moody's: Aa2
	Standard & Poor's: A+
Distribution:	Canada
Price talk:	107.5 bps over Government of Canada benchmark

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