By Cristal Cody
Prospect News, April 11 - Ville de Montreal (Aa2/A+/DBRS: A) sold C$375 million of debentures in two tranches on Wednesday, according to a bond source.
In the first tranche, the city sold C$210 million in a reopening of 4.5% debentures due Dec. 1, 2021 at 107.47 to yield 3.574%, or a spread of 155.6 basis points over the Canadian benchmark.
Montreal originally sold the issue on March 9, 2011 in a C$350 million offering at 99.306 to yield 4.582%, or 108 bps over the Government of Canada benchmark. The total outstanding now is C$560 million.
Montreal also sold C$165 million of 4.25% debentures due Dec. 1, 2032 at 100.654 to yield 4.202%, or a spread of 175 bps over the benchmark, on Wednesday.
The syndicate included National Bank Financial Inc., Desjardins Securities Inc., CIBC World Markets Inc., RBC Capital Markets Corp., Laurentian Bank Securities, Inc., Scotia Capital Inc., BMO Capital Markets Corp., Casgrain & Co. Ltd. and TD Securities Inc.
| Issuer: | Ville de Montreal
|
| Amount: | C$375 million
|
| Securities: | Debentures
|
| Bookrunners: | National Bank Financial Inc., Desjardins Securities Inc., CIBC World Markets Inc., RBC Capital Markets Corp., Laurentian Bank Securities, Inc., Scotia Capital Inc., BMO Capital Markets Corp., Casgrain & Co. Ltd. and TD Securities Inc.
|
| Call feature: | Non-callable
|
| Pricing date: | April 11
|
| Settlement date: | April 23
|
| Distribution: | Canada
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
|
|
| Debentures due 2021
|
| Amount: | C$210 million reopening
|
| Maturity: | Dec. 1, 2021
|
| Coupon: | 4.5%
|
| Price: | 107.47
|
| Yield: | 3.574%
|
| Spread: | 155.6 bps over Canadian benchmark
|
| Total outstanding: | C$560 million
|
|
|
| Debentures due 2032
|
| Amount: | C$165 million
|
| Maturity: | Dec. 1, 2032
|
| Coupon: | 4.25%
|
| Price: | 100.654
|
| Yield: | 4.202%
|
| Spread: | 175 bps plus the benchmark
|
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