By Cristal Cody
Prospect News, Jan. 10 - Ville de Montreal priced C$400 million of debentures (Aa2/A+/) in two tranches on Thursday, according to an informed source.
The city sold C$250 million of 3.5% debentures due Sept. 1, 2023 at 99.401 to yield 3.568%, or a spread of 48 basis points over the government benchmark.
Ville de Montreal also reopened its 4.25% debentures due Dec. 1, 2032 to sell C$150 million of the securities at 101.665 to yield 4.126%, or 52 bps over the benchmark. The city first priced C$165 million of the long debentures on April 11, 2012 at 100.654 to yield 4.202%, or a spread of 175 bps plus the benchmark. The total outstanding is C$315 million.
National Bank Financial Inc., CIBC World Markets Inc. and Desjardins Securities Inc. were the lead managers.
| Issuer: | Ville de Montreal
|
| Amount: | C$400 million
|
| Securities: | Debentures
|
| Bookrunners: | National Bank Financial Inc., CIBC World Markets Inc. and Desjardins Securities Inc.
|
| Pricing date: | Jan. 10
|
| Settlement date: | Jan. 21
|
| Distribution: | Canada
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
|
|
| Tranche 1
|
| Amount: | C$250 million
|
| Maturity: | Sept. 1, 2023
|
| Coupon: | 3.5%
|
| Price: | 99.401
|
| Yield: | 3.568%
|
| Spread: | 48 bps over Canadian benchmark
|
|
|
| Tranche 2
|
| Amount: | C$150 million reopening
|
| Maturity: | Dec. 1, 2032
|
| Coupon: | 4.25%
|
| Price: | 101.665
|
| Yield: | 4.126%
|
| Spread: | 52 bps over benchmark
|
| Total outstanding: | C$315 million
|
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