Commentary & Deal Flow

Province of Quebec, rated Aa2 (stable) by Moody's, A+ (stable) by S&P, and AA- (stable) by Fitch, has mandated BofA Securities, Credit Agricole CIB, HSBC, Natixis and Scotiabank as Joint Lead Managers for a € 15-Year Benchmark transaction to be launched in the near future, subject to market conditions.

• Stabilization: Relevant stabilization regulations including FCA/ICMA will apply.
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels).