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Commentary & Deal Flow

PRICED: Province of Manitoba CHF 125m 20yr Sr Unsec; MS+53

IGC European Market: Deal Flow - SSA

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

Province of Manitoba

20yr

1.3675%

15-May-46

CHF 125m

Sr Unsec

Fixed

100

1.3675%

MS+53a

MS+53

0



Reoffer: 20yr: MS+53 / 100 / 1.3675%
Benchmark: 20yr: Govt.+78

Launched: 20yr: CHF 125m @ MS+53
Guidance: 20yr: MS+53a

  • Issuer: Province of Manitoba (Ticker: MP)
  • Issuer Domicile: Canada
  • Format: Public Fixed Rate Bonds
  • Ranking: Senior Unsecured Debt
  • Issuer Ratings: Aa2/A+ (Moody's/S&P), both stable
  • Expected Instrument Rating: Aa2/A+ (Moody's/S&P)
  • Size: CHF 125m
  • Coupon: 1.3675% p.a.
  • Maturity: 15-May-46 (20 years)
  • Settlement Date: 15-May-26
  • Spread/Yield: SARON MS +53.0 // YTM 1.3675% // Govt.+78
  • Issue Price: 100
  • ISIN / Security Number: CH1548688295 / 154868829
  • Leads: UBS, CIBC (JLNB)
  • SNB Repo-eligibility: At the discretion of the SNB, expected no
  • Documentation: Off the Province of Manitoba's US$7,500,000,000 Euro Medium Term Note Programme Offering Memorandum, dated 19-Jan-26.
  • FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
  • Governing Law: Laws of the Province of Manitoba and the federal laws of Canada applicable therein
  • Covenants: PP, NP
  • Listing: SIX on 13-May-26
  • Denominations: CHF 5'000 and multiples thereof
  • Sales Restrictions: In accordance with the Province of Manitoba's US$7,500,000,000 Euro Medium Term Note Programme Offering Memorandum, dated 19-Jan-26.