Commentary & Deal Flow

Final Books: Above €7.3bn (incl 225m JLM)

Launched: 15yr: €1.75bn @ MS+68bp - Books closed above €7.3bn (incl 225m JLM)
Spread set at: 15yr: MS+68bp - Books are above €5.4bn (incl 225m JLM)
Guidance: 15yr: MS+70a

• Issuer: Province of Quebec
• Issuer Rating: Aa2/A+/AA- (Moody's/S&P/Fitch) (all stable)
• Format: Eurobond, Reg S, Cat 1, Bearer Notes, TEFRA D, NGN
• Size: €1.75bn
• Settlement: 23-Apr-26 (T+5)
• Maturity: 23-Apr-41 (15Y)
• Coupon: TBD, Fixed, Annual, ACT/ACT (ICMA)
• Hedge Ratio: 101% vs DBR 2.6 15-May-41
• Hedge Deadline: 13.10 UKT / 14.10 CET
• Listing: Luxembourg (Euro MTF Market)
• Law: Quebec and Canada
• Docs: Issuer’s Euro Medium Term Note programme (Offering Circular dated 31-May-24, and Supplemental Circular dated 01-May-25) https://www.luxse.com/programme/Programme-QuebecPr/13319
• Denoms: €100k +1k
• Leads: Scotiabank (B&D), BofA, Credit Agricole CIB, HSBC, Natixis
• ISIN: TBD
• Timing: Books open, today's business. Books to close at 10.30 UKT / 11.30 CET.
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels).
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Final Prospectus, when published, will be available at https://www.bourse.lu/issuer/QuebecPr/27854