Commentary & Deal Flow

Reoffer: 10yr: MS+48bp / 99.596 / 3.674%
Benchmark: 10yr: DBR 02/36 @ 97.785 / B+50.8bp

Final Books: > €4.8bn (incl. €350m JLM interest). Peak book > €4.9bn.

Launched: 10yr: €2bn @ MS+48bp - Books closed > €4.9bn (incl. €350m JLM interest)
Spread set at: 10yr: MS+48bp - Books in excess €4.4bn (including €250m JLM)
Guidance: 10yr: MS+50a

• Issuer: Province of British Columbia
• Ticker: BRCOL
• Issuer Ratings: Aa2/A/AA-/AA (Moody's/S&P/Fitch/DBRS)
• Format: Reg S, Bearer Notes, NGN
• Size: €2bn
• Maturity: 29-May-36
• Settlement: 29-May-26 (T+8)
• Coupon: 3.625%, Annual ACT/ACT
• Reoffer Spread: MS+48bps
• Reoffer Yield: 3.674%
• Reoffer Price: 99.596
• Denoms: €100,000 + €1,000
• Bookrunners: BNP Paribas / Credit Agricole CIB / Deutsche Bank / RBC Capital Markets (B&D/DM) / TD Securities
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Law: Province of British Columbia/Canada
• Target Market: Professional / Eligible Counterparties (All Distribution Channels)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN: XS3388170964
• Timing: Priced, TOE 13:39 UKT, FTT immediately
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus relating to the securities, and final terms, will be available on https://www.luxse.com/issuer/BritishColumbia/27848