Commentary & Deal Flow

IPTs: 10yr: MS+69a (SOFR MS S/A 30/360+69bp area, equiv. ~CT10+31bp)

• Issuer: Province of Québec
• Ticker: Q
• Issuer Ratings: Aa2/A+/AA- (Moody's/S&P/Fitch - all stable)
• Format: SEC Registered Global
• Size: US$ Benchmark
• Maturity: 03-Jun-36 (10yr)
• Settlement: 03-Jun-26 (T+5)
• Coupon: Fixed, SA 30/360
• IPTs: SOFR MS S/A 30/360+69bp area, equiv. ~CT10+31bp
• Denominations: US$5,000 + US$1,000
• Bookrunners: BMO/BofA/CIBC/JPM/TD
• Listing: Luxembourg (Euro MTF Market)
• Law: Québec and 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
• Timing: Taking IOIs, expect tomorrow's business (5/27)
• 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 is available on the Luxembourg Stock Exchange: https://www.luxse.com/issuer/QuebecPr/27854