Commentary & Deal Flow

***Corrected Final Books

Reoffer: 5yr: SONIA MS+45bp / 99.578 / 4.471%
Benchmark: UKT 0.25% 02-Jul-31 @ 82.158 / G+25bp / HR 110%

Final Books: In excess of £2.5bn (excl. JLM interest)

Spread set at: 5yr: SONIA MS+45bp - Books in excess of £1.8bn (excl. JLM interest)
Guidance: 5yr: SONIA MS+47a

• Issuer: Province of Quebec (Ticker: "Q")
• Issuer Ratings: Aa2/A+/AA- (Moody's/S&P/Fitch)
• Distribution: Regulation S
• Format of Notes: Bearer Notes Tefra D. NGN
• Size: £1bn
• Settlement: 02-Jul-26 (T+5)
• Maturity: 02-Jul-31
• Coupon: 4.375%, Annual, ACT/ACT
• Spread: SONIA MS+45bp
• Price / Yield: 99.578 / 4.471%
• Denoms: £100k + £1k
• Docs: Under the Issuer’s EMTN Programme
• Leads: HSBC, NatWest, RBC (DM/B&D), TD
• Listing: Luxembourg Euro MTF Market
• Law: Province of Quebec/Canada
• ISIN: XS3429232674
• Timing: Priced. TOE: 13:42 UKT. FTT: Immediately.