Client stories

Investors flock to new Euro offer from Québec

Québec – the largest Canadian province enjoys a strong economy

Québec, home to more than 8.6 million people, is the largest province in Canada by area and the second largest in terms of population and economic activity. Located in central Canada between Ontario and New Brunswick, Québec – the only Canadian province whose official language is French – has one of the country’s more diverse economies: agriculture, manufacturing, space and aeronautics, pharmaceuticals, telecommunications, energy, transportation, and finance count as the biggest industries.

In addition, the province is rich in natural resources: Québec produces more than a third of Canada’s pulp and paper products and a large percentage of its soft lumber. Thanks to Québec’s freshwater reserves, the state-owned energy sector produces and sells large quantities of hydropower to neighbouring provinces and the United States. 

Québec’s first international currency outing in 2022 attracts high-quality investors

Looking to issue its second Euro bond within a year – after its 10-year €2.5bn bond priced in April 2021 – the province of Québec chose NatWest as Joint Lead Manager for the new 10-year transaction maturing January 2032.

Against a positive market backdrop, Québec’s announcement on 17 January of a new 10-year benchmark transaction, which also marked the issuer’s first international currency outing in 2022, was met with very positive feedback from investors, resulting in order books growing swiftly after opening. Both the order volume of over €4.1bn, and the high-quality of the 95 participating investors, encouraged Québec to set the issue at €2.25bn for its new benchmark, with a coupon of 0.500%.

French investors received the largest allocation with 20%, followed by investors from BeNeLux (16%), Germany and Austria (16%), and the U.K. (15%). Banks and intermediaries accounted for the most significant share of allocations at 38%, followed by asset managers at 26%, and official institutions at 22%.


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