Bond Québec Province 4.875% ( US748148RM77 ) in USD

Issuer Québec Province
Market price 100 %  ▼ 
Country  Canada
ISIN code  US748148RM77 ( in USD )
Interest rate 4.875% per year ( payment 2 times a year)
Maturity 05/05/2014 - Bond has expired



Prospectus brochure of the bond Province of Quebec US748148RM77 in USD 4.875%, expired


Minimal amount 5 000 USD
Total amount 1 000 000 000 USD
Cusip 748148RM7
Standard & Poor's ( S&P ) rating NR
Moody's rating NR
Detailed description Quebec is a predominantly French-speaking province in eastern Canada, known for its unique culture, history, and stunning landscapes, including the Appalachian Mountains and the St. Lawrence River.

The Bond issued by Québec Province ( Canada ) , in USD, with the ISIN code US748148RM77, pays a coupon of 4.875% per year.
The coupons are paid 2 times per year and the Bond maturity is 05/05/2014

The Bond issued by Québec Province ( Canada ) , in USD, with the ISIN code US748148RM77, was rated NR by Moody's credit rating agency.

The Bond issued by Québec Province ( Canada ) , in USD, with the ISIN code US748148RM77, was rated NR by Standard & Poor's ( S&P ) credit rating agency.







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424B5 1 a2135041z424b5.htm PROSPECTUS SUPPLEMENT
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Filed Pursuant to Rule 424(b)(5)
Registration Nos. 333-12082
and 333-13626
PROSPECTUS SUPPLEMENT


(To Prospectus Dated June 19, 2001)
U.S.$1,000,000,000

4.875% Global Notes Series PY due May 5, 2014
We will pay interest on the Notes semi-annually in arrears on May 5 and November 5 of each year,
commencing November 5, 2004. We may not redeem the Notes prior to maturity unless certain events occur
involving Canadian taxation.
We will make all payments of principal and interest on the Notes in U.S. dollars. We will make all such
payments without deduction for, or on account of, taxes imposed or levied by or within Canada, subject to the
exceptions described in this prospectus supplement.
We are offering to sell the Notes in North America, Europe and Asia in places where sales are permitted.
We have applied to list the Notes on the Luxembourg Stock Exchange.
Per Note
Total



Price to public(1)

99.243%
U.S.$992,430,000
Underwriting discounts and commissions

.3%

U.S.$3,000,000
Proceeds to Québec(1)

98.943%
U.S.$989,430,000
(1)
Plus accrued interest from May 5, 2004, if settlement occurs after that date
Delivery of the Notes, in book-entry form, will be made through The Depository Trust Company,
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Clearstream, Luxembourg and Euroclear on or about May 5, 2004.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or determined if this prospectus supplement or the prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
Merrill Lynch & Co.
Citigroup
Deutsche Bank Securities

National Bank Financial
CIBC World Markets
Credit Suisse First Boston
Scotia Capital
TD Securities

RBC Capital Markets
ABN AMRO Incorporated
HSBC
JPMorgan
The date of this prospectus supplement is April 26, 2004.
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TABLE OF CONTENTS
Prospectus Supplement
Page


ABOUT THIS PROSPECTUS SUPPLEMENT

S-2
DOCUMENTS INCORPORATED BY REFERENCE

S-3
FORWARD-LOOKING STATEMENTS

S-3
SUMMARY OF THE OFFERING

S-4
QUÉBEC

S-5
USE OF PROCEEDS

S-9
DESCRIPTION OF NOTES

S-9
CLEARING AND SETTLEMENT

S-14
TAX MATTERS

S-16
UNDERWRITING

S-19
VALIDITY OF THE NOTES

S-20
OFFICIAL STATEMENTS

S-20
GENERAL INFORMATION

S-21
Prospectus
Page


WHERE YOU CAN FIND MORE INFORMATION

2
QUÉBEC

3
USE OF PROCEEDS

4
DESCRIPTION OF THE SECURITIES

4
PLAN OF DISTRIBUTION

8
DEBT RECORD

8
AUTHORIZED AGENTS

8
VALIDITY OF THE SECURITIES

8
OFFICIAL STATEMENTS

8
You should rely only on the information contained in this document or to which we have referred you.
We have not authorized anyone to provide you with information that is different. This document may only
be used where it is legal to sell these securities. The information in this document may only be accurate on
the date of this document.
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Please note that in this prospectus supplement, references to "we", "our" and "us" refer to Québec.
ABOUT THIS PROSPECTUS SUPPLEMENT
You should read this prospectus supplement along with the prospectus. Both documents contain information
you should consider when making your investment decision. You should rely only on the information provided
or incorporated by reference in this prospectus supplement and the prospectus. Québec has not authorized anyone
else to provide you with different information. Québec is not offering to sell or soliciting offers to buy any
securities other than the Notes offered under this prospectus supplement, nor is Québec offering to sell or
soliciting offers to buy the Notes in places where such offers are not permitted by applicable law. You should not
assume that the information in this prospectus supplement or the prospectus is accurate as of any date other than
the date of this prospectus supplement.
Québec is furnishing this prospectus supplement and the prospectus solely for use by prospective investors
in connection with their consideration of a purchase of Notes. Québec confirms that:
·
the information contained in this prospectus supplement is true and correct in all material respects
and is not misleading;
S-2
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·
it has not omitted other facts the omission of which makes this prospectus supplement as a whole
misleading; and
·
it accepts responsibility for the information it has provided in this prospectus supplement and the
prospectus.
In this prospectus supplement, unless otherwise specified or the context otherwise requires, all dollar
amounts are expressed in Canadian dollars. On April 26, 2004, the noon spot exchange rate for U.S. dollars as
reported by the Bank of Canada, expressed in Canadian dollars, was $1.3556.
DOCUMENTS INCORPORATED BY REFERENCE
The prospectus incorporates by reference Québec's Annual Report on Form 18-K for the fiscal year ended
March 31, 2003 and the amendments to that report filed through the date of this prospectus supplement, in
addition to all future annual reports and amendments to annual reports, and any other information we file with the
Securities and Exchange Commission (the "Commission") pursuant to Sections 13(a) and 13 (c) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") until we sell all of the Notes. See "Where You Can
Find More Information" in the prospectus.
FORWARD-LOOKING STATEMENTS
This prospectus supplement contains forward-looking statements. Statements that are not historical facts,
including statements about Québec's beliefs and expectations, are forward-looking statements. These statements
are based on current plans, estimates and projections, and therefore you should not place undue reliance on them.
Forward- looking statements speak only as of the date they are made, and Québec undertakes no obligation to
update publicly any of them in light of new information or future events. Forward-looking statements involve
inherent risks and uncertainties. Québec cautions you that actual results may differ materially from those
contained in any forward-looking statements.
S-3
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SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the prospectus.
It is not complete and may not contain all the information that you should consider before investing in the Notes.
You should read the entire prospectus supplement and the prospectus carefully.
Issuer

Québec.
Securities Offered

U.S.$1,000,000,000 aggregate principal amount of 4.875% Global Notes
Series PY due May 5, 2014.
Maturity Date

May 5, 2014.
Interest Payment Dates

We will pay you interest in two equal semi-annual installments on May 5 and
November 5 of each year, commencing November 5, 2004.
Interest Rate

4.875% per year. Whenever it is necessary to compute any amount of interest
in respect of the Notes other than with respect to regular semi-annual
payments, we will calculate such interest on the basis of a 360-day year of
twelve 30-day months.
Redemption

We may not redeem the Notes prior to maturity, unless certain events occur
involving Canadian taxation. See "Description of Notes -- Maturity,
Redemption and Purchases".
Markets

We are offering to sell the Notes in North America, Europe and Asia in places
where sales are permitted. See "Underwriting".
Listing

We have applied to list the Notes on the Luxembourg Stock Exchange.
Form and Settlement

We will issue the Notes in the form of one or more fully registered global notes
registered in the name of the nominee of The Depository Trust Company
("DTC"). The Notes will be recorded in a Register held by JPMorgan Chase
Bank, as Registrar. Beneficial interests in the Notes will be represented
through book-entry accounts of financial institutions acting on behalf of
beneficial owners as direct and indirect participants in DTC. Clearstream
Banking, société anonyme and Euroclear Bank, S.A./N.V., as operator of the
Euroclear System will hold interests on behalf of their participants through
their respective U.S. depositaries, which in turn will hold such interests in
accounts as participants of DTC. Except in the limited circumstances described
in this prospectus supplement, owners of beneficial interests in the Notes will
not be entitled to have Notes registered in their names, will not receive or be
entitled to receive Notes in definitive form and will not be considered holders
of Notes under the Fiscal Agency Agreement. Notes will only be sold in
denominations of U.S.$5,000 and integral multiples of U.S.$1,000 in excess
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thereof. See "Description of Notes -- Form, Denomination and Registration".
Governing Law

Québec law and Canadian law applicable in Québec.
CUSIP

748148 RM 7
Common Code

019187934
ISIN Code

US748148RM77
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QUÉBEC
The information set forth below does not purport to be complete and is qualified in its entirety by the more
detailed information contained in Québec's Annual Report on Form 18-K for the fiscal year ended March 31,
2003 and the other documents incorporated by reference in the prospectus. See "General
Information -- Documents" in this prospectus supplement and "Where You Can Find More Information" in the
prospectus.
Summary
Economy
1999
2000
2001
2002
2003






(dollar amounts in millions)


GDP at current market prices
$ 210,809 $ 225,202 $ 232,592 $ 245,559 $ 258,431
% change -- GDP at market prices (1997

6.2%
4.7%
1.8%
4.0%
1.7%
prices)(1)
Personal income
$ 174,669 $ 187,159 $ 194,243 $ 201,461 $ 208,242
Capital expenditures
$
33,681 $
34,683 $
36,193 $
39,877 $
42,080
International exports of goods
$
62,063 $
74,120 $
70,819 $
68,246 $
64,228
Population at July 1 (in thousands)

7,323
7,357
7,397
7,443
7,487
Unemployment rate

9.3%
8.4%
8.7%
8.6%
9.1%
Consumer Price Index -- % change

1.5%
2.4%
2.4%
2.0%
2.5%
Average exchange rate (US$ per C$)

0.67
0.67
0.65
0.64
0.72


Consolidated Financial Transactions(2)
Fiscal year ending March 31



Preliminary
Budget
2001
2002
2003
Results
Forecast





2004

2005

(dollar amounts in millions)



Own-source revenue before exceptional losses
of SGF
$
40,921 $
39,023 $
41,197 $
42,824 $
45,358
Federal transfers

7,895
8,885
8,932
9,377
8,476
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Total revenue

48,816
47,908
50,129
52,201
53,834







Program spending
(40,751) (42,380) (44,316)
(45,800) (47,151)
Debt service

(6,972)
(6,687)
(6,536)
(6,668)
(6,939)







Total expenditure
(47,723) (49,067) (50,852)
(52,468) (54,090)







Net results of consolidated organizations(3)

284
322
368
267
256







Budgetary reserve(4)

(950)
950
--

--

--








Consolidated budget balance before
exceptional losses of SGF

427
113
(355)
0
0
Exceptional losses of SGF

--

(91)
(339)
(364)
--








Consolidated budget balance

427
22
(694)
(364)
0







Consolidated non-budgetary requirements

(943)
(637)
(884)
(1,069)
(464)







Consolidated net financial requirements
$
(516) $
(615) $
(1,578) $
(1,433) $
(464)







S-5
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Funded Debt of Public Sector
As of March 31


Preliminary
2000
2001
2002
2003
Results






2004
(dollar amounts in millions)


Government Funded Debt





Borrowings -- Government
$
59,365 $
62,901 $
65,466 $
71,078 $
72,261
Borrowings -- to finance Government

5,367
4,981
5,034
3,968
3,182
Enterprises
Borrowings -- to finance Municipal

2,904
2,732
2,918
2,874
2,802
Bodies
Government Guaranteed Debt(5)

38,148
40,680
40,697
40,680
40,050
Municipal Sector Debt

13,892
13,464
13,598
13,463
14,511
Other Institutions

6,087
5,635
5,312
5,399
5,139






Public Sector Funded Debt(6)
$ 125,763 $ 130,393 $ 133,025 $ 137,462 $
137,945






Per capita ($)
$
17,174 $
17,724 $
17,984 $
18,466 $
18,425
As a percentage of(7)





GDP

59.7%
57.9%
57.2%
56.0%
53.4%
Personal income

72.0%
69.7%
68.5%
68.2%
66.2%
(1)
Percentage change for Gross Domestic Product ("GDP") adjusted for inflation; referred to herein as "real GDP".
(2)
For purposes of comparison, the data are presented on the basis of the 2004-2005 budgetary structure.
(3)
The budgetary transactions of consolidated organizations are grouped under the new heading "net results of consolidated
organizations".
(4)
In the 2001-2002 Budget, the then Finance Minister announced the creation of a reserve of $950 million out of budgetary
surpluses posted in Fiscal 2001. Of this amount, $280 million was used to finance new spending and $670 million to maintain
a balanced budget in Fiscal 2002.
(5)
Represents mainly debt of Hydro-Québec.
(6)
Canadian dollar equivalent on the dates indicated for loans in foreign currencies after currency swap agreements.
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