Bond Québec Province 4.6% ( US748148RQ81 ) in USD

Issuer Québec Province
Market price 100 %  ▼ 
Country  Canada
ISIN code  US748148RQ81 ( in USD )
Interest rate 4.6% per year ( payment 2 times a year)
Maturity 26/05/2015 - Bond has expired



Prospectus brochure of the bond Province of Quebec US748148RQ81 in USD 4.6%, expired


Minimal amount 1 000 USD
Total amount 1 000 000 000 USD
Cusip 748148RQ8
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 US748148RQ81, pays a coupon of 4.6% per year.
The coupons are paid 2 times per year and the Bond maturity is 26/05/2015







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424B5 1 a2158631z424b5.htm PROSPECTUS SUPPLEMENT
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PROSPECTUS SUPPLEMENT
(To Prospectus Dated May 9, 2005)
U.S.$1,000,000,000

4.60% Global Notes Series QB due May 26, 2015
We will pay interest on the Notes semi-annually in arrears on May 26 and November 26 of each year,
commencing November 26, 2005. 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)

99.913%
U.S.$999,130,000
Underwriting discounts and commissions

.25%
U.S.$2,500,000
Proceeds to Québec(1)

99.663%
U.S.$996,630,000
(1)
Plus accrued interest from May 26, 2005, if settlement occurs after that date
Delivery of the Notes, in book-entry form, will be made through The Depository Trust Company,
Clearstream, Luxembourg and Euroclear on or about May 26, 2005.
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
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complete. Any representation to the contrary is a criminal offense.
CIBC World Markets
Citigroup

Credit Suisse First Boston

Merrill Lynch & Co.
HSBC
National Bank Financial
RBC Capital Markets
Scotia Capital

TD Securities
ABN AMRO
Casgrain & Company (USA) Limited Deutsche Bank Securities
JPMorgan
Incorporated
The date of this prospectus supplement is May 18, 2005.
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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
FORWARD-LOOKING STATEMENTS

3
QUÉBEC

3
USE OF PROCEEDS

3
DESCRIPTION OF THE SECURITIES

3
JURISDICTION

8
PLAN OF DISTRIBUTION

9
DEBT RECORD

9
AUTHORIZED AGENT

9
VALIDITY OF THE SECURITIES

9
OFFICIAL STATEMENTS

9
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;
·
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 May 18, 2005, the noon spot exchange rate for U.S. dollars as
reported by the Bank of Canada, expressed in Canadian dollars, was $1.2618.
S-2
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DOCUMENTS INCORPORATED BY REFERENCE
The prospectus incorporates by reference Québec's Annual Report on Form 18-K for the fiscal year ended
March 31, 2004 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 of the information that you should consider before investing in the
Notes. You should read this entire prospectus supplement and the prospectus carefully.
Issuer

Québec.
Securities Offered

U.S.$1,000,000,000 aggregate principal amount of 4.60% Global Notes Series QB
due May 26, 2015.
Maturity Date

May 26, 2015.
Interest Payment Dates

We will pay you interest in two equal semi-annual installments on May 26 and
November 26 of each year, commencing on November 26, 2005.
Interest Rate

4.60% 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 consisting 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,
N.A., 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 thereof. See "Description of Notes -- Form, Denomination
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and Registration".
Governing Law

Québec law and Canadian law applicable in Québec.
CUSIP

748148 RQ 8
Common Code

022061097
ISIN Code

US748148RQ81
S-4
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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,
2004 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
2000
2001
2002
2003
2004






(dollar amounts in millions)


GDP at current market prices
$ 224,928 $ 230,734 $ 243,763 $ 253,657 $ 267,032
% change -- real GDP at market prices

4.3%
1.1%
4.1%
1.9%
2.2%
Personal income
$ 187,089 $ 194,190 $ 199,290 $ 206,085 $ 214,020
Capital expenditures
$
36,487 $
37,559 $
40,743 $
43,485 $
49,144
International exports of goods
$
74,120 $
70,819 $
68,246 $
64,228 $
68,614
Population at July 1 (in thousands)

7,357
7,397
7,446
7,492
7,543
Unemployment rate

8.5%
8.8%
8.7%
9.2%
8.5%
Consumer Price Index -- % change

2.4%
2.4%
2.0%
2.5%
1.9%
Average exchange rate (US$ per C$)

0.67
0.65
0.64
0.71
0.77


Consolidated Financial Transactions(1)
Fiscal year ending March 31



Preliminary
Budget
2002
2003
20043
Results
Forecast





2005

2006

(dollar amounts in millions)



Consolidated Revenue Fund:






Own-source revenue before exceptional losses of
SGF(2)(3)
$ 38,506 $ 40,720 $ 42,241 $
44,161 $ 45,528
Federal transfers

8,885
8,932
9,370
9,228
9,607
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Total revenue

47,391
49,652
51,611
53,389
55,135







Program spending
(41,863) (43,837) (45,302)
(46,742) (48,407)
Debt service

(6,687)
(6,583)
(6,655)
(6,868)
(6,995)







Total expenditure
(48,550) (50,420) (51,957)
(53,610) (55,402)
Net results of Consolidated Revenue Fund

(1,159)
(768)
(346)
(221)
(267)







Net results of consolidated organizations

322
379
346
221
267







Budgetary reserve(4)

950
--

--

--

--








Consolidated budget balance before exceptional
losses of SGF

113
(389)
0
0
0
Exceptional losses of SGF

(91)
(339)
(358)
--

--








Consolidated budget balance

22
(728)
(358)
0
0







Consolidated non-budgetary transactions

(637)
(909)
(1,108)
(412)
(434)







Consolidated net financial requirements
$
(615) $
(1,637) $
(1,466) $
(412) $
(434)







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


Preliminary
2001
2002
2003
2004





Results 2005
(dollar amounts in millions)


Government Funded Debt





Borrowings -- Government
$
62,901 $
65,466 $
71,206 $
72,399 $
77,882
Borrowings -- to finance Government

4,981
5,034
3,965
3,253
3,261
Enterprises
Borrowings -- to finance Municipal Bodies

2,732
2,918
2,874
2,802
2,798
Government Guaranteed Debt(5)

40,680
40,697
40,680
40,013
40,600
Municipal Sector Debt

13,464
13,598
13,463
14,317
14,981
Other Institutions

5,635
5,312
5,394
5,097
4,711






Public Sector Funded Debt(6)
$ 130,393 $ 133,025 $ 137,582 $ 137,881 $
144,233






Per capita ($)
$
17,724 $
17,984 $
18,477 $
18,404 $
19,121
As a percentage of(7)





GDP

57.9%
57.7%
56.4%
54.4%
54.0%
Personal income

69.7%
68.5%
69.0%
66.9%
67.4%
(1)
The categories set forth below reflect the presentation of the 2005-2006 Budget.
(2)
In fiscal 2003 provincial own-source revenue includes a non-cash entry of $739 million, reflecting elimination of the
accumulated deficit in a government agency, the Commission de la santé et de la sécurité au travail ("CSST"), the functions of
which were transferred to a trust fund effective as of January 2003.
(3)
In December 2003, the Government decided to separate the insurance mission of the Société de l'assurance automobile du
Québec (SAAQ) from its other mandates. Accordingly, funds collected for this mission now constitute a trust separate from the
amounts collected for other activities. Legislation was assented to by the National Assembly in December 2004. This Act
entails the transfer of the insurance mission patrimony constituted as at December 31, 2003 to a trust fund, the Fonds
d'assurance automobile du Québec, on January 1, 2004. In return, the fund assumes almost all of the SAAQ's liabilities as at
December 31, 2003. Since this trust fund is not included in the Government's reporting entity, the Government wrote off its
negative investment of $412 million in the SAAQ on January 1, 2004. The net impact of this change was to increase revenue
by $160 million, considering the SAAQ's $252-million deficit for the period from April 1, 2003 to December 31, 2003.
(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.
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