Bond Québec Province 5.125% ( US748148RS48 ) in USD

Issuer Québec Province
Market price 100 %  ⇌ 
Country  Canada
ISIN code  US748148RS48 ( in USD )
Interest rate 5.125% per year ( payment 2 times a year)
Maturity 14/11/2016 - Bond has expired



Prospectus brochure of the bond Province of Quebec US748148RS48 in USD 5.125%, expired


Minimal amount 1 000 USD
Total amount 1 500 000 000 USD
Cusip 748148RS4
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 US748148RS48, pays a coupon of 5.125% per year.
The coupons are paid 2 times per year and the Bond maturity is 14/11/2016







http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
424B5 1 a2174441z424b5.htm RULE 424 (B)(5) PROSPECTUS SUPPLEMENT
QuickLinks -- Click here to rapidly navigate through this document

Filed Pursuant to Rule 424(b)(5)
Registration Statement No. 333-
137673
PROSPECTUS SUPPLEMENT
(To Prospectus Dated September 29, 2006)
U.S.$1,500,000,000

5.125% Global Notes Series QE due November 14, 2016
We will pay interest on the Notes semi-annually in arrears on May 14 and November 14 of each year,
commencing May 14, 2007. 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 undertaken to the underwriters to use all reasonable efforts to have the Notes admitted to the Official
List of the UK Listing Authority and to trading on the regulated market of the London Stock Exchange as soon as
possible after the closing of the issue. We cannot guarantee that these applications will be approved and
settlement of the Notes is not conditional on obtaining the listing.
Per Note
Total



Price to public(1)

99.598%
U.S.$1,493,970,000
Underwriting discounts and commissions

.25%
U.S.$3,750,000
Proceeds, before expenses, to Québec(1)

99.348%
U.S.$1,490,220,000
(1)
Plus accrued interest from November 14, 2006, if settlement occurs after that date
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (1 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
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 accompanying prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
Delivery of the Notes, in book-entry form, will be made through The Depository Trust Company, Clearstream,
Luxembourg and Euroclear on or about November 14, 2006.
CIBC World Markets Citigroup Deutsche Bank Securities Merrill Lynch & Co.
National Bank Financial RBC Capital Markets Scotia Capital TD Securities
JPMorgan Casgrain & Company (USA) Limited ABN AMRO BMO Capital Markets
BNP PARIBAS HSBC Mitsubishi UFJ Securities International plc
The date of this prospectus supplement is November 7, 2006.
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (2 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
TABLE OF CONTENTS
Prospectus Supplement
Page


NOTICE REGARDING OFFERS IN THE EEA

S-3
ABOUT THIS PROSPECTUS SUPPLEMENT

S-4
DOCUMENTS INCORPORATED BY REFERENCE

S-5
FORWARD-LOOKING STATEMENTS

S-5
SUMMARY

S-6
QUÉBEC

S-13
USE OF PROCEEDS

S-15
DESCRIPTION OF NOTES

S-15
TAX MATTERS

S-20
UNDERWRITING

S-23
VALIDITY OF THE NOTES

S-26
OFFICIAL STATEMENTS

S-26
GENERAL INFORMATION

S-26
Prospectus
Page


WHERE YOU CAN FIND MORE INFORMATION

2
FORWARD-LOOKING STATEMENTS

2
QUÉBEC

3
USE OF PROCEEDS

3
DESCRIPTION OF THE SECURITIES

3
JURISDICTION

10
PLAN OF DISTRIBUTION

11
DEBT RECORD

11
AUTHORIZED AGENT

11
VALIDITY OF THE SECURITIES

11
OFFICIAL STATEMENTS

11
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.
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (3 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
Please note that in this prospectus supplement, references to "we", "our" and "us" refer to Québec and all
references to the "European Economic Area", or "EEA", are to the Member States of the European Union
together with Iceland, Norway and Liechtenstein.
S-2
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (4 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
NOTICE REGARDING OFFERS IN THE EEA
If and to the extent that this prospectus supplement is communicated in, or the offer of the Notes to which
it relates is made in, any EEA Member State that has implemented the Prospectus Directive (2003/71/EC)
(a "Relevant Member State") (together with any applicable implementing measures in each Relevant
Member State, the "Prospectus Directive"), this prospectus supplement and the offer are only addressed
to and directed at persons in that Member State who are qualified investors within the meaning of the
Prospectus Directive (or who are other persons to whom the offer may lawfully be addressed) and must
not be acted upon by other persons in that Relevant Member State.
This prospectus supplement has been prepared on the basis that all offers of Notes in any Relevant
Member State will be made pursuant to an exemption under the Prospectus Directive, as implemented in
that Relevant Member State, from the requirement to produce a prospectus for offers of the Notes.
Accordingly, any person making or intending to make any offer in that Relevant Member State of the
Notes which are the subject of the offering contemplated in this prospectus supplement should only do so
in circumstances in which no obligation arises for Québec or the underwriters to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the
Prospectus Directive, in each case, in relation to such offer. Neither Québec nor the underwriters have
authorized, nor do they authorize, the making of any offer of the Notes in circumstances in which an
obligation arises for Québec or the underwriters to publish a prospectus or supplement a prospectus for
such offer.
This is not a prospectus under the Prospectus Directive but an advertisement as defined in the Prospectus
Directive and investors in the EEA should not subscribe for or purchase Notes once admitted to trading on
the London Stock Exchange plc's regulated market except on the basis of information in the Listing
Prospectus (as defined below). Québec intends to file a single prospectus (the "Listing Prospectus")
pursuant to Section 5.3 of the Prospectus Directive with the Financial Services Authority in its capacity as
competent authority under the Financial Services and Markets Act 2000 as amended for the purpose of
having the Notes admitted to trading on the London Stock Exchange plc's regulated market as soon as
possible after closing of this issue. Once approved, the Listing Prospectus will be published in accordance
with the Prospectus Directive and investors will be able to view the Listing Prospectus on the website of the
Regulatory News Service operated by the London Stock Exchange at http://www.londonstockexchange.
com/engb/pricesnews/marketnews/ under the name of Quebec and the headline "Publication of
Prospectus" and investors shall be able to obtain copies without charge from the office of Deutsche
Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB and from
the office of the Direction du financement des organismes publics et de la documentation financière, at the
Ministère des Finances at 12, rue Saint-Louis, Québec, Québec, Canada G1R 5L3.
This prospectus supplement is only being distributed to and is only directed at (i) persons who are outside
the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and
other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order
(all such persons together being referred to as "relevant persons"). The Notes are only available to, and
any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (5 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
in only with, relevant persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.
In connection with the issue of the Notes, Merrill Lynch, Pierce, Fenner & Smith Incorporated (or persons acting
on its behalf) may over-allot Notes (provided that the aggregate principal amount of Notes allotted does not
exceed 105 percent of the aggregate principal amount of the Notes) or effect transactions with a view to
supporting the market price of the Notes at a level higher than that which might otherwise prevail. However,
there is no assurance that Merrill Lynch, Pierce, Fenner & Smith Incorporated (or persons acting on its behalf)
will undertake stabilization action. Any stabilization action may begin on or after the date on which adequate
public disclosure of the terms of the Notes is made and, if begun, may be ended at any time, but it must end no
later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of the allotment of
the Notes.
S-3
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (6 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
ABOUT THIS PROSPECTUS SUPPLEMENT
You should read this prospectus supplement along with the accompanying 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 accompanying
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
accompanying prospectus is accurate as of any date other than the date of this prospectus supplement.
Québec is furnishing this prospectus supplement and the accompanying 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 accompanying prospectus.
In this prospectus supplement, unless otherwise specified or the context otherwise requires, all dollar amounts are
expressed in Canadian dollars. On November 7, 2006, the noon spot exchange rate for U.S. dollars as reported by
the Bank of Canada, expressed in Canadian dollars, was $1.1277.
S-4
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (7 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
DOCUMENTS INCORPORATED BY REFERENCE
The accompanying prospectus incorporates by reference Québec's Annual Report on Form 18-K for the fiscal
year ended March 31, 2006 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 accompanying 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-5
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (8 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
SUMMARY
This summary must be read as an introduction to this prospectus supplement and the accompanying prospectus
and any decision to invest in the Notes should be based on a consideration of this prospectus supplement and the
accompanying prospectus as a whole, including the documents incorporated by reference.
Essential Characteristics of the Issuer
In this Summary, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in
Canadian dollars. The fiscal year of Québec ends March 31. "Fiscal 2007" and "2006-2007" refer to the fiscal
year ended March 31, 2007, and unless otherwise indicated, "2005" means the calendar year ended December 31,
2005. Other fiscal and calendar years are referred to in a corresponding manner. Any discrepancies between the
amounts listed and their totals in the tables included in this prospectus supplement are due to rounding.
Québec is one of the ten provinces of Canada. Québec is the largest by area of the ten provinces in Canada
(1,541,000 square kilometers or 594,860 square miles, representing 15.4% of the geographical area of Canada)
and the second largest by population (7.6 million, representing 23.5% of the population of Canada, as of
July 2006).
Québec has a modern, developed economy, in which the service sector contributed 71.0%, the manufacturing
industry 20.9%, the construction industry 5.7% and the primary sector 2.4% of real GDP at basic prices in
chained 1997 dollars in 2005. The leading manufacturing industries in Québec are primary metal products
(including aluminum smelting), food products, transportation equipment products (including aircraft and motor
vehicles and associated parts), petroleum and coal products, paper products, chemical products and wood
products. Québec also has significant hydroelectric resources, generating approximately 30% of the electricity
produced in Canada in 2005.
Montréal and Ville de Québec, the capital of Québec, are the centers of economic activity. Montréal is one of the
main industrial, commercial and financial centers of North America and is Canada's second largest urban area as
measured by population. Montréal is also Canada's largest port, situated on the St. Lawrence River, which
provides access to the Atlantic Ocean and the inland navigation system of the Great Lakes.
French is the official language of Québec and is spoken by approximately 95% of its population.
Québec and Canada share the power to levy personal income taxes in Québec. The Government levies and
collects its own personal income tax at rates ranging from 16% to 24% in three tax brackets. Companies in
Québec are subject to provincial taxes on profits, capital and payroll. Québec's other major source of revenue
other than taxes are transfer payments from the federal government.
Constitutional Framework
Canada is a federation of ten provinces and three federal territories, with a constitutional division of
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (9 of 71)11/14/2006 6:50:01 AM


http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm
responsibilities between the federal and provincial governments as set out in The Constitution Acts, 1867 to 1982
(the "Constitution").
Under the Constitution, each provincial government has exclusive authority to raise revenue through direct
taxation within its territorial limits, each provincial government also has exclusive authority to regulate
education, health, social services, property and civil rights, natural resources, municipal institutions and,
generally, to regulate all other matters of a purely local or private nature in its province, and to regulate and raise
revenue from the exploration, development, conservation and management of natural resources.
S-6
http://www.sec.gov/Archives/edgar/data/722803/000104746906013839/a2174441z424b5.htm (10 of 71)11/14/2006 6:50:01 AM


Document Outline