Bond Québec Province 0% ( US748149AP64 ) in USD

Issuer Québec Province
Market price 100 %  ▼ 
Country  Canada
ISIN code  US748149AP64 ( in USD )
Interest rate 0%
Maturity 21/09/2020 - Bond has expired



Prospectus brochure of the bond Province Of Quebec US748149AP64 in USD 0%, expired


Minimal amount 5 000 USD
Total amount 1 250 000 000 USD
Cusip 748149AP6
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 US748149AP64, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 21/09/2020







424B5
424B5 1 d456876d424b5.htm 424B5
Filed pursuant to Rule 424b5
Registration Statement No. 333-220240
PRICING SUPPLEMENT NO. 1
Dated September 14, 2017 to
PROSPECTUS SUPPLEMENT
Dated September 11, 2017 and
PROSPECTUS
Dated September 11, 2017
QUÉBEC
MEDIUM-TERM NOTES, SERIES A, FLOATING RATE NOTES DUE 2020

SUBJECT
FINAL PRICING DETAILS
Issuer:
Québec
Title of Securities:
Medium-Term Notes, Series A, Floating Rate Notes Due 2020 ("Series
A Notes")
Form of Security:
Global Note
Format:
SEC Registered-Registration Statement Number 333-220240
Ranking:
Direct, unconditional debt
Size:
U.S.$1,250,000,000
Trade Date:
September 14, 2017
Settlement Date:
September 21, 2017 (T+5)
Extended Settlement Disclosure:
We expect that delivery of the Series A Notes will be made against
payment therefor on or about the closing date specified on the cover
page of this pricing supplement no. 1, which is the 5th business day
following the date hereof (this settlement cycle being referred to as
"T+5"). Under Rule 15c6-1 of the Commission under the Exchange
Act, trades in the secondary market generally are required to settle in
two business days, unless the parties to that trade expressly agree
otherwise. Accordingly, U.S. purchasers who wish to trade the Series A
Notes prior to the date of delivery may be required, by virtue of the fact
that the Series A Notes initially will settle in T+5, to specify an
alternate settlement cycle at the time of any trade to prevent a failed
settlement. Purchasers of the Series A Notes in other countries who
wish to trade the Series A Notes on the date hereof or on the next
business day should consult their own advisor.
Maturity Date:
September 21, 2020
Interest Payment Dates:
March 21, June 21, September 21 and December 21 of each year,
subject to adjustment in accordance with Modified Following Business
Day convention.
First Interest Payment Date:
December 21, 2017, subject to adjustment in accordance with Modified
Following Business Day convention. Interest will accrue from
September 21, 2017.
Spread to 3 month USD LIBOR:
+13bps
Price:
100% plus accrued interest, if any, from September 21, 2017
Net Proceeds to Issuer
U.S.$1,249,375,000
Day Count:
Actual/360
Denominations:
U.S.$5,000 and integral multiples of U.S.$1,000 for higher amounts
Joint Lead Managers & Bookrunners:
BMO Capital Markets Corp.
CIBC World Markets Corp.
HSBC Securities (USA) Inc.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Cusip/ISIN:
748149 AP6 / US748149AP64
Common Code:
168770596
Redemption Price at Maturity:
100% of the principal amount
https://www.sec.gov/Archives/edgar/data/722803/000119312517286060/d456876d424b5.htm[9/15/2017 2:54:23 PM]


424B5
Listing and Admission to Trading:
Application will be made for the Series A Notes to be admitted to
trading on the Euro MTF Market of the Luxembourg Stock Exchange
on or as soon as possible after the closing of the issue. We cannot
guarantee that this application will be approved, and settlement of the
Series A Notes is not conditioned on obtaining the listing.
Delivery:
Delivery of the Series A Notes, in book-entry form, will be made
through The Depository Trust Company, Clearstream Banking, société
anonyme and Euroclear Bank S.A./N.V. on or about September 21,
2017.
Governing Law:
Québec and Canada
Prospectus and Prospectus Supplement:
Prospectus dated September 11, 2017, and Prospectus Supplement
dated September 11, 2017
Stabilization:
Reg M/FCA/ICMA
Fiscal Agent:
Citibank, N.A.
Other Terms:
Québec has agreed, as a term of the Series A Notes, that each year it
will deposit into its sinking fund constituted by Ministerial Order no.
FIN-11 dated June 12, 2012 (the "Sinking Fund") an amount equal to at
least 1% of the outstanding principal amount of the Series A Notes. The
funds to be deposited in the Sinking Fund will be drawn from the
Consolidated Revenue Fund of Québec. The Minister may invest
money from the Sinking Fund and may dispose of or terminate such
investments according to their terms.

The funds in the Sinking Fund will be used for repayment at maturity.
The Series A Notes may be repaid from the proceeds deposited in the
Sinking Fund. However, Québec is under no obligation to apply
proceeds of the Sinking Fund to repay any particular series, including
the Series A Notes, and there is no limitation on the amount of debt that
may be designated in this manner in respect of the Sinking Fund. The
Series A Notes will not be redeemable for sinking fund purposes.
European Economic Area Legends:
If and to the extent that this pricing supplement no. 1 is communicated
in, or the offer of the Series A Notes to which it relates is made in, any
European Economic Area Member State that has implemented
Directive 2003/71/EC (and amendments thereto, including Directive
2010/73/EU) (the "Prospectus Directive") this pricing supplement no. 1
and the offer are only addressed to and directed at persons in that
Relevant Member State who are qualified investors within the meaning
of the Prospectus Directive (or who are persons to whom the offer may
lawfully be addressed) and must not be acted upon by other persons in
that Relevant Member State.

This pricing supplement no. 1, the prospectus supplement and the
prospectus have been prepared on the basis that any offer of Series A
Notes in any member state of the European Economic Area which has
implemented the Prospectus Directive (a "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
publish a prospectus for offers of the Series A Notes. Accordingly, any
person making or intending to make any offer in that Relevant Member
State of the Series A Notes that are the subject of the offering
contemplated in the prospectus dated September 11, 2017, the
prospectus supplement dated September 11, 2017 and this pricing
supplement no. 1 must only do so in circumstances in which no
obligation arises for Québec or any of 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
https://www.sec.gov/Archives/edgar/data/722803/000119312517286060/d456876d424b5.htm[9/15/2017 2:54:23 PM]


424B5
authorized, nor do they authorize, the making of any offer of the
Series A Notes in circumstances in which an obligation arises for
Québec or the underwriters to publish a prospectus supplement or
prospectus for such offer. None of this pricing supplement no. 1, the
prospectus supplement nor the prospectus have been approved as a
prospectus by a competent authority in any Relevant Member State and
accordingly none is a prospectus for the purposes of the Prospectus
Directive. This pricing supplement no. 1 does not constitute or form
part of any offer or invitation to sell the Series A Notes and is not
soliciting any offer to buy the Series A Notes in any jurisdiction where
such offer or sale is not permitted.
United Kingdom Legend:
This pricing supplement no. 1 is only for distribution to and is only
directed at (i) persons who are outside the United Kingdom or (ii)
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 or (iv) persons to whom an invitation or inducement to
engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000, as amended) in connection
with the issue and sale of any Series A Notes may otherwise lawfully
be communicated or caused to be communicated (all such persons
together being referred to as "Relevant Persons"). The Series A Notes
are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such Series A Notes will be
engaged in only with, Relevant Persons. Any person who is not a
Relevant Person should not act or rely on this pricing supplement no. 1
or any of its contents.
CAPITALIZED TERMS USED HEREIN WHICH ARE DEFINED IN THE PROSPECTUS SUPPLEMENT SHALL HAVE THE
MEANINGS ASCRIBED THERETO IN THE PROSPECTUS SUPPLEMENT.
RECENT DEVELOPMENTS
The information set forth below does not purport to be complete and supplements, 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, 2017, as amended, and the other documents
incorporated by reference in the prospectus, the prospectus supplement, and this pricing supplement no. 1. See "Where You Can Find More
Information" in this pricing supplement no. 1.
Recent Economic Developments in 2017
The following table shows the changes in the main economic indicators for Canada and Québec through the latest period reported over the
comparable period in the preceding year:

Percentage Changes
Through Latest Period
Reported Over Comparable


Latest Period
Period in Preceding Year(1)



Reported (2017)
Canada

Québec

GDP:



Real GDP (chained 2007 dollars)


May


3.4(2)

2.8
Merchandise exports (2007 prices)


June


2.4(3)

3.3
Retail trade


June


6.8


6.3
Housing starts


August


10.4


15.6
Value of manufacturers' shipments


June


6.5


8.0
Employment


August


1.8


2.4
Consumer Price Index(4)


July


1.2


0.9


Latest Month
Percentage of Labor Force(5)

https://www.sec.gov/Archives/edgar/data/722803/000119312517286060/d456876d424b5.htm[9/15/2017 2:54:23 PM]


424B5


Reported

Canada

Québec

Unemployment rate


August


6.5


6.2
(1)
Seasonally adjusted average of available months except for Consumer Price Index.
(2)
June 2017.
(3)
July 2017.
(4)
Monthly year over year change, not seasonally adjusted.
(5)
Seasonally adjusted average of available months.
Sources: Statistics Canada, Canada Mortgage and Housing Corporation and the Institut de la statistique du Québec.
Economic Assumptions
The projections in the Québec Economic Plan ­ March 2017 reflect the following assumptions regarding the economy of Québec for 2017.
Economic Assumptions included in the Québec Economic Plan ­ March 2017
(in percentage)


Percentage Change over 2016
GDP

At current market prices


3.3
In chained 2007 dollars


1.7
Household income


3.5
Business non-residential capital expenditures (2007 prices)


2.1
International exports (2007 prices)


2.7
Household Consumption (2007 prices)


2.2
Labor force


0.4
Employment


1.0


Average Rate
Unemployment rate


6.6
Note: Economic assumptions, such as those included in the table above, are developed by Québec and are a necessary part of the budget process.
Actual results may differ materially from these assumptions.
Sources: Ministère des Finances du Québec.
Where You Can Find More Information
We file annual reports, amendments to annual reports and other information with the U.S. Securities and Exchange Commission ("SEC"). These
reports include financial information about us and may be accompanied with exhibits.
You may read and copy any document we file with the SEC at the SEC's public reference room in Washington, D.C. Please call the SEC at 1-
800-SEC-0330 for further information on the public reference room. The registration statement and the exhibits and schedules to the registration
statement are also available through the SEC's website at http://www.sec.gov.
You may also obtain copies of these documents at prescribed rates from the Public Reference Section of the SEC at its Washington address or,
without charge, from us at the address listed below.
The SEC allows us to "incorporate by reference" the information we file with them, which means that we can disclose important information to
you by referring to those documents. We incorporate by reference the documents listed below:

·
our Annual Report on Form 18-K for the year ended March 31, 2017, filed on May 19, 2017;

·
our Report on Form 18-K/A filed on March 31, 2017, which includes excerpts from our Budget 2017-2018--The Québec Economic Plan
­ March 2017; and

·
our Reports on Form 18-K/A filed on June 26, 2017, July 10, 2017, August 21, 2017 and September 11, 2017.
We also incorporate by reference all our future annual reports and amendments to annual reports, and any other information we file with the SEC
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 Securities.
Each time we file a document with the SEC that is incorporated by reference, the information in that document automatically updates the
https://www.sec.gov/Archives/edgar/data/722803/000119312517286060/d456876d424b5.htm[9/15/2017 2:54:23 PM]


424B5
information contained in previously filed documents. All of these documents incorporated by reference are filed with the SEC under File No. 2-
86339.
You may request a free copy of the annual reports, amendments to annual reports and other information mentioned above by writing to the
following address:
Québec
Ministère des Finances
Documentation financière et conformité
12 rue Saint-Louis, bureau 2.33
Québec, Québec
Canada G1R 5L3
Tel.: (418) 643-8141
Fax: (418) 528-0984
We are responsible for the information incorporated by reference or contained in the prospectus, the prospectus supplement, this pricing
supplement no. 1 and any related free writing prospectus we prepare or authorize. We have not authorized anyone to provide you with different or
additional information, and we take no responsibility for any other information that others may give you. We are not making an offer of the Series
A Notes in any state where the offer is not permitted by the law. You should not assume that the information in the prospectus, the prospectus
supplement or this pricing supplement no. 1 is accurate as of any date other than the date on the front of those documents.
https://www.sec.gov/Archives/edgar/data/722803/000119312517286060/d456876d424b5.htm[9/15/2017 2:54:23 PM]


Document Outline