The placement resulted in a cost savings of approximately $450,000 or five basis points versus what may have been achieved in the domestic market.
For the first time ever, the government of Newfoundland and Labrador has placed a bond in the European capital market. This is the first transaction with the London Stock Exchange since the launch of the European borrowing program which provided an option to issue bonds beyond the existing domestic Canadian market. The placement resulted in a cost savings of approximately $450,000 or five basis points versus what may have been achieved in the domestic market. This first transaction was placed on October 4th at a size of 50 million euros (75 million Canadian dollars). The yield is 3.067 per cent and is due December 4th, 2034. A sinking fund is attached for repayment to the investor when due.
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