Financement Quebec

Annual Report

RNS Number : 9446E
Financement Quebec
07 June 2012
 



 

Regulatory Announcement

 

 

RE: Annual Report 2012 -  Financement-Québec 18K - exhibit 99.1

 

 

EXHIBIT 99.1

Financement-Québec

 

DESCRIPTION

This description of Financement-Québec is dated as of June 5, 2012 and appears as Exhibit 99.1 to Financement-Québec's Annual Report on Form 18-K to the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2012.

 

The delivery of this document at any time does not imply that the information is correct as of any time subsequent to its date.  This document (otherwise than as part of a prospectus contained in a registration statement filed under the U.S. Securities Act of 1933) does not constitute an offer to sell or the solicitation of an offer to buy any securities of Financement-Québec.

Table of Contents

 

                                                                                                                                                           Page

Foreign Exchange.......................................................................................................... 3

Financement-Québec.......................................................................................................................... 4

General.......................................................................................................................... 4

Relationship with Québec............................................................................................... 4

Operations of Financement-Québec............................................................................... 5

Sources of Funds........................................................................................................... 6

Management................................................................................................................... 7

Statement…………………    ……………………………………………………………………………………………...…….…8

Income Statement......................................................................................................... 8

Balance Sheet............................................................................................................... 9

Where You Can Find More Information........................................................................ 11

Forward‑Looking Statements................................................................................................................ 11

Supplementary Information.................................................................................................................. 12

 

 

 

Foreign Exchange

Canada maintains a floating exchange rate for the Canadian dollar in order to permit the rate to be determined by market forces without intervention except as required to maintain orderly conditions. Annual average noon spot exchange rates for the foreign currencies in which debt of Financement‑Québec is denominated, expressed in Canadian dollars, are shown below.

 


2008

2009

2010

2011

2012(1)


United States Dollar              

$1.0660

$1.1420

$1.0299

$0.9891

$1.0012


(1) Monthly average through the end of May 2012

Source: Bank of Canada.

 

In this document, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian dollars.  The fiscal year of Financement-Québec and Québec ends March 31.  "Fiscal 2012" and "2011-2012" refer to the fiscal year ending March 31, 2012 and, unless otherwise indicated, "2011" means the calendar year ended December 31, 2011.  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 document are due to rounding.

 

Financement-Québec

General

Created in 1999 pursuant to An Act respecting Financement-Québec (R.S.Q., c. F-2.01) (the "Act"), Financement-Québec is a corporation whose share capital is wholly owned by the Government of Québec (the "Government" or "Québec"). Its objective is to provide financial services to public organizations, in particular by granting loans to them and providing advice to facilitate their access to credit and minimize their cost of financing. Financement-Québec currently makes loans to educational and health and social services entities and municipalities. Its enabling legislation also permits loans to other organizations designated by the Government.

Financement-Québec was created to assume some of the functions previously performed by the Financing Fund. The Financing Fund was established in 1991 to provide financing to certain public bodies that had formerly borrowed funds in their own names.  These entities included educational and health and social services organiza-tions as well as other public bodies such as government organizations or enterprises.

Following an accounting reform announced in 1998, the functions of the Financing Fund were limited to government organizations and enterprises whose results are consolidated in Québec's financial statements. The loans to organizations not consolidated in Québec's financial statements were then transferred to Financement-Québec.

In 2007, the Government undertook a major reform of its accounting policies in order to fully comply with Canadian generally accepted accounting principles ("GAAP") applicable to the public sector.  In this regard, as of April 1, 2006, the financial results of public health and social services institutions, school boards and CEGEPs (Collèges d'enseignement général et professionnel), as well as the Université du Québec and its branches, are consolidated in Québec's financial statements. As a result of the reform, most of Financement-Québec's clients now have their financial results consolidated in Québec's financial statements.

The address and phone number of Financement-Québec are 12, rue Saint-Louis, Québec, Québec, Canada, G1R 5L3 and (418) 691-2203, respectively.

Relationship with Québec

Financement-Québec is a mandatary of Québec, the civil law equivalent of an agent, and is under the responsibility of the Minister of Finance (the "Minister"). Despite its status as a mandatary of Québec, Financement-Québec binds none but itself when it acts in its own name.  The property of Financement-Québec forms part of the domain of Québec but execution of Financement-Québec's obligations may be levied against its property.

Borrowings by Financement-Québec must be approved by the Government and it issues debt securities that are guaranteed by Québec.

Pursuant to the Act, Financement-Québec is administered by a board of nine directors consisting of: four directors from the Ministère des Finances (Ministry of Finance); one director representing each of the Ministère de l'Éducation, du Loisir et du Sport (Ministry of Education, Recreation and Sports), the Ministère de la Santé et des Services Sociaux (Ministry of Health and Social Services) and the Ministère des Affaires municipales, des Régions et de l'Occupation du territoire (Ministry of Municipal Affairs, Regions and Land Occupancy); and two other directors. Currently, three seats are vacant.

Financement-Québec operates with the support and management expertise of the Ministère des Finances. Financement‑Québec must periodically prepare an operating plan that must be approved by the Minister.  The Minister may issue directives concerning the policy and general objectives to be pursued by Financement-Québec. These directives must be approved by the Government and, once approved, are binding on Financement‑Québec.

Financement-Québec's books and accounts are audited by the Auditor General and the audit report, together with the annual report of operations and complete financial statements, are submitted to the Minister.

Operations of Financement-Québec

To date, Financement-Québec's activities primarily consist of granting loans. Loans made to public entities are principally to fund capital expenditures. Such capital expenditures must have been approved by the Government. In addition to granting loans and providing financial advice to public entities in Québec, Financement-Québec may also develop and implement financing programs for these entities, manage their financial risks, in particular cash and currency risks, and provide them with technical services. These technical services may include financial analysis as well as management and investment of their funds.

Starting in Fiscal 2010, Financement-Québec began undertaking a portion of the short term financing to health and social services entities that was previously funded by the Corporation d'hébergement du Québec; an initial portion amounting to $1,135 million in short-term financing was transferred to Financement-Québec on November 1, 2009 and an additional portion amounting to $1,365 million was added to Financement-Québec's activities in Fiscal 2011. Although most of these loans are to fund capital expenditures, a portion of the loans transferred in Fiscal 2011 is to fund operational needs of some health and social services entities. Those financings are now fully integrated and part of Financement-Québec's ongoing operations.

In January 2009, the federal government instituted a new Municipal Infrastructure Lending Program for Housing-Related Infrastructure (the "Program"). In Québec, Financement-Québec acted as a pass-through for the Program. As at March 4, 2010, representatives of Québec and Canada reached an agreement which would allow Financement-Québec to borrow from Canada Mortgage and Housing Corporation (CMHC), and lend on the same terms to Québec's municipalities. The Program ended as at March 31, 2011 and no new loans will be added pursuant to this one time operation. As at March 31, 2012, the loans to municipalities amounted to $1,146 million ($1,208 million as at March 31, 2011). Loans will be fully amortized by March 29, 2031.

Financement-Québec reduces its financial risk associated with loans either i) by obtaining a security interest on the subsidies that these public entities receive from the Government to cover the debt service of such loans, or ii) by obtaining an engagement from the Minister responsible to provide support to entities in order to prevent any default or to compensate Financement-Québec for any default under such loans. Furthermore, loans are made to the public entities with terms matched to the underlying liabilities of Financement-Québec. Sources of revenue to repay these loans come from transfers received by the public entity from Québec and, in the case of municipalities, from their own revenue sources.

Financement-Québec uses interest rate swap contracts to manage interest rate risks on its financial intermediation activities. Interest rate swap contracts give rise to the periodic exchange of interest payments without an exchange of the reference face amount on which the payments are based and are recorded as an adjustment to the interest expense on the covered borrowing instrument. As of March 31, 2012, on a preliminary basis, the nominal value of outstanding interest rate swap contracts in Canadian currency was $16,858 million (March 31, 2011: $17,257 million).

Financement-Québec also uses currency swap contracts to manage its risk exposure under certain borrowing instruments denominated in foreign currencies. Financement-Québec uses currency swap contracts to cover its firm commitments to pay the principal of and interest on the debt denominated in foreign currencies, failing which it would be exposed to a foreign exchange risk. Exchange gains and losses on the principal covered by swap contracts are offset by corresponding exchange losses and gains on the debt denominated in foreign currencies. As of March 31, 2012, on a preliminary basis, the nominal value of outstanding currency rate swap contracts in Canadian currency was $782 million (March 31, 2011: $782 million).

Financement-Québec has outstanding loans to educational institutions, including school boards, colleges and universities, to health and social services entities, including hospitals, local community service centers and institutions for seniors and to municipalities. As of March 31, 2012, on a preliminary basis, the total amount of outstanding loans was $23,504 million, and no short-term investment (March 31, 2011: $21,796 million; excluding short term investments amounting to $126 million). The proportion of total loans outstanding for each category of borrowers at that date was: school boards, 29%; colleges, 8%; universities and others, 15%; health and social services, 43% and municipalities, 5%. The operating plan for fiscal year 2012-2013, as presented by Financement-Québec to the Minister, forecasts loans of $1,605 million to be granted to school boards, $363 million to colleges, $925 million to universities and $1,923 million to hospitals and other health and social services entities.

Sources of Funds

Financement-Québec debt consists of funded and unfunded debt. Unfunded debt is indebtedness with a maturity of one year or less. As of March 31, 2012, on a preliminary basis, funded debt for borrowings of Financement‑Québec on financial markets in its own name, with the guarantee of Québec, amounted to $20,657 million. On a preliminary basis, Financement‑Québec's unfunded debt totals $2,657 million as of March 31, 2012. Furthermore, pursuant to the Act, the Government may authorize the Minister to advance out of the Consolidated Revenue Fund to Financement-Québec any sums considered necessary to perform its obligations or pursue its mission. See Table 1 relating to the funded and unfunded debt for fiscal years 2009, 2010 and 2011 as well as the preliminary results for Fiscal 2012 and the Fiscal 2013 forecast.

Table 1

Funded and unfunded debt


2008-2009

2009-2010

2010-2011

Preliminary Results
2011-2012

Forecast
2012-2013

Funded

(dollar amounts in millions)

   Advances from Québec

602.0

209.6

205.3

144.3

140.0

   Borrowings on the market

13,200.1

15,022.3

17,745.5

19,238.4

21,602.7

   Borrowings from CMHC

-

  -

1,208.1

1,146.3

1,082.4

   Other borrowings

-

-

150.6

127.8

104.8


$13,802.1

$15,231.9

$19,309.5

$20,656.8

 

$22,929.9













Unfunded

754.0

1,460.0

2,454.5

2,656.7

2,569.2

TOTAL

$14,556.1

$16,691.9

$21,764.0

$23,313.5

$25,499.1







Management

Financement-Québec has an agreement with the Minister under which employees of the Ministère des Finances contribute to the operations of Financement-Québec.

The Minister appoints the Board of Directors and also designates the Chief Executive Officer of Financement-Québec. The current composition of the Board of Directors of Financement-Québec is set forth below.

 

Table 2

Current composition of the Board of Directors

Name


Position with Financement‑Québec


Position outside Financement-Québec






Bernard Turgeon


Chairman of the Board,

President and Chief Executive Officer


Associate Deputy Minister

Federal-Provincial Policy

Financing, Debt Management

and Financial Operations

Ministère des Finances

12, rue Saint-Louis, 2e étage

Québec, Québec, Canada, G1R 5L3






Nathalie Parenteau


Vice Chairman of the Board, Executive Vice President and Secretary

Vice-President, Finance


Senior Director-Financing of Public Organizations and Financial Documentation

Ministère des Finances

12, rue Saint-Louis, 2e étage

Québec, Québec, Canada, G1R 5L3






Alain Bélanger


Director


Director General-Financing and Debt Management

Ministère des Finances

12, rue Saint-Louis, 2e étage

Québec, Québec, Canada, G1R 5L3






Jean Monfet


Director


Director General-Municipal Finances

Ministère des Affaires municipales, des Régions et de l'Occupation du territoire
10, rue Pierre-Olivier-Chauveau, 1er étage
Québec, Québec, Canada, G1R 4J3






Jean Pronovost


Director


Corporate Director

3451, Place du Trianon

Québec, Québec, Canada, G1X 2G1

 






Brigitte Guay


Director


Assistant Deputy Minister

Mission Support and

Student Financial Assistance Services

Ministère de l'Éducation, du Loisir et du Sport

1035, de la Chevrotière, 20e étage

Québec (Québec) G1R 5A5






 

Financial Statements 

The data presented in the following tables were prepared by Financement‑Québec from complete financial statements of Financement-Québec for fiscal years 2009, 2010 and 2011, which were audited by the Auditor General, and preliminary results for Fiscal 2012 and the Fiscal 2013 forecast, which are included in the Québec Budget of March 20, 2012. The financial statements are prepared by Financement-Québec's management in accordance with Canadian GAAP. The audit was conducted by the Auditor General in accordance with Canadian generally accepted auditing standards ("GAAS"). 

In order to apply an accounting rule already used by the Government of Québec, effective in Fiscal 2012, revenues from issuance and management fees are measured over the life of the loan using the effective interest method  (formerly recognized when received or receivable). This method also applies to premiums and discounts, if any, on debt and loan issuances (formerly recognized using the straight-line method). Fiscal 2011 results were also restated to reflect this method. Results from Fiscal 2010 and earlier years have not been restated.

Income Statement

Table 3

Income Statement


Results

2008-2009

Results

2009-2010

Results

2010-2011(1)

Preliminary Results

2011-2012

Forecast

2012--2013


(dollar amounts in thousands)

Net Interest Income






    Interest on loans

$687,617

$667,954

$753,845

$830,771

$798,628

    Interest on advances from Québec                 and on borrowings

(665,983)

(621,338)

(708,026)

(797,758)

(760,353)

Total Income (2)

21,634

46,616

45,819

33,013

38,275

Administration And Operating Expenses






Service agreement with the Ministère des Finances

(372)

(231)

67

 

15

(67)

Wages, salaries and allowances

(571)

(669)

(711)

(867)

(933)

Professional, administrative and other services

(77)

(249)

(347)

(189)

(65)

Total Expenditures

(1,020)

(1,149)

        (991)

(1 041)

(1 065)

Net Earnings

$20,614

$45,467

$44,828

 $31,972

$37,210







Statement of Retained Earnings






Beginning Balance

$84,245

$104,859

$123,080

$167,908

$199,880

Net income

20,614

45,467

44,828

       31,972

37,210

Ending Balance

$104,859

$150,326

$167,908

$199,880

$237,090







(1)  Fiscal 2011 results restated to reflect the effective interest rate method.

(2)  In Fiscal 2010, net interest income increased to $46.6 million from $21.6 million in Fiscal 2009 due mainly to a significant decrease in short-term rates on borrowings at floating rates, and also as a result ofgrowth in lending activities (both factors contributing $21.8 million). Net income from management and issuance fees increased to $12.6 million from $9.4 million in Fiscal 2009 ($3.2 million), mainly due to lower rates of commissions paid for long-term borrowings compared to fee rates received from clients and growth in lending activities. In Fiscal 2011, net interest income decreased to $45.8 million from $46.6 million in Fiscal 2010, due mainly to the introduction of the effective interest rate accounting method. Based on the preliminary results for Fiscal 2012, net interest income decreased to $33.0 million from $45.8 million, due mainly to a decrease in long-term interest rates. Based on Fiscal 2013 forecast, Financement-Quebec expects an increase of net interest income from $33.0 million to $38.3 million, due mainly to carrying fees that are expected to be significantly lower in Fiscal 2013.

Balance Sheet

Table 4

Balance Sheet


Results

2008-2009

Results

2009-2010

Results

2010-2011(1)

Preliminary

Results

2011-2012

Forecast

2012-2013


(dollar amounts in thousands)

Financial Assets






          Loans

$14,658,171

$16,850,464

$21,796,216

$23, 503, 528

$25,827,920

          Other assets

182,783

178,062

357,646

225,610

213,182

Total Assets

$14,840,954

$17,028,526

$22,153,862

$23 729 138

$26,041,102







Liabilities






Advances from Québec (2)

$602,005

$209,573

$205,322

$144,268

$139,965

Borrowings (3)(4)

13,954,105

16,482,266

20,199,984

21,895,135

24,281,832

Borrowings from CMHC

-

-

1,208,110

1,146,336

1,082,351

Other borrowings (5)

-

-

150,615

127,833

104,891

Other liabilities (6)

169,985

176,361

222,277

216,302

197,685








14,726,095

16,868,200

21,986,308

23, 529,874

25, 806, 714







Net financial assets

114,859

160,326

167,554

199,264

234,388







Non-Financial Assets

-

-

454

716

2,702







Net assets

$114,859

$160,326

$168,008

$199,980

$237,090







(1)   Fiscal 2011 results restated to reflect the effective interest rate method.

(2) Includes $2,652 million of bond premiums and discounts as of March 31, 2012, $3,680 million as of March 31, 2011, $4,562 million as of March 31, 2010 and $6,370 million as of March 31, 2009. Includes $89 million of deferred issuance expenses as of March 31, 2012 and $0.095 million as of March 31, 2011.

(3)  Includes short-term debt of $2,657 million as of March 31, 2012, $2,454 million as of March 31, 2011, $1,460 million as of March 31, 2010 and $754 million as of March 31, 2009.

(4)  Includes $25,837 million of bond and swap premiums and discounts as of March 31, 2012, $1,559 million of bond and swap premiums and discounts as of March 31, 2011, $12,634 million of bond and swap premiums and discounts as of March 31, 2010 and $15,083 million of bond and swap premiums and discounts as of March 31, 2009. Includes $23,141 million of deferred issuance expenses as of March 31, 2012 and $21,800 million as of March 31, 2011.

(5)  Includes $0,125 million of bond premiums and discounts as of March 31, 2012 and $0,150 million as of March 31, 2011.

(6)  Represents accrued interest payable on borrowings and advances, accounts payable and deferred revenue.

 

 

Table 5

Maturities of Financement-Québec Loans and Debt (Borrowings and Advances from Québec)


As of March 31, 2012


(dollar amounts in millions)


Loans (1)


Debt (2)(3)





.........................................................................................................................




2013..............................................................................................................

$4,252


$4,458

2014..............................................................................................................

2,626


3,655

2015..............................................................................................................

4,140


3,477

2016..............................................................................................................

2,193


1,820

2017

3,002


3,016

2013 - 2017...............................................................................................

$16,213


$16,426

2018 - 2022...............................................................................................

$4,546


$4,237

2023 - 2027...............................................................................................

694


563

2028 - 2032

719


540

2033 - 2037...............................................................................................

1,332


1,547


$23,504


     $23,313





(1)  Includes $0.220 million of loan premiums and discounts and $65,765 million of deferred income from issuance fees as of March 31, 2012.

(2)    Amounts denominated in foreign currencies are shown at the Canadian dollar equivalent as at March 31, 2012, after taking into account currency swap agreements.

(3)   Presented at their nominal value.

 

 

Table 6

Share of Financement-Québec Loans and Debt (Borrowings and Advances from Québec)


As of March 31, 2012


(dollar amounts in millions)


Loans


Debt (1)


$


%


$


%









Fixed rates.................................

18,675


79.5


18,292


78.5

Floating rates(2) .......................

4,829(3)


20.5


5,021


21.5


23,504


100.0


23,313


100.0









(1)     Amounts denominated in foreign currencies are shown at the Canadian dollar equivalent as at March 31, 2012, after taking into account currency swap agreements.

(2)     All loans and debts of less than one year maturity as at March 31, 2012 are reported as floating rates.

(3)   Including current investments.

 

Where You Can Find More Information

This document appears as an exhibit to the annual report of Financement-Québec on Form 18-K for the fiscal year ended March 31, 2012 filed with the U.S. Securities and Exchange Commission (the "Commission") on EDGAR through the Commission Internet web site at http://www.sec.gov. Additional information with respect to Financement-Québec is available in the annual report or in other exhibits or amendments to the annual report.  You may read and copy any document Financement-Québec files with the Commission at the Commission's public reference room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549.  Please call the Commission's toll free number at 1-800-SEC-0330 if you need further information about the operation of the Commission's public reference room.  In addition, you may request a copy of these filings at no cost from Financement-Québec, Ministère des Finances du Québec, Direction du financement des organismes publics et de la documentation financière, 12, rue Saint-Louis, Québec, Québec, Canada, G1R 5L3. This document is also available on the Ministère des Finances Internet web site at http://www.finances.gouv.qc.ca. This web site address is an inactive textual reference only and any information available on this web site shall not be deemed to form a part of this document or the annual report in which it appears as an exhibit.

 

Forward‑Looking Statements

Various statements made throughout this document are forward looking and contain information about financial results. The words "forecast", "preliminary estimate", "preliminary results" and similar expressions identify forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. You are cautioned not to place undue reliance on these forward‑looking statements, which speak only as of the date of this document. We undertake no obligation to publicly release the result of any revisions to these forward‑looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplementary Information

The following tables indicate present or future characteristics of the funded debt as of March 31, 2012.

 

Table 7

Borrowings on the market - Funded Debt as of March 31, 2012


 

A) Payable in Canadian Dollars

 









Canadian Dollars


Maturity Date


Issue Date(1)


Interest Payment Date(s)


Coupon (%)


Nominal Value


Book Value

CUSIP Number

 













 

2012-04-25


2006-06-09


01-25, 04-25,

07-25 & 10-25


Floating


820,000,000


819,989,464

31739ZAF23

 

2012-11-01


2004-09-02


11-01


5.00


200,000,000


199,870,397

XS0200124120

 

2013-09-16


2007-02-16


03-16, 06-16,

09-16 & 12-16


Floating


1,556,000,000


1,556,775,989

31739ZAH88

 

2013-09-23


2008-10-06


03-23 & 09-23


4.09


600,000,000


599,810,316

31739ZAL90

 

2014-03-01


2006-01-23


03-01 & 09-01


4.25


1,500,000,000


1,494,655,543

31739ZAC91

 

2014-06-01


2009-02-17


06-01 & 12-01


3.25


1,500,000,000


1,502,311,373

31739ZAM73

 

2014-06-09


2007-02-09


03-09, 06-09,

09-09 & 12-09


Floating


200,000,000


199,918,220

XS0286907547

 

2014-12-01


2007-12-03


03-01,06-01,

09-01 & 12-01


Floating


1,542,000,000


1,518,254,792

31739ZAJ45

 

2015-03-10



06-10, 09-10,

12-10 & 03-10


Floating


200,000,000


199,793,048

XS0214474636

 

2015-10-14


2005-10-14


01-14, 04-14,

07-14 & 10-14


Floating


200,000,000


199,751,257

XS0232639715

 

2015-12-01


2000-09-01


06-01 & 12-01


6.25


309,400,000


308,119,827

317385AD4

 

2015-12-01


2008-05-26


06-01 & 12-01


4.25


1,300,000,000


1,314,042,152

31739ZAK18

 

2016-06-02


2010-03-02


03-02 & 06-02

& 09-02 & 12-02


Floating


1,534,000,000


1,526,836,217

31739ZAP05

 

2016-12-01


2010-02-23


06-01 & 12-01


3.50


1,500,000,000


1,499,451,860

31739ZAN56

 

2017-04-25


2011-07-25


01-25, 04-25,

07-25 & 10-25


Floating


1,370,000,000


      1,360,368,081

317392ZAR60

 

2017-12-01


2011-01-21


06-01 & 12-01


3,50


1,600,000,000


1,622,344,773

31739ZAQ87

 

2018-12-01


2012-01-24


06-01 & 12-01


2,40


1,000,000,000


996,257,226

31739ZAS44

 

2034-06-01


2006-07-26


06-01 & 12-01


5.25


1,522,350,000


1,557,702,777

31739ZAG06

 









$18,453,750,000


$18,476,253,312


 

Adjustments relating to swap agreements


$782,000,000


$782,832,564


Total - Payable in Canadian Dollars


$19,235,750,000


$19,259,085,876












                             

 


B) Payable in Foreign Currency

 


 

Payable in US Dollars

 

499 593 440,85  $

 















 

Maturity

Date


Issue Date(1)


Interest Payment Date(s)


Coupon

(%)



Foreign Currency Units


Equivalent in

Canadian Dollars


CUSIP Number

or ISIN Code

 

Nominal Value


Book Value

 

















 

2012-10-25


2002-10-25


04-25 & 10-25


5.00



US$500,000,000


US$499,593,441


$781,832,564


US317385AF97

 


 

Adjustments relating to swap agreements                           



(500,000,000)


(499,593,441)

(781,832,564)



 


 

Total - Payable in US dollars                                



US$0


US$0

$0



 


 


 

Total - Funded Debt              

$19,259,085,876


 





 





 





 

 (1)    If more than one issue date, the date of the first issue is indicated.

 

(1)     If more than one issue date, the date of the first issue is indicated.

 

Table 8

Borrowings from CHMC - Funded Debt as of March 31, 2012









 

Maturity Date


Issue Date


Interest Payment Date(s)


Coupon (%)


Nominal Value


Book Value

2020-07-01


2010-07-01


07-01


3.46


132,883,809


121,535,655

2020-10-01


2010-10-01


10-01


2.87


1,237,230


1,128,658

2020-11-01


2010-11-01


11-01


2.77


7,771,505


7,086,380

2021-03-01


2011-03-01


03-01


3.54


8,468,601


7,748,060

2021-03-29


2011-03-29


03-29


3.23


122,531,060


111,955,322

2025-07-01


2010-07-01


07-01


3.83


3,465,730


3,290,450

2025-08-01


2010-08-01


08-01


3.59


980,300


929,832

2025-10-01


2010-10-01


10-01


3.35


1,063,800


1,008,055

2025-11-01


2010-11-01


11-01


3.28


218,431,000


206,925,760

2025-12-01


2010-12-01


12-01


3.59


36,000,000


34,146,658

2026-03-01


2011-03-01


03-01


3.92


110,500,163


104,948,778

2026-03-29



03-29


3.65


5,981,834


5,675,242

2030-07-01


2010-07-01


07-01


4.04


279,650,462


270,298,220

2030-11-01


2010-11-01


11-01


3.50


21,360,569


20,605,236

2031-02-01


2011-02-01


02-01


3.95


42,858,800


41,412,044

2031-03-01


2011-03-01


03-01


4.12


21,464,580


20,752,692

2031-03-29


2011-03-29


03-29


3.89


193,460,374


186,889,140

Total - Payable in Canadian Dollars


$ 1,208,109,817


$ 1 ,146,336,182

 

Table 9 Other borrowings - Funded Debt as of March 31, 2012

 









 

Maturity Date


Issue Date


Interest Payment Date(s)


Coupon (%)


Nominal Value


Book Value












2015-02-06


2011-03-31


02-06 & 08-06


10,03


57,068,114


57,068,114

2018-01-16


2011-03-31


01-16 & 07-16


9,375


 1,368,000


 1,363,025

2021-01-16


2011-03-31


01-16 & 07-16


9,375


8,065,188


7,945,234

2023-01-16


2011-03-31


01-16 & 07-16


6,786


61,456,460


61,456,460












Total - Payable in Canadian Dollars


$127,957,762


$127,832,833

 

In case of disparity between the terms and conditions of each issue and the tables, the terms and conditions of each issue will prevail.

 

 

 

 

To view the documents in PDF format, please paste the following URLs into the address bar of your browser.

Exhibit 99.1 of the dated June 5, 2012 to the Financement-Québec Annual Report  (on Form 18-K) for the fiscal year ended March 31, 2012.

http://www.rns-pdf.londonstockexchange.com/rns/9446E_-2012-6-7.pdf 


 

Exhibit 99.1 of Financement-Québec's Annual Report (on Form 18-K) for the fiscal year ended March 31, 2012 has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do

 

For further information, please contact:

 

Nathalie Parenteau
Executive Vice President and Secretary
Financement-Québec
Telephone Number:  1-418-691-2203
Fax Number:  1-418-643-4700
Email: 
[email protected]

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR UBUNRUUANRAR