Financement - Quebec US $750M Euro Financing

Financement-Quebec, a new financing authority of the Quebec government, has established a new US$750 million Euro Medium Term Note Programme effective July 27, 2000. The Programme provides for offerings, both syndicated deals and private placements, on a continuous basis of unsecured notes denominated in any currency having maturities of one month or longer which are guaranteed by the Province of Quebec. The Offering Circular relating to the Programme was cleared by the new Financial Services Authority, (which, on May 1, 2000 took over from the London Stock Exchange plc as UK listing Authority under the Financial Services Act 1986) and by the Commission des Opérations de Bourse in France. Notes issued under the Programme may be listed on the London Stock Exchange plc, the Paris Bourse or other European stock exchanges or may be unlisted. Merrill Lynch International arranged the Programme for Financement-Quebec.

Michel Demers and Odette St-Laurent of Desjardins Ducharme Stein Monast’s Quebec City office represented Financement-Quebec and the Province of Quebec. Ogilvy Renault’s London office (Peter S. Noble) assisted Merrill Lynch International’s Transaction Management Group (led by Carolyn Boey) on the transaction.