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News Mar 06, 2019

CDP Financial Inc.’s $2 Billion Senior Notes Offering Under Newly Established Senior Notes Program

Shearman & Sterling represented Goldman Sachs, BNP Paribas, HSBC and TD Securities, as agents, in connection with CDP Financial Inc.’s investment-grade Rule 144A/Regulation S offering of $2 billion aggregate principal amount of 2.75% senior notes due 2022 under its newly established $20 billion Senior Notes Program. Notes issued under the program are fully and unconditionally guaranteed by Caisse de dépôt et placement du Québec (“La Caisse”), parent company of CDP Financial Inc.

La Caisse is one of Canada’s leading institutional asset managers, based on assets under management, and is a mandatary (a limited, agent-like status) of the Government of Québec. As at December 31, 2018, it held C$309.5 billion in net assets. La Caisse is, by law, the sole asset manager for the majority of the public-sector pension and insurance plans of the Province of Québec.

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