Issuer Free Writing Prospectus
Filed pursuant to Rule 433(d)
Registration No. 333-261836
February 7, 2023
Export Development Canada / Exportation et développement Canada (“EDC”)
U.S. $3.5 billion 3.875% United States Dollar Bonds due 2028
Final Term Sheet
February 7, 2023
| Issuer: | Export Development Canada / Exportation et développement Canada | |
| Title: | 3.875% United States Dollar Bonds due 2028 | |
| Existing Long Term Issuer Ratings*: | Aaa Stable (Moody’s), AAA Stable (S&P) | |
| Format: | SEC Registered Global | |
| Size: | U.S. $3,500,000,000 | |
| Trade Date: | February 7, 2023 | |
| Settlement Date: | February 14, 2023 (T+5) | |
| Maturity Date: | February 14, 2028 | |
| Callable: | No, unless a change in the laws or regulations of Canada would require the payment by EDC of additional amounts on the bonds. | |
| Interest Payment Dates: | Semi-annually on February 14 and August 14, commencing on August 14, 2023. Interest will accrue from February 14, 2023. | |
| First Interest Payment Date: | August 14, 2023 | |
| Benchmark Treasury: | UST 3.500% due January 31, 2028 | |
| Benchmark Treasury Price and Yield: | 98-22 / 3.792% Semi-annual | |
| Spread to SOFR Mid-Swap: | +39bps | |
| Spread to Benchmark Treasury: | 17.5bps | |
| Yield to Maturity: | 3.967% | |
| Coupon: | 3.875%, accruing from February 14, 2023 | |
| Price: | 99.586% | |
| Day Count: | 30/360 following unadjusted | |
| Specified Currency: | United States Dollar (“U.S.$” or “$”) | |
| Minimum Denomination: | $5,000 and increments of $5,000 in excess thereof | |
| Fees: | 0.125% | |
| All-in Price | 99.461% | |
| Proceeds: | $3,481,135,000 | |
| Listing: | Euro MTF Market of the Luxembourg Stock Exchange | |
| Status: | The bonds will carry the full faith and credit of Canada. The payment of the principal of and interest on the bonds will constitute a charge on and be payable out of the Consolidated Revenue Fund of Canada. | |
| Governing Law: | The laws of Ontario and the laws of Canada applicable therein. | |
| Business Days: | London, New York, Toronto | |
| Representatives: | BMO Capital Markets Corp. CIBC World Markets Corp. Goldman Sachs International Morgan Stanley & Co. International plc | |
| Co-managers: | Barclays Bank PLC BofA Securities, Inc. Scotia Capital (USA) Inc. | |
| Billing and Delivering: | CIBC World Markets Corp. | |
| Settlement: | DTC, CDS, Euroclear, Clearstream | |
| CUSIP Number: | 30216B JW3 | |
| ISIN: | US30216BJW37 | |
| Reference Document: | Prospectus Supplement, subject to completion, dated 07 February 2023 and Prospectus dated March 14, 2022
https://www.sec.gov/Archives/edgar/data/276328/000119312523026411/d433323d424b2.htm | |
| Legends: | This document does not constitute or form part of any offer or invitation to sell these bonds and is not soliciting any offer to buy these bonds in any jurisdiction where such offer or sale is not permitted.
MiFID Target Market: The manufacturer target market (MiFID product governance) is eligible and professional counterparties only (all distribution channels).
UK MiFIR Target Market: The manufacturer target market (MiFIR product governance) is eligible and professional counterparties only (all distribution channels).
This document is for distribution only to persons who: (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial | |
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are 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 (the “FSMA”)) in connection with the issue or sale of any bonds may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”).
This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.
This document, the prospectus supplement and the base prospectus have been prepared on the basis that all offers of the bonds in any Member State of the European Economic Area will be made pursuant to an exemption under Regulation (EU) 2017/1129 (the ““Prospectus Regulation””) from the requirement to produce or publish a prospectus.
Accordingly, any person making or intending to make any offer within a Member State of the bonds may only do so in circumstances in which no obligation arises for EDC or any underwriter to produce or publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation in relation to such offer. Neither this document nor the prospectus supplement nor the base prospectus has been approved as a prospectus by a competent authority in any Member State and accordingly none is a prospectus for the purposes of the Prospectus Regulation.
If and to the extent that this announcement is communicated in, or the offer of the bonds to which it relates is made in, any Member State, this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors as defined in the Prospectus Regulation and must not be acted upon by other persons in that relevant state.
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NOTIFICATION UNDER SECTION 309B(1)(C) OF THE SECURITIES AND FUTURES ACT 2001 OF SINGAPORE: The Instruments are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products)
* A securities rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. |
This communication is intended for the sole use of the person to whom it is provided by the Issuer. The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free at 866-864-7760 for BMO Capital Markets Corp., 1-800-282-0822 for CIBC World Markets Corp., 1- 866-471-2526 for Goldman Sachs International and +44 (0)-20-7677-4799 for Morgan Stanley & Co. International plc. Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system. |
