# EDGAR Filing Document

**Accession Number:** 0000722803
**File Stem:** 0001193125-26-006067
**Filing Date:** 2026-1
**Character Count:** 6291
**Document Hash:** e3b8c2329307b68b41607e5a5dc9c47d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-006067.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-006067

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QUEBEC
- **CENTRAL INDEX KEY:** 0000722803
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-274949
- **FILM NUMBER:** 26515216

**BUSINESS ADDRESS:**
- **STREET 1:** 12 ST-LOUIS ST
- **STREET 2:** MINISTERE DES FINANCES
- **CITY:** QUEBEC QC CANADA GIR 5L3
- **STATE:** A8
- **ZIP:** 00000

**MAIL ADDRESS:**
- **STREET 1:** 12 ST-LOUIS ST
- **STREET 2:** MINISTERE DES FINANCES
- **CITY:** QUEBEC QC CANADA GIR 5L3
- **STATE:** A8
- **ZIP:** 00000
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QUEBEC
- **CENTRAL INDEX KEY:** 0000722803
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 12 ST-LOUIS ST
- **STREET 2:** MINISTERE DES FINANCES
- **CITY:** QUEBEC QC CANADA GIR 5L3
- **STATE:** A8
- **ZIP:** 00000

**MAIL ADDRESS:**
- **STREET 1:** 12 ST-LOUIS ST
- **STREET 2:** MINISTERE DES FINANCES
- **CITY:** QUEBEC QC CANADA GIR 5L3
- **STATE:** A8
- **ZIP:** 00000

**Free Writing Prospectus (FWP)** 

**Filed Pursuant to Rule 433** 

**Registration Statement No. 333-274949** 

**Québec** 

**US$4.5bn 3.875% Global Notes Series RH due January 14, 2031** 

**Final Pricing Term Sheet** 

January 7, 2026

---

| | |
|:---|:---|
| Issuer: | Québec |
| Existing Long-Term Issuer Ratings\*: | Aa2/A+/AA- (Moody's/S&P/Fitch) |
| Format: | SEC Registered Global Offering |
| Ranking: | Direct, unconditional debt |
| Size: | U.S.$4,500,000,000 |
| Trade Date: | January 7, 2026 |
| Settlement Date\*\*: | January 14, 2026 (T+5) |
| Maturity Date: | January 14, 2031 |
| Interest Payment Dates: | January 14, and July 14, of each year, commencing on July 14, 2026 |
| Benchmark Treasury: | UST 3.625% due December 31, 2030 |
| UST Spot (price, yield): | 99-21+ / 3.698% |
| Spread to Benchmark Treasury: | +20.6 bps |
| Spread to Mid Swaps: | +45 bps |
| Re-Offer Yield: | 3.904% |
| Coupon: | 3.875% per annum; payable semi-annually |
| Re-Offer Price: | 99.869% |
| Total Proceeds: | U.S.$4,494,105,000.00 |
| Fees: | 0.125% |
| All-In Price: | 99.744% |

---

------

---

| | |
|:---|:---|
| All-In Yield: | 3.932% |
| Net Proceeds: | U.S.$4,488,480,000.00 |
| Day Count: | 30/360 |
| Business Days: | New York, Montréal and Toronto |
| Minimum Denomination: | US$5,000 and integral multiples of US$1,000 for amounts in excess of US$5,000 |
| Listing: | Admission to the Luxembourg Stock Exchange's Official List and to trading on the Luxembourg Stock Exchange's Euro MTF Market. This market is not a regulated market for purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU, as amended) (MiFID II). This admission may be completed following settlement on a reasonable effort basis |
| Governing Law: | Québec and Canada |
| Prospectus and Prospectus Supplement: | Prospectus dated February 12, 2024 and Preliminary Prospectus Supplement filed on January 7, 2026 https://www.sec.gov/Archives/edgar/data/722803/000119312526005509/d81194d424b3.htm |
| Joint Lead Managers and Bookrunners: | CIBC World Markets Corp.<br> HSBC Bank plc<br> J.P. Morgan Securities plc<br> National Bank of Canada Financial Inc. <br>RBC Capital Markets, LLC |
| Billing and Delivering: | CIBC World Markets Corp. |
| CUSIP / ISIN: | 748148SH7 / US748148SH73 |
| UK MiFIR Target Market: | Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). |

---

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

\*\* We expect that delivery of the notes will be made against payment therefor on or about January 14, 2026, which is five trading days following the date of pricing of the notes (this settlement cycle being referred to as "T+5"). Under Rule 15c6-1 of the Commission under the Exchange Act, trades in the secondary market generally are required to settle in one trading day, unless the parties to that trade expressly agree otherwise. Accordingly, U.S. purchasers who wish to trade the notes prior to the date of delivery may be required, by virtue of the fact that the notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any trade to prevent a failed settlement. Purchasers of the notes in other countries who wish to trade the notes prior to one trading day before the date of delivery should consult their own advisor. 

------

**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 https://www.sec.gov/edgar/browse/?CIK=722803. 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 CIBC World Markets Corp. toll-free at 1-800-282-0822 or HSBC Bank plc toll-free at 1-866-811-8049 or J.P Morgan Securities plc. toll-free at 1-212-834-4533 or National Bank of Canada Financial Inc. toll-free at 1-416-869-8635 or RBC Capital Markets, LLC toll-free at 1-866-375-6829** 

Other: 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.