Note: As at April 28, 2025, 2 247 million equivalent in Canadian dollars have been borrowed and the program is 7.6% completed.
Fiscal year | $M |
---|---|
2024-2025 | 36 710 |
2025-2026 | 29 661 |
2026-2027 | 37 486 |
Note: As at April 28, 2025, 2 247 million equivalent in Canadian dollars have been borrowed and the program is 7.6% completed.
The government aims to borrow at the lowest possible cost. To this end, it applies a strategy of diversifying sources of financing according to markets, financial instruments and maturities.
Financing transactions are carried out regularly on major international markets, namely Canada, the United States, Europe, and also Australia and Asia. Québec plans to continue to take advantage of opportunities to issue on foreign markets.
On average, over the past 10 years, 30% of borrowings have been made in foreign currencies. However, the government does not maintain any exposure of its debt to foreign currencies, so as to neutralize the effect of their fluctuations on debt service.
Note: As at March 5, 2025.
Fiscal year | Canadian dollars (%) | Foreign currency (%) |
---|---|---|
2014-2015 | 75.3 | 24.7 |
2015-2016 | 78.3 | 21.7 |
2016-2017 | 69.0 | 31.0 |
2017-2018 | 60.7 | 39.3 |
2018-2019 | 83.2 | 16.8 |
2019-2020 | 65.6 | 34.4 |
2020-2021 | 67.9 | 32.1 |
2021-2022 | 64.7 | 35.3 |
2022-2023 | 82.8 | 17.2 |
2023-2024 | 61.6 | 38.4 |
2024-2025 | 65.7 | 34.3 |
Note: As at March 5, 2025.
To meet investors’ needs, a wide range of financial products is used in financing operations.
Long-term instruments mainly consist of conventional bonds.
Note: As at March 5, 2025.
(1) The proportion attributable to immigrant investors is less than 1%.
Financial instruments | Percentage (%) |
---|---|
Immigrant investors | — (1) |
Savings products | 1.5 |
Conventional bonds | 98.5 |
Note: As at March 5, 2025.
(1) The proportion attributable to immigrant investors is less than 1%.
New borrowings’ maturities are distributed over time in order to stabilize the refinancing profile and promote the government’s regular presence on capital market.
Note: As at March 5, 2025.
Maturity | Percentage (%) |
---|---|
5 years | 18.9 |
10 years | 46.9 |
30 years | 34.2 |
Note: As at March 5, 2025.
Borrowing diversification by term is reflected in the debt maturity profile presented in the following chart. As at March 31, 2025, the average debt maturity is expected to be 11 years.
Note: For the maturities in the 2035-2045, 2045-2055 and 2055-2077 periods, this is an annual average.
Fiscal year | Borrowings ($M) |
---|---|
2025-2026 | 16 889 |
2026-2027 | 14 104 |
2027-2028 | 13 309 |
2028-2029 | 14 488 |
2029-2030 | 17 701 |
2030-2031 | 16 361 |
2031-2032 | 20 054 |
2032-2033 | 19 023 |
2033-2034 | 19 107 |
2034-2035 | 17 833 |
2035-2045 | 3 424 |
2045-2055 | 3 622 |
2055-2077 | 739 |
Note: For the maturities in the 2035-2045, 2045-2055 and 2055-2077 periods, this is an annual average.