Ministère des Finances
Ministère des Finances
Ministère des Finances
The Québec government mainly carries out its bond issues on the Canadian market; approximately 70% of its borrowings are made on this market.
Public issues represent the majority of the government’s transactions on the Canadian market.
To promote the liquidity of its securities, the government establishes benchmark issues and increases their size until the outstanding is considered optimal.
| Coupon (%) | Issue Date | Maturity Date | Outstanding1($M) | |
|---|---|---|---|---|
| 2.50 | 2016 | 2026 | 6 000 | |
| 2.75 | 2017 | 2027 | 6 000 | |
| 2.75 | 2018 | 2028 | 6 000 | |
| 2.30 | 2019 | 2029 | 6 500 | |
| 5-year | 1.90 | 2020 | 2030 | 10 800 |
| 1.50 | 2021 | 2031 | 9 000 | |
| 6.25 | 2000 | 2032 | 4 200 | |
| 3.25 | 2022 | 2032 | 8 400 | |
| 3.60 | 2023 | 2033 | 12 250 | |
| 4.45 | 2024 | 2034 | 12 000 | |
| 10-year | 4.00 | 2025 | 2035 | 750 |
| 5.75 | 2003 | 2036 | 4 083 | |
| 5.00 | 2006 | 2038 | 5 000 | |
| 5.00 | 2009 | 2041 | 9 200 | |
| 4.25 | 2011 | 2043 | 7 500 | |
| 3.50 | 2013 | 2045 | 10 000 | |
| 3.50 | 2015 | 2048 | 11 650 | |
| 3.10 | 2019 | 2051 | 14 000 | |
| 2.85 | 2021 | 2053 | 11 500 | |
| 4.40 | 2022 | 2055 | 16 700 | |
| 30-year | 4.20 | 2024 | 2057 | 4 950 |
1 As at April 28, 2025.
Québec regularly carries out financing transactions on the main international markets, namely the United States, Europe, and also Australia and Asia.
The government wishes to remain a regular issuer on international markets. The objective is to issue a benchmark in US dollars and another in euros every year. To ensure good liquidity on the secondary market, large issues are carried out.
On average, over the past 10 years, 30% of borrowings have been made in foreign currencies. However, the government does not keep any foreign exposure of its debt.
Since 2001, the government has issued 47 benchmarks in US dollars and euros:
| Fiscal year | US dollars | Euros |
|---|---|---|
| 2024-2025 | 2.00 B – September 2024 (10 years) 3.50 B – April 2024 (5 years) |
1.25 B – July 2024 (15 years) |
| 2023-2024 | 1.50 B – September 2023 (10 years) 3.50 B – April 2023 (5 years) |
2.25 B – March 2024 (10 years) |
| 2022-2023 | 2.25 B – January 2023 (10 years) | |
| 2021-2022 | 1.00 B – April 2021 (10 years) | 2.25 B – January 2022 (10 years) 2.50 B – May 2021 (10 years) |
| 2020-2021 | 3.25 B – July 2020 (5 years) 1.50 B – May 2020 (10 years) |
2.25 B – October 2020 (10 years) 1.60 B – April 2020 (5 years) |
(1) Of these 47 benchmark issues, 18 issues in US dollars and 9 issues in euros have matured.
Note: As at March 25, 2025.