Québec’s Borrowings

On the Canadian market

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.

Benchmarks in Canada

	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	2 250
	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	5 700

1 As at May 9, 2025.

On international markets

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.

Québec’s activities on international markets

Since 2001, the government has issued 47 benchmarks in US dollars and euros:

27 issues in US dollars, for a total of US$42.95 billion;
20 issues in euros, for a total of 31.70 billion euros.

47 benchmarks in US dollars and euros since 2001⁽¹⁾

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.