The Québec government mainly carries out its bond issues on the Canadian market; approximately 80% 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 | Outstanding(1) ($M) | |
---|---|---|---|---|
2.75 | 2015 | 2025 | 7 200 | |
2.50 | 2016 | 2026 | 6 000 | |
2.75 | 2017 | 2027 | 6 000 | |
5-year | 2.75 | 2018 | 2028 | 6 000 |
2.30 | 2019 | 2029 | 6 500 | |
1.90 | 2020 | 2030 | 10 800 | |
1.50 | 2021 | 2031 | 9 000 | |
6.25 | 2000 | 2032 | 4 200 | |
3.25 | 2022 | 2032 | 8 400 | |
10-year | 3.60 | 2023 | 2033 | 9 000 |
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 | |
30-year | 4.40 | 2022 | 2055 | 9 500 |
(1) As of December 15, 2023.
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, 27% 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 made 43 benchmark issues in US dollars and euros:
Financial year | US dollars | Euros |
---|---|---|
2023-2024 | 1.50 B – September 2023 (10 years)
3.50 B – April 2023 (5 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) |
2019-2020 | 2.50 B – February 2020 (5 years) 1.00 B – April 2019 (5 years) |
1.00 B – October 2019 (10 years) |
(1) Of these 43 benchmark issues, 15 issues in US dollars and 7 issues in euros issues have matured.
Note: As of November 9, 2023.