March 12, 2025 – Ottawa, Ontario – Department of Finance Canada

On March 11, the Government of Canada launched a five-year US$3.5 billion global bond.

The transaction saw robust demand, with an order book exceeding US$13.9 billion, underscoring investor confidence in Canada’s resilient economy, sound fiscal position, and AAA credit ratings.

Proceeds from this global bond will supplement and diversify Canada’s liquid foreign reserves. These liquid foreign reserves are a source of prudential liquidity and promote orderly conditions for the Canadian dollar in foreign exchange markets.

The high-quality investor base for the five-year bond includes central banks, international institutions, bank treasuries, and foreign-based investment funds, reflecting broad international confidence in Canadian assets.

The issuance of a global bond supports the government’s longstanding commitment, reaffirmed in Budget 2024, to maintain liquid foreign reserves at or above three per cent of nominal gross domestic product.