We are a debt issuer

Learn how we leverage the strength of our balance sheet

Investor Presentation
Date: March 31, 2021
Size: 11.4 MB
2021 Annual Report
Date: March 31, 2021
Size: 12.6 MB
2021 Responsible Investment Report
Date: March 31, 2021
Size: 1.7 MB

Latest updates

October 19, 2021

PSP Capital Inc. has issued a USD 1 billion bond, with a 1.625% coupon, maturing October 26, 2028.

October 18, 2021

PSP Capital Inc. mandates BNP Paribas, Citi, Morgan Stanley and RBC Capital Markets for a USD 7-year fixed rate benchmark transaction in 144A/3(c)(7) RegS format.

September 8, 2021

PSP Capital Inc. has issued a US$ 1.25 billion bond, with a 0.50% coupon, maturing September 15, 2024.

August 31, 2021

PSP Capital Inc. mandates Barclays, HSBC, Goldman Sachs International and TD Securities for a USD 3-year fixed rate benchmark transaction in 144A/3(c)(7) RegS format.

A strong credit profile

PSP Investments and PSP Capital's debt programs are rated AAA/AAA/Aaa/AAA.

 

The strength of our credit profile is based on our governance, Canadian government sponsorship, high liquidity standards, and conservative approach to leverage. We tailor our portfolio construction and investment strategies to achieve long-term goals and maintain our credit rating.

DBRS

Short-Term rating: R-1 (High)

Long-Term rating: AAA

Outlook: Stable

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S&P’s

Short-Term rating: A-1+

Long-Term rating: AAA

Outlook: Stable

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Moody’s

Short-Term rating: P-1

Long-Term rating: Aaa

Outlook: Stable

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Fitch Ratings

Short-Term rating: F1+

Long-Term rating: AAA

Outlook: Stable

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A strong history of rapid growth and a robust framework

Our strong historical performance and rapid growth led to the establishment of a funding platform to leverage the strength of our balance sheet. In 2005, we began issuing debt through PSP Capital, a wholly-owned and fully guaranteed subsidiary. A robust governance framework combined with a conservative approach to borrowing allowed us to attract both domestic and international investors.

Our growth and reach

Our Edge

  • Strong balance sheet
  • We are a crown entity, 100% owned by the Government of Canada
  • We operate at arm's length from the Government of Canada
  • We are an asset manager with an exclusive mandate
  • The Government of Canada has the obligation to fund the pension plans in case of actual shortfall
  • Positive projected annual cash inflows for the near future
  • Insolvency cannot occur without an act of Parliament
Our debt programs

Benefits for investors

  • Exposure to Canadian Federal SSA (Sovereign, Supranational and Agency) issuer
  • An attractive alternative to federal government and agency products
  • Positive spread vs. Government of Canada Agencies
  • Debt issuance ranks senior to pension plan liabilities
  • Frequent, predictable issuance
  • Improved secondary liquidity
  • Increasingly diversified and international investor base
View our Investor Presentation

Meet our team leader