Debt issuance

Leveraging the strength of our balance sheet

Latest updates

  • February 24 2021 - PSP Capital Inc. has issued a C$ 1 billion bond, with a 1.50% coupon, maturing March 15, 2028.
  • February 23, 2021 - PSP Capital Inc. has launched a CAD 7 year fixed rate benchmark transaction.
  • February 22, 2021 - PSP Capital Inc. mandates National Bank Financial, BMO Capital Markets and CIBC Capital Markets for a CAD 7YR fixed rate benchmark transaction.
  • January 25, 2021 - S&P Global Ratings affirms PSP AAA/A-1+  ratings, with a stable outlook.
  • December 4, 2020 - DBRS Morningstar confirms PSP AAA/R-1 (high) ratings, with all trends stable.

A unique value proposition for investors

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 Edge

  • Strong balance sheet
  • Federal sponsorship
  • AAA credit
  • Exposure to Canada through a non-agent entity
  • An attractive alternative to federal government and agency products  

Fast Facts

  • We are a crown entity, 100% owned by 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 actuarial shortfall
  • Debt issuance ranks senior to pension plan liabilities

  • Operates at arm's length from the Government of Canada

  • Insolvency cannot occur without an act of Parliament

Did you know? PSP Capital’s Term Notes are part of the FTSE Canada Federal Index.

The growth of our debt program

After growing our debt program for over a decade, PSP Investments has built strong relationships with hundreds of  investors across the globe by consistently issuing low-risk debt with a competitive return.

see our debt programs

The future is promising. We anticipate that assets under management will double by 2030 to over $300B —and we expect the amount of debt we issue to follow the same trend. This will allow us to provide even greater value to a wider breadth of investors with a diversity of needs.

A strong credit profile

PSP Investments and PSP Capital's debt programs are rated 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.

Agency Short-term rating Long-term rating Outlook   Reports
DBRS  R-1 (High)  AAA  Stable Download the report
Standard & Poor’s   A-1+  AAA  Stable Download the report
Moody’s  P-1  Aaa  Stable Download the report


Recent term debt transactions

1.50% March 2028;

Notional purchased by region : C$1.0B
  • 63%
    North America
  • 23%
  • 14%

0.90% June 2026;

Notional purchased by region : C$1.5B
  • 72%
    North America
  • 20%
  • 8%

Meet our team leader

Renaud De Jaham
Managing Director and Treasurer


Contact the team

Detailed reports of our achievements & performance

2020 Annual Report
Date: March 31, 2020
Size: 5.2 MB
2020 Responsible Investment Report
Date: March 31, 2020
Size: 396.7 KB