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

July 21, 2021

Moody’s affirms PSP Aaa/P-1 ratings, with a stable outlook.

June 29, 2021

PSP Capital Inc. has issued its first ever US$ 1 billion bond, with a 1.00% coupon, maturing June 29, 2026.

June 21, 2021

PSP Capital Inc. mandates Citigroup, HSBC, RBC Capital Markets and TD Securities to manage their upcoming 5-year fixed rate USD $1B benchmark transaction in 144A/3(c)(7) RegS format with maturity date 29 June 2026.

June 16, 2021

PSP Investments posts 18.4% return in fiscal year 2021 and surpasses $200 billion in assets under management.

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