Our debt programs

Our debt programs

Debt programs

We manage our debt programs conservatively. We limit PSP's outstanding debt to 10% of AUM, ranking senior to pension plan liabilities.


We currently offer the following debt programs:


  • Canadian Promissory Notes 

  • US Commercial Paper 

  • Domestic Term Debt  

Debt outstanding (C$M)

As at March 31, 2019
  • 7 250
    Term Debt
  • 1 046
    Canadian Promissory Notes
  • 5 853
    US Commercial Paper

Short-term programs

We operate our short-term programs under a global limit of C$12B. We seek to promote wide distribution and liquidity by issuing on a regular basis and working with investors to meet their needs.


Canadian Promissory Notes

  • Issued under a private offering memorandum
  • For sale only to Canadian domiciled investors
  • Available in US and Canadian dollars
  • Up to 365 days maturity
  • Dealer Group:  The Toronto-Dominion Bank, RBC Dominion Securities Inc., Canadian Imperial Bank of Commerce, Bank of Montreal, Laurentian Bank Securities Inc., Desjardins Securities Inc., National Bank Financial Inc. and Scotia Capital Inc.   

US Commercial Paper Program

  • Issued under a private offering memorandum
  • For sale only to US-domiciled qualified investors
  • Available in US dollars
  • Up to 397 days maturity
  • Dealer Group: Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., RBC Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs & Co LLC (USA), TD Securities

Domestic term debt

We are a frequent term issuer, launching benchmark size notes. Our strategy is to ensure diversification of maturities to mitigate refinancing risk.


PSP Term Debt Issuance Program

  • Issued under a private offering memorandum
  • Federal sub index of the FTSE Canada Universe Bond Index
  • Offered to investors across most jurisdictions
  • One of the four most frequent issuers fully sponsored by the government of Canada

Outstanding term debt

Currency Ticker Notional (M) Coupon Maturity Series ISIN
CAD PSPCAP 1,000 3.03 October 22, 2020 5 CA69363TAF99
CAD PSPCAP 1,250 1.34 August 18, 2021 8 CA69363TAJ12
CAD PSPCAP 1,750 1.73 June 21, 2022 10 CA69363TAL67
CAD PSPCAP 1,500 2.09 November 22, 2023 9 CA69363TAK84
CAD PSPCAP 1,500 3.29 April 4, 2024 7 CA69363TAH55
CAD PSPCAP 1,250 3.00 November 5, 2025 11 CA69363TAM41