Debt programs
We manage our debt programs conservatively. We limit PSP's outstanding debt to 10% of AUM, ranking senior to pension plan liabilities.
* CAD equivalent of US$ 415M
**CAD equivalent of US$ 4,118.3M
Debt outstanding (C$M)
As at September 30, 2020
-
11 000Term Debt
-
5 501US CP**
-
554CA USD PN*
-
390CA CAD PN
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 | 1,500 | 0.90 | June 15, 2026 | 13 | CA69363TAP71 |
CAD | PSPCAP | 1,250 | 2.05 | January 15, 2030 | 12 | CA69363TAN24 |
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 |