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.

 

* CAD equivalent of US$ 306M​
**CAD equivalent of US$ 3,871M​

Debt outstanding (C$M)

As at March 31, 2020
  • 9 500
    Term Debt
  • 5 510
    US CP**
  • 436
    CA USD PN*
  • 325
    CA 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