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 

  • Global Debt MTN (under 144a/RegS) - coming in 2019 

Debt outstanding (C$M)

As at June 30, 2018
  • 6 000
    Term Debt
  • 1 692
    Canadian Promissory Notes
  • 5 271
    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
see our performance
  • 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 1,000 2.09 November 22, 2023 9 CA69363TAK84
CAD PSPCAP 1,000 3.29 April 4, 2024 7 CA69363TAH55