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$ 415M
**CAD equivalent of US$ 4,118.3M

Debt outstanding (C$M)

As at September 30, 2020

11 000
Term Debt
5 501
US CP**
554
CA USD PN*
390
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