Government strengthens Canada’s foreign reserves by issuing US-dollar global bond

News release

April 22, 2022 - Ottawa, Ontario - Department of Finance Canada

This week, the Government of Canada issued a three-year US$3.5 billion global bond.

Issuing a global bond provides funds to supplement and diversify funding sources for Canada’s liquid foreign reserves. Liquid foreign reserves are a source of prudential liquidity and promote orderly conditions for the Canadian dollar in foreign exchange markets.

The investor base for the three-year bond issue includes a wide range of central banks, international institutions, bank treasuries, and foreign-based investment funds.

The issuance of a global bond is in line with the government’s commitment, reiterated in Budget 2022, to maintain liquid foreign reserves at or above three per cent of nominal gross domestic product. 

With investors seeking investment opportunities backed by Canada’s triple-A credit ratings—as evidenced by the final order book of US$7 billion—Canada’s successful US$3.5 billion global bond will help meet that global demand, while bolstering Canada’s foreign currency reserves.

Quick facts

  • On April 20, 2022, the government issued a US$3.5 billion global bond at 9 basis points over the three-year US Treasury maturing on April 15, 2025.

  • The issuance received solid demand from investors in North America, Europe, and Asia, with a total order book of US$7 billion. The high quality of the order book is illustrated by the largest central banks and official institutions’ participation in recent years.

  • Thanks to strong demand, this global bond issuance priced more tightly than any of the three-year US-dollar bonds issued by Canada’s peers since February 2022.

  • The bond transaction will provide cost-effective and diversified funding for the liquid foreign reserves held in the Exchange Fund Account. 

  • The Government of Canada last issued a US-dollar bond in May 2021 worth US$3.5 billion, and a green bond worth CA$5 billion in March 2022.

Associated links


Media may contact:

Media Relations
Department of Finance Canada

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230

Stay connected

Twitter: @financecanada


Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: