Government bolsters Canada’s foreign reserves by issuing global bond
News release
May 21, 2026 - Ottawa, Ontario - Department of Finance Canada
On May 20 the Government of Canada launched a five-year US$3.5 billion global bond.
This transaction saw strong investor interest, with an order book of more than US$13.5 billion. The bond priced at a spread of +2 basis points to US Treasuries, the tightest spread achieved for a five-year US-dollar sovereign, supranational, and agency bond market. The results underscore investor confidence in Canada’s resilient economy, sound fiscal position, and AAA credit ratings.
Proceeds will supplement and diversify Canada’s liquid foreign reserves, which are a source of prudential liquidity and promote orderly conditions for the Canadian dollar in foreign exchange markets.
The investor base for the five-year bond includes central banks, international institutions, bank treasuries, and foreign-based investment funds, reflecting broad international confidence in Canadian assets.
The issuance of a global bond supports the Canadian government’s longstanding commitment, reaffirmed in Spring Economic Update 2026, to maintain liquid foreign reserves at or above three per cent of nominal gross domestic product.
Quick facts
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On May 20, 2026, the Government of Canada launched a US-dollar global bond priced at US$3.5 billion and at a spread of 2 basis points over the five-year US Treasury maturing on May 28, 2031.
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Strong global demand resulted in an order book of US$13.5 billion.
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The bond provides cost-effective and diversified funding for Canada’s liquid foreign reserves held in the Exchange Fund Account.
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Contacts
Media may contact:
John Fragos
Press Secretary
Office of the Minister of Finance and National Revenue
john.fragos@fin.gc.ca
Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000
General enquiries
Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca
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