On April 23, 2024, the Government of Canada launched a five-year US dollar global bond.
This was Canada's second largest order book for a global bond in the past 15 years, at US$13.8 billion. This robust demand, a week after the government introduced Budget 2024, demonstrates strong investor confidence in Canada's responsible fiscal management and is reflective of Canada's AAA credit ratings.
The geographically diversified investor base for this five-year bond includes a wide range of central banks, international institutions, bank treasuries, and foreign-based investment funds.
This bond upholds the stability of Canada's foreign currency reserves. Liquid foreign reserves are a source of prudential liquidity and promote orderly conditions for the Canadian dollar in foreign exchange markets.
This global bond will support the government's commitment, reiterated in Budget 2024, to maintain liquid foreign reserves at or above three per cent of nominal gross domestic product.
