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Ontario Financing Authority

An agency of the Province of Ontario that manages the Province's debt and borrowing program

0

2025–26 Total Borrowed

0

of 2025–26 Borrowing
Program Completed

$44.5B

Cash Reserves for 2025–26

Cash Reserves for 2025–26

Aa3/AA- AA/AA-

Credit Ratings

What's New?

November 17, 2025
Ontario Green Bonds
November 13, 2025
Foreign Denominated Bonds
Financial Data

Ontario's 2025–26 Borrowing Program

A comprehensive overview of the Province's borrowing activities

Total Long-Term Public Borrowing:
$47.9B

Canadian Dollar Syndicated Bonds ($24.7B)

Canadian Dollar Floating Rate Note ($1.5B)

Canadian Dollar Green Bonds ($1.6B)

Canadian Dollar Green Bond Floating Rate Note ($1.5B)

U.S. Dollar Bonds ($14.5B)

Euro Bonds ($3.4B)

Swiss Franc Bond ($0.7B)

$47.9B Total Borrowed

As of

Note: Numbers may not add due to rounding.

This pie chart represents Ontario Borrowing Program by Bond Type.

Province of Ontario

Ontario Sustainable Bonds

At the start of 2024, Ontario released its Sustainable Bond Framework ("The Framework") replacing the Province of Ontario's Green Bond Framework developed in 2014.

Learn More
Market Analysis

Financial Insights

Detailed information about Ontario's bonds and liquid reserves

Ontario Bonds

  • Secondary market liquidity with a wide range of offerings provide extensive investment and trading opportunities across the yield curve.
    • Ontario accounted for 67.4 per cent of Canadian provincial bond trading in 2024.
  • Attractive spreads provide opportunities for investors to achieve higher returns.
  • Benchmark Canadian provincial borrower.
  • Primary focus on Canadian dollar borrowing with likely issuance in U.S. dollars and euros.
Credit Ratings (Long-Term/Short-Term)
Moody's Investors Service Aa3 / P-1
Fitch AA- / F1+
Morningstar DBRS AA / R-1 (high)
S&P Global Ratings AA- / A-1+

Liquid Reserves

  • Ensuring Ontario always has sufficient liquidity to meet its cashflow needs to address any unforeseen economic or public health needs.

Average Unrestricted Liquid Reserve Levels

* As of September 29, 2025

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Accessible description of chart: Average Unrestricted Liquid Reserve Levels

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Quick Access to Key Pages

Visit the most important areas of our website to learn more about Ontario’s Bonds, announcements from our executives, and the latest Annual Reports.

Bonds Database

Access detailed data on Ontario bond issuances and maturities.

Go to Bond Database

Announcements

Watch the latest video announcements and updates from the OFA’s executives.

OFA Video Update

Annual Reports

View Ontario Financing Authority’s Annual Reports and financial statements.

Read Annual Reports