Ontario's Borrowing Program – New Video Update!
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August 4, 2020
- Investor Presentation (PDF) – NEW!
Borrowing Program
2020–21 Borrowing Program
| Total Long-Term Public Borrowing: | $40.1B |
|---|---|
| Borrowed as of | $23.6B |
Euro Bonds $1.6B
Pound Sterling Bonds
$1.7B
$1.7B
U.S. Dollar Bonds $2.4B
Canadian Dollar Syndicated Bonds $17.9B
Note: Numbers may not add due to rounding.
The Province has issued $27.2 billion since resuming the borrowing program following the March 2020 Economic and Fiscal Update.
Ontario Bonds
- Secondary market liquidity with a wide range of offerings provide extensive investment and trading opportunities across the yield curve
- Ontario accounted for 67.2 per cent of Canadian provincial bond trading in 2019
- 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 Euro
| Credit Ratings (Long-Term/Short-Term) | |
|---|---|
| Moody’s Investors Service | Aa3 / P-1 |
| Fitch | AA- / F1+ |
| DBRS Morningstar | AA (low) / R-1(mid) |
| S&P | A+ / A-1 |
Liquidity and Short-Term Borrowing Capacity
- The Province has large liquid reserve levels to withstand periods of financial market volatility, such as currently being experienced.
- As of July 31, 2020, liquid reserve levels were $43.6 billion.
Average Unrestricted Liquid Reserve Levels
($ Billions)
