X hits on this document

61 views

0 shares

0 downloads

0 comments

19 / 24

FINANCINg

18

financing sTRATEgy

diRect deBt By type of instRument as at maRch 31, 20061

Medium-term notes

Bonds

27.0%

57.6%

Savings products

6.1%

Treasury bills

2.8%

Other notes

2.0%

Real-return bonds

4.5%

Note: Preliminary results. 1 Direct debt of the Consolidated Revenue Fund.

DIvERsIFICATION By INsTRUMENTs

  • To satisfy investors’ needs, an extensive array of financial products is used in the course of financing transactions.

  • Long-term instruments:

    • public issues: fixed or variable-rate bonds, real-return bonds;

    • private borrowings;

    • retail savings products.

  • Short-term instruments:

    • treasury bills and commercial paper.

  • Lines of credit:

    • syndicated (US$3 500 million available) and bank ($1 165 million

available).

DIvERsIFICATION By MARkETs

  • Financing transactions are carried out regularly on most markets,

    • i.

      e. in Canada, the United States, Europe, Asia and Australia.

  • Québec’s presence on foreign financial markets dates back to the late 19th century, more specifically London in 1874.

  • In 2001, the Bank for International Settlements (BIS) ruled that foreign regulatory authorities could assign a weighting of 0% to Québec securities, meaning that financial institutions do not have to maintain capital reserves when they hold Québec securities.

    • Accordingly, Luxembourg, Belgium, France, the Netherlands, Australia and Italy now assign a weighting of 0% to Québec securities, which facilitates financing activities in those countries.

long-teRm diRect deBt matuRities as at maRch 31, 20061 (MILLIONs OF DOLLARs)

5 922

6 155

5 759

5 177

Pound sterling

1874

US dollar

1879

German mark

1968

French franc

1972

Yen

1972

Swiss franc

1972

Italian lira

1991

Spanish peseta

1997

Swedish crown

1998

Euro

1999

Australian dollar

2001

New Zealand dollar

2005

Mexican peso

2006

fiRst issues By QuÉBec on foReign maRkets

DIvERsIFICATION By MATURITIEs

  • Maturities of borrowings are distributed over time to avoid excessively

large amounts of refinancing in a given year.

  • The average maturity of the debt is about ten years.

4 704

4 980

4 694

4 000

3 705

2 110

1 039

864

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-2026- 2026 2044

Annual average

Note: Preliminary results. 1 Direct debt of the Consolidated Revenue Fund.

ECONOMIC AND FINANCIAL PROFILE OF QUÉBEC

Document info
Document views61
Page views61
Page last viewedThu Dec 08 16:12:03 UTC 2016
Pages24
Paragraphs1375
Words7528

Comments