Ottawa, January 5, 2010
2010-003

Archived - Canada Plans Euro Global Bond Issue

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The Honourable Jim Flaherty, Minister of Finance, today announced that the Government of Canada plans to issue a euro-denominated global bond in the near future, subject to market conditions.

This will be the Government's second foreign currency bond issue of the fiscal year, following a successful 5-year US$3-billion global bond issue in September 2009. The proceeds of the euro bond issue will further diversify the Government's sources of foreign currency financing for its foreign exchange reserves.

Canada holds its foreign exchange reserves in the Exchange Fund Account (EFA). EFA assets provide foreign currency liquidity and support the promotion of orderly conditions for the Canadian dollar in foreign exchange markets. Funds for the EFA can be raised through cross-currency swaps of Canadian-dollar borrowings, foreign-currency-denominated debt issues and outright purchases of foreign currency.

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For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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