The Department of Finance said Wednesday that it successfully issued a US$3 billion bond, in an effort to diversify its foreign exchange funding sources.

Finance said that the proceeds of the Government of Canada’s first U.S.-dollar global bond issue in 10 years will supplement its’ foreign exchange reserves and meet foreign currency requirements, “to support current and anticipated lending by the International Monetary Fund.”

“The bond transaction achieved all of the objectives of the government, including providing cost-effective and diversified funding for the foreign reserves held in the Exchange Fund Account,” it said, adding that the bond was purchased by a wide range of central banks, other official institutions and foreign-based investment funds.

IE