Canadian governments and corporations borrowed a net $71.7 billion in the form of debt securities in the fourth quarter, up from net issuances of $28.7 billion in the previous quarter. The financing activity in the fourth quarter was mostly in Canadian dollars and was led by the government sector.
The total outstanding value of Canadian debt securities, in book value terms, reached $5,721.5 billion at the end of the fourth quarter, up $58.4 billion from the previous quarter. This increase reflected net borrowing activities moderated by a downward revaluation due to the appreciation of the Canadian dollar against the US dollar. Nearly one-fifth (18.4%) of the total stock of debt securities was denominated in US dollars at the end of December.
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