Net borrowings by Canadian corporations and governments in the form of debt securities totalled $106.3 billion in the first quarter of 2024, the largest amount since the onset of the COVID-19 pandemic in the second quarter of 2020. Contributions to the financing activity from both the government and corporate sectors were almost even in the first quarter of 2024.
Over the first quarter, $76.1 billion of these net borrowings were issued on the domestic market and $30.3 billion were on the international market. On a currency basis, the bulk of the net issuances were denominated in Canadian dollars ($95.1 billion).
The total outstanding value of Canadian debt securities, in book value terms, reached $5,859.6 billion at the end of the first quarter, up $142.8 billion from the previous quarter. In addition to new issuance activities, the upward revaluation of the stock resulting from the depreciation of the Canadian dollar against major foreign currencies contributed to the increase. At the end of the first quarter, instruments denominated in foreign currencies accounted for 25.9% of all outstanding debt securities.
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