Canadian governments and corporations borrowed a net $77.7 billion in the form of debt securities in the first quarter. This borrowing activity was in long-term instruments and led by the federal government.
The stock of Canadian debt securities, in book value terms, reached $6,224.8 billion at the end of the first quarter, up $105.4 billion from the previous quarter. Most of the increase was due to the new borrowing activity. The fluctuation of the Canadian dollar against foreign currencies resulted in an upward revaluation of the stock over the quarter, mainly due to the depreciation of the Canadian dollar against the euro. At the end of the first quarter, 20.3% of the total outstanding value of debt securities was denominated in US dollars, while 5.6% was denominated in euros. Financial corporations, mainly banks, are the most important Canadian issuers of debt securities denominated in euros.
To explore the most recent results of the Securities Statistics program in an interactive format, see the data visualization product "Securities statistics."
Chart 1: Debt securities issues by sector, stocks at book value
Description - Chart 1
Data table: Debt securities issues by sector, stocks at book value
Note: Q = quarter.
Source: Table 36-10-0605-01.
Net issuances of federal government bonds reached $41.0 billion in the first quarter, the highest value since the third quarter of 2021. About 60% of these issuances were long-term bonds with an original maturity of more than 10 years. This borrowing activity was moderated by retirements of $1.3 billion in short-term instruments in the first quarter of 2025.
Both non-financial and financial corporations were net borrowers of funds during the first quarter. Net issuances of debt securities by non-financial corporations amounted to $19.2 billion, led by firms from the utilities industry. The funds were raised mainly for refinancing and debt repayment purposes.
Chart 2: Canadian debt securities issues by sector, net issuances
Description - Chart 2
Data table: Canadian debt securities issues by sector, net issuances
Notes: Q = quarter. Net issuances denote new issuances less retirements.
Source: Table 36-10-0602-01.
Meanwhile, new issuances of debt securities by Canadian financial corporations exceeded retirements by $11.0 billion in the first quarter. Net issuances denominated in foreign currencies were moderated by net retirements of instruments denominated in Canadian dollars. Over the past 12 months, retirements of these instruments denominated in Canadian dollars exceeded new issues by $77.6 billion. At the same time, net issuances in foreign currencies amounted to $111.7 billion.
Large issuances of equity securities
Chart 3: Canadian equity securities issues by sector, net issuances
Description - Chart 3
Data table: Canadian equity securities issues by sector, net issuances
Notes: Q = quarter. Net issuances denote new issuances less retirements.
Source: Table 36-10-0621-01.
Large issuances of equity securities
Net issuances of equity securities by Canadian corporations totalled $85.2 billion in the first quarter, with financial corporations leading the activity. This followed 12 consecutive quarters in which retirements exceeded new issuances. The total outstanding market value of listed Canadian equity securities increased by $154.9 billion to reach $4,918.9 billion at the end of the first quarter. The Standard & Poor's/Toronto Stock Exchange composite index rose by 0.8% over the same period.
Canadian holdings of foreign securities decline
Canadian holdings of foreign securities, in market value terms, reached $4,109.2 billion at the end of the first quarter, down $64.3 billion from the previous quarter. Holdings of foreign shares stood at $3,051.8 billion, while holdings of foreign debt securities reached $1,057.4 billion. In comparison, the value of Canadian debt securities held by Canadian investors amounted to $3,736.1 billion at the end of March.
Focus on Canada and the United States
Canadian investors are strongly exposed to the US financial market. At the end of the first quarter, 72.1% of all foreign securities held by Canadian investors were in the form of US instruments. This proportion was down compared with the previous quarter, as Canadian holdings of US shares significantly declined in the first quarter on lower prices.
Canadian investors' holdings of US securities amounted to $2,962.6 billion in the first quarter, down by $82.2 billion from the end of 2024. In comparison, holdings of non-US foreign securities were up by $18.0 billion to reach $1,146.6 billion in the first quarter of 2025. Increases were observed in most major non-US economies, notably in Europe. The value of European securities held by Canadian investors increased by $17.3 billion to $516.3 billion, led by gains in the United Kingdom (+$5.0 billion), Germany (+$3.5 billion) and France (+$3.0 billion).
US stock prices, as measured by the Standard & Poor's 500 composite index, were down 4.6% over the first quarter, while the Euro Stoxx 50 Index was up 7.8%.
For more data and insights on areas touched by the socio-economic relationship between Canada and the United States, see the Focus on Canada and the United States webpage.
Note to readers
This quarterly release, available about 70 days after the reference period, includes information on debt securities issues by sector, currency, maturity, type of interest rate and market of issuance, as well as by the economic sectors issuing debt securities in relation with the sectors investing in these instruments. It also includes information on Canadian equity securities by sector and industry. Statistics on Canadian portfolio investment abroad, previously released with Canada's international investment position, are now available with this release. Canadian holdings of foreign securities by type of securities, currency of denomination, country of issuer of these securities and sector of non-resident issuer are available.
Definitions and concepts used are consistent with the recommendations of the Handbook on Securities Statistics, an internationally agreed-upon framework for classifying securities instruments. Data are accessible through an easy-to-use and flexible visualization tool. The tool includes dynamic cross-tables that allow users to look at the dataset from a variety of dimensions, as well as other visualization layers that illustrate different characteristics of the data in the form of interactive tables and charts.
Definitions
Securities statistics cover issuances and holdings of negotiable financial instruments. Securities include debt instruments designed to be traded in financial markets, such as treasury bills, commercial paper and bonds, as well as equity instruments, such as listed shares.
The book value of a debt instrument reflects the value of the debt at creation, and any subsequent economic flows, such as transactions (e.g., repayment of principal), valuation changes (independent of changes in its market price) and other changes. The book value is composed of the outstanding principal amount plus any accrued interest. The market value reflects the value at which securities are acquired or disposed of in transactions between willing parties, excluding commissions, fees and taxes.
Currency valuation
The value of securities denominated in foreign currency is converted to Canadian dollars at the end of each period. When the Canadian dollar appreciates in value, the restatement of the value of these instruments in Canadian dollars lowers the recorded value. The opposite is true when the Canadian dollar depreciates.
Reference
Data tables: Access the latest tables.
- Note: some data tables may best be viewed on desktop.
Definitions, data sources and methods: survey number 5285.
Previous release: Securities statistics, fourth quarter 2024.
Contact information
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