Overall net borrowings by Canadian corporations and governments in the form of debt securities totalled $23.0 billion in the first quarter. This marked the eighth consecutive quarter for which new issues exceeded retirements. This financing activity was led by private corporations and was moderated by net retirements of government instruments.
The total outstanding value of Canadian debt securities, in book value terms, reached $5,527.4 billion at the end of the first quarter, up $12.5 billion from the previous quarter. This increase reflected net borrowings moderated by the downward revaluation from the appreciation of the Canadian dollar against its US counterpart. Nearly one-fifth (18.3%) of the total stock of debt securities was denominated in US dollars at the end of March.
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