Borrowing Strategy
Saskatchewan’s public borrowing program has been concentrated within the Canadian domestic market and is expected to remain so into the future. However, over the last few years, the Province has focused on moving into the international market in a more substantial way, with a general target of having 25% of its borrowing program denominated in foreign currencies.
Borrowing is focused on 10- and 30-year terms. The Province’s longer maturity profile reflects the fact that the debt is primarily supporting investment in longer term capital assets by both Executive Government and Crown Corporations. The average term of debt has decreased over the last five years due to increased international issuances with shorter maturities.
Depending on borrowing requirements, the Province would look to issue in the USD and/or EUR market every 12-18 months to maintain a consistent presence. Issuance in other currencies will still be contemplated, but would likely be smaller deal sizes, issued opportunistically, and likely with longer tenors.
The Province’s general practice is to fully hedge its debt denominated in foreign into a fixed rate Canadian dollar liability through the use of derivative instruments.
The Province maintains a target cash balance of approximately $1.5 billion. Additional sources of liquidity include authorization to issue short-term notes of up to $4.0 billion, as well as access to a $3.3 billion government bond fund, which could be liquidated if primary debt markets become challenging.
Borrowing Plan
Euro Medium Term Notes Programme (EMTN)
Press release - €1.25 Billion Benchmark Issuance (May 8, 2034)
Saskatchewan Offering Circular
Debt Issuance Documents
Recent Term Debt Issuances
Term Debt Outstanding as of March 31, 2024
Regulatory Filings and Listings
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