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The Government of Canada has issued a public offering of $3 billion in SEC-registered, U.S.-dollar bonds. Law firm Milbank, Tweed, Hadley & McCloy advised the government.

The 1.625% bonds are due in 2019. They were purchased by a group of 16 underwriters, with HSBC Securities (USA), JP Morgan Securities, RBC Capital Markets and Scotia Capital (USA) acting as representatives.

This is Canada’s first issuance of USD-denominated global bonds since February 2012. In fact, Canada remains one of a small group of nations still triple-A rated by all three major credit-ratings agencies.

The bond proceeds will likely contribute to Canada’s official foreign exchange reserves.

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Originally published on Advisor.ca

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