Investor relations

Investor relations

As part of its investment activities, CDPQ periodically issues debt securities.

The purpose of our financing programs is to contribute to the construction of a diversified and quality portfolio that benefits our depositors. They offer investors from around the world advantageous investment conditions that are among the safest available.

CDPQ: Leading global asset manager

  • We rank among the largest institutional investors in the world, with CAD 392 billion in net assets as at June 30, 2022. 
  • We invest in the major financial markets, as well as in private equity, infrastructure, real estate and private credit, around the world. 
  • We take a business-owner approach and focus on the long term.

Created in 1965 to manage the funds of the Québec Pension Plan, a newly created universal pension plan, CDPQ’s current role is to manage investments on behalf of most of Québec's public and parapublic pension and insurance funds.

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Investor Presentation

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CDPQ at a glance

CAD 391.6 B

Net assets as at June 30, 2022 
(USD 303.6 B)

“AAA”

Credit rating from DBRS, Fitch, Moody’s and S&P

46

Depositors whose investments we manage

Our Objective

Our financing programs draw on CDPQ’s strong credit ratings to optimize our investment strategies while offering investors access to a high-quality Canadian issuer.

Credit ratings

Since 2003, the main credit rating agencies have granted us their highest ratings.*

Agency Short-term rating Long-term rating Outlook Recent reports
DBRS Ltd. R-1 (high) AAA Stable Download the PDF
Fitch Ratings Inc.** F1+ AAA Stable Download the PDF
Moody’s Investors Service Inc. Prime-1 Aaa Stable Download the PDF
S&P Global Ratings Inc. A-1+
A-a (HIGH)
AAA Stable Download the PDF

* A credit rating in no way constitutes a recommendation to buy, sell or hold securities, and may be lowered or removed at any time by the credit rating agency.

** Fitch Ratings Inc. began providing a rating as of February 2019.

Our financing programs

As a global issuer, we can offer investors quality debt securities that meet their investment objectives.

Benefits for our creditors

  • Debt fully guaranteed by CDPQ
  • Rank senior in right of payment to depositors’ net assets
  • High level of protection backed by our low debt and quality assets
  • Senior debt ratio limited by our Board of Directors to 10% of our net adjusted assets* at all times
  • Substantial liquidity reserves in the form of government bonds and high-quality money market securities

*Adjusted net assets = net assets + senior debt, at fair value.

6.9%

Senior debt ratio as
at June 30, 2022


USD 32 B

Liquidity reserves as
at June 30, 2022

Benefits for CDPQ

  • A more diversified and quality portfolio to enhance efficiency 
  • More flexibility to deploy capital in all our asset classes 
  • More efficient liquidity management 

Programs

We use debt programs based on our short- and long-term financing needs. As at June 30, 2022, we had USD 22.5 billion outstanding, broken down as follows:

Medium to long-term debt program

Maturity profile of issued securitiesTotal outstanding notes: USD 13 billion (market value)

 

Maturity profile of issued securities

Note: Presented at par value (in local currency where issued).

Short-term debt programs

Total outstanding notes: USD 9.5 billion (market value)

 
 
 
 

Recent issuances

The completion of our recent issuances attests to the trust that global investors with various investment horizons place in CDPQ.

Issuance of USD 1.5 billion with 5-year maturity

CADEPO 1.750% 02/2027

 
 
 
 

Issuance of CAD 1.25 billion with 5-year maturity

CADEPO 1.500% 10/2026

 
 
 
 

Issuance of USD 2.5 billion with 5-year maturity

CADEPO 0.875% 06/2025

 
 
 
 

Issuance of USD 2 billion with 3-year maturity

CADEPO 1.000% 04/2023

 
 
 
 

Issuance of USD 1 billion green bond with 5-year maturity 

CADEPO 1%  05/2026

 
 
 
 

More about CDPQ

Governance

Our independence is grounded in a stable legal framework and solid governance structure.

As an institutional investor, we adhere to strict governance rules. Integrity and responsibility are at the core of our activities.

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Act, regulations and policies

Because of our status, we adhere to regulations and policies that are based on An Act respecting the Caisse de dépôt et placement du Québec.

This framework governs all our activities and allows us to execute our mission to invest with rigour, efficiency and transparency.

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Reporting

News releases

Contact

Ian Charest

Senior Director, Treasury
[email protected]

Amaro Cosme

Director, Treasury – Funding and Investor Relationships
[email protected]