Investor relations

As part of its investment activities, Caisse de dépôt et placement du Québec (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.

false

CDPQ: Leading global asset manager

We rank among the largest institutional investors in the world, with over CAD 340 billion in net assets as at December 31, 2019.
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.

true

false

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.

false

false

Pleine largeur

true

learn more

false

Investor Presentation

CAD 340.1 B

Net assets as at December 31, 2019
(USD 262 B)
“AAA”

Credit rating from DBRS, Fitch, Moody’s and S&P
41

Depositors whose investments we manage
TOP 15

We are one the 15 largest pension fund managers in the world based on the value of assets under management

What sets us apart

Clear mission and distinct status
We manage our depositors’ investments by seeking optimal returns without being responsible for their actuarial obligations.
Independence and strong governance framework
We are legally, operationally and financially independent from the government, and we adhere to the highest standards of governance.
Large pool of diversified assets
Our portfolio includes quality assets in over 60 countries and across investment classes, providing our creditors with sizeable protection.
High-level expertise
Close to 90% of our investments are managed internally by our teams of experts strategically located in ten countries.

false

true

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)	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.

true

false

Our financing programs

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

false

true

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.

5.8%

Senior debt ratio as
at December 31, 2019

CAD 46 B

Liquidity reserves as
at December 31, 2019

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

false

true

false

Programs

We use debt programs based on our short- and long-term financing needs. As at December 31, 2019, we had USD 16.3 billion outstanding, broken down as follows:

false