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

Green Bonds

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

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: