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 434 billion in net assets as at December 31, 2023. 
  • 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 434.2 B

Net assets as at December 31, 2023
(USD 329.3 B)


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


Depositors whose investments we manage

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 nearly 70 countries and across investment classes, providing our creditors with sizeable protection.
  • High-level expertise
    A large majority of our investments are managed internally by our teams of experts strategically located in nine countries. 

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.


Senior debt ratio
as at December 31, 2023

CAD 60 B

Liquidity reserves
as at December 31, 2023 (USD 46 B)

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 


We use debt programs based on our short- and long-term financing needs. As at December 31, 2023, we had USD 27.4 billion outstanding, broken down as follows:

Medium to long-term debt program

Maturity profile of issued securitiesTotal outstanding notes: USD 20.5 billion (market value)

Maturity profile of issued securities graphic.
Note: Presented at par value (in local currency where issued). * Including the Green bond of USD 1B.

Short-term debt programs

Total outstanding notes: USD 6.9 billion (market value)

Canadian and European program


US program


Recent issuances

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

Issuance of CAD 1.5 billion with 7‑year maturity

CADEPO 4.20% 12/2030
(including a reopening of CAD 750 M in January 2024)


Issuance of USD 1.5 billion with 5‑year maturity

CADEPO 4.25% 07/2028


Issuance of USD 1.35 billion with 2‑year maturity

CADEPO Float 05/2025
(Including a reopening of USD 500 M in June 2023 and a reopening of USD 350 M in July 2023)


Issuance of CAD 2 billion with 5‑year maturity

CADEPO 3.70% 03/2028 
(including a reopening of CAD 750 M in May 2023)


Issuance of USD 2.0 billion with 3‑year maturity

CADEPO 4.50% 02/2026


Issuance of CAD 1.5 billion with 7‑year maturity

CADEPO 3.95% 09/2029


Issuance of EUR 2.0 billion with 5‑year maturity

CADEPO 1.125% 04/2027


Issuance of USD 1.5 billion with 5-year maturity

CADEPO 1.750% 02/2027


Issuance of CAD 1.25 billion green bond with 5-year maturity 

CADEPO 3.80%  06/2027


More about CDPQ


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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News releases

All News releases

April 11, 2024

CDPQ publishes 2023 Annual Report

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April 10, 2024

CDPQ presents its 2023 Sustainable Investing Report

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February 22, 2024

CDPQ posted a 7.2% one-year return and net assets reached $434 billion, up $32 billion

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Ian Charest

Senior Director, Treasury
[email protected]

Amaro Cosme

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