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.
CDPQ: Leading global asset manager
- We rank among the largest institutional investors in the world, with CAD 333 billion in net assets as at June 30, 2020.
- 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
CDPQ at a glance
CAD 333.0 B
Net assets as at June 30, 2020
(USD 244.5 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.
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.
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.
6.7%
Senior debt ratio as
at June 30, 2020
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
Programs
We use debt programs based on our short- and long-term financing needs. As at June 30, 2020, we had USD 17.6 billion outstanding, broken down as follows:
Medium to long-term debt program
Maturity profile of issued securitiesTotal outstanding notes: USD 13.5 billion (market value)
Note: Presented at par value (in local currency where issued).
Short-term debt programs
Total outstanding notes: USD 4.1 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 2 billion with 3-year maturity
CADEPO 2.750% 03/2022
Issuance of USD 2 billion with 2-year maturity
CADEPO 2.125% 06/2021
Issuance of USD 2 billion with 3-year maturity
CADEPO 1.000% 04/2023
Issuance of USD 2.5 billion with 5-year maturity
CADEPO 0.875% 06/2025
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.
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.
Results and reporting
News releases
Contacts
Ian Charest
Senior Director, Treasury
[email protected]
Amaro Cosme
Director, Treasury – Funding and Investor Relationships
[email protected]