Investor Relations - Bondholder Information

The Province of Alberta’s borrowing programs are effectively and prudently managed by the Treasury and Risk Management (TRM) division of Treasury Board and Finance.

TRM has established several programs to meet its borrowing requirements through the issuance of bonds and promissory notes in the domestic and international capital markets. This division is also responsible for the province’s cash management and use of financial derivatives to manage risks for the province and for those specific provincial corporations that have delegated authority to TRM to transact derivatives on their behalf.

Term Debt (as of December 14, 2017)

  Term Debt Outstanding

  Term Debt Maturities by Fiscal Year

  Term Debt Issues

Related Documents and Filings

  Canadian Note Program: Information Circular

  Global Medium Term Note Program: Prospectus

  Australian Medium Term Note Program:
          Information Memorandum

The following link is provided for your interest and convenience. Treasury Board and Finance is not responsible for this site or content:

U.S. Securities and Exchange Commission

Alberta's Financing Requirements

2017-18 Financing Requirements

2017-18 First Quarter Fiscal Update (CAD Billions)
Financing Requirements
/ Completed to Date
2016-17
Actua
l
2017-18
Forecast
Direct borrowing
13,271
9,899
Term debt borrowing for provincial corporations*
 Agriculture Financial Services Corporation
196
315
 Alberta Capital Finance Authority
2,584
3,050
 Alberta Petroleum Marketing Commission
329
481
 The Balancing Pool
232
391
 Alberta Treasury Branches
699
2,000
Total Financing Requirements / Completed to Date
17,311
16,136

* Gross borrowing requirements for provincial corporations. Includes amounts of maturing debt being re-financed.

2017-18 Borrowing Program Status

Borrowing Requirement:
Borrowed as of October 3, 2017:

$16.1 Billion
$8.8 Billion



Note: Numbers may not add due to rounding.

Medium-term Borrowing Targets

Budget 2017 Targets (Millions of Dollars)
Financing Requirements / Completed to Date
2018-19
2019-20
Direct borrowing
13,637
12,621
Re-financing of matured debt
500
3,785
Term debt borrowing for provincial corporations*
 Agriculture Financial Services Corporation
372
514
 Alberta Capital Finance Authority
2,185
945
 Alberta Petroleum Marketing Commission
330
309
 Alberta Treasury Branches
700
200
Total Financing Requirements / Completed to Date
17,724
18,374

* Gross borrowing requirements for provincial corporations. Includes amounts of maturing debt being refinanced.
Does not include amounts borrowed on behalf of the Balancing Pool, forecast at:
$833 million in 2018-19; $699 million in 2019-20..

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Alberta's Borrowing Programs - an Overview

The Province has established several programs to meet its borrowing requirements through the issuance of bonds in the domestic and international capital markets. *

The Province has Domestic Medium Term Note, Australian Medium Term Note, Global Bond (SEC Registered), Global Medium Term Note (144a Regulation S) and Domestic Promissory Note programs in place. Establishing programs in different markets provides the Province with diverse sources of funding and ongoing access to domestic and international markets. Issuances are done in a variety of sizes, major currencies and maturities, through syndicated public bond offerings and private placements.

* Disclaimer: Contents are provided for general informational purposes only and do not constitute an offering of securities in the United States or elsewhere. Our securities may not be offered for sale in the United States absent registration or an exemption from registration. Any public offering of our securities in the United States will be made by means of a prospectus that may be obtained from us and that will contain detailed information about us and our management as well as our financial statements.


Alberta Borrowing Program Index


Domestic Market

Domestic Medium Term Note (DMTN) program

Under the DMTN program, the Province issues bonds in the Canadian dollar market to a domestic underwriting syndicate.

Issue Size Flexible, syndicated issuances. Maintain larger domestic benchmark sized issues ($3 - $4 billion)
Coupon Fixed, floating, semi-annual, annual
Denomination $1,000 or multiples thereof, with a minimum denomination of $100,000
Clearing System CDS Clearing and Depository Services Inc. (CDS)
Governing Law Province of Alberta / Canada

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Domestic Promissory Note program

Through this program, the Province issues promissory notes with various maturities up to one year, on a regular basis within Canada.

Issue Size Flexible
Currency CAD
Denomination $1000, with a minimum denomination of $100,000
Clearing System CDS Clearing and Depository Services Inc. (CDS)
Governing Law Province of Alberta / Canada

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International Markets

Australian Medium Term Note Program

Through this program, the Province issues Australian dollar denominated notes, which may be issued in any country including Australia and countries in Europe and Asia, but not in the United States of America unless such Notes are registered under the United States Securities Act of 1933 (as amended) (“U.S. Securities Act”) or the Notes are exempt from, or not subject to, the registration requirements of the U.S. Securities Act.

Issue Size Flexible
Coupon Fixed, floating, zero-coupon, semi-annual, annual
Denomination A $1,000 (minimum investment amount A $500,000 within Australia), AUD or Alternative Currency
Listing Optional, not currently intended that the notes will be listed on any stock exchange
Clearing System Austraclear, Euroclear and Clearstream
Governing Law New South Wales, Australia

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US Commercial Paper Program

Through this program, the Province issues commercial paper with various maturities up to one year.

Issue Size Flexible
Currency USD
Denomination USD$1000, with a minimum denomination of USD$250,000
Clearing System The Depository Trust Company (“DTC”)
Governing Law New York Law

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Global Bonds (SEC Registered)

Under the Province’s shelf registration statement with the U.S. Securities and Exchange Commission (SEC), the Province issues global bonds simultaneously in the international and domestic markets. They are purchased by investors world-wide and traded globally.

Issue Size Benchmark issue size typically $1 billion and higher
Currencies Major currencies, but largely in USD
Coupon Fixed, floating, semi-annual, annual
Denomination $5,000 and multiples of $1,000
Listing Luxembourg Stock Exchange Euro MTF Market
Form of Bonds Registered
Clearing Systems The Depository Trust Company (DTC)
Governing Law Province of Alberta / Canada

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Global Medium Term Note (GMTN) program – (Rule 144A inside the U.S. and Regulation S)

Under the GMTN program, the Province issues medium term notes in the global capital markets, flexible in size and maturity. The program allows for both private and public placements on a syndicated or non-syndicated basis.

The Notes have not been, and will not be, registered under the Securities Act or any state or other applicable securities laws and may not be offered or sold in the U.S. except pursuant to an effective registration statement or in accordance with an applicable exemption from the registration requirements of the Securities Act and in compliance with any state or other securities laws.

Accordingly, where specified in the applicable Final Terms or, in the case of Exempt Notes, Pricing Supplement, the Registered Notes may be offered and sold in the U.S. only (a)(i) to persons reasonably believed to be QIBs in reliance on Rule 144A under the Securities Act or (ii) in other transactions exempt from registration under the Securities Act; and (b) in compliance with any applicable state or other securities laws.

Issue Size Average issuance size $1 billion CAD equivalent; however have done CAD & EUR issues of $100 - $250 million
Currencies Any of the following currencies without limitation, EUR, GBP, CAD, USD, JPY and CNY/Renminbi (as indicated in the applicable Final Terms or, in the case of Exempt Notes, Pricing Supplement)
Coupon Fixed Rate Notes, Floating Rate Notes or Zero Coupon Notes (or any appropriate combination thereof) or, in the case of Exempt Notes only, such other types of Notes as may be specified in the applicable Pricing Supplement., semi-annual, annual
Listing London Stock Exchange
Clearing Systems Euroclear, Clearstream, CDS and DTC
Governing Law Province of Alberta / Canada

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Page last updated:  December 14, 2017