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Hydro-Québec has adopted an integrated debt-management policy. It has operated on nearly all the major fixed income securities markets: Canadian, American, European and Japanese.
The company has recourse to public bonds and private placements on these markets. Hydro-Québec issues medium-term notes in all markets and any currency. It also has a commercial paper program in Canadian and U.S. dollars.
| Financing and debt management |
| Maintain the presence and impact of Hydro-Québec in the capital markets. |
- Plan bond issuance in order to establish liquid benchmarks.
- Stagger debt maturities in order to maintain the annual financing program at a stable level.
- Focus on strategically important capital markets, in particular the Canadian bond market.
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| Diversify Hydro-Québec's funding sources while minimizing foreign exchange risk. |
- Maintain access to foreign capital markets, particularly the U.S. dollar market.
- Use swaps to hedge foreign financing in currencies other than the U.S. dollars.
- Secure financing in the lowest cost market.
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| Manage Hydro-Québec's debt effectively. |
- Redeem debt prior to maturity whenever possible, if such operations allow Hydro-Québec to reduce the cost of its debt.
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