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.
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.
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.