Borrowing program

To finance part of its investment program and to repay maturing debt, Hydro‑Québec issues securities which are guaranteed by the Québec government, its sole shareholder.

As at December 31, 2024, long-term debt totaled $60.4 billion, including current portion and perpetual debt.

The Board of Directors approves the annual borrowing program. The program is then authorized by the shareholder, the Québec government, which guarantees the payment of principal and interest of the issued securities.

Debt maturities
As at December 31, 2024 ($M)

THIS GRAPH SHOWS CASH OUTFLOWS RELATED TO BOND AND MEDIUM-TERM NOTE MATURITIES, BASED ON THE NOMINAL AMOUNT OF THESE DEBTS AS AT DECEMBER 31, 2024.

Year Amount in M$ CA
2025 94
2026 799
2027 411
2028 2,479
2029 3,562
2030 1,483
2031 1,037
2032 17
2033 7
2034 36
2035 4,859
2036 N/A
2037 N/A
2038 N/A
2039 2
2040 3,771
2041 N/A
2042 N/A
2043 N/A
2044 N/A
2045 5,000
2046 N/A
2047 N/A
2048 N/A
2049 N/A
2050 7,050
2051 N/A
2052 N/A
2053 N/A
2054 N/A
2055 7000
2056 N/A
2057 N/A
2058 N/A
2059 N/A
2060 6,861
2061 5,861
2062 5,861
2063 8,000
2064 N/A
2064 1,500
Ce tableau montre les sorties de fonds par années
Année Montant en Millions de $ CAN
2024 1,400
2025 87
2026 733
2027 379
2028 2,473
2029 2,872
2030 1,363
2031 1,037
2032 17
2033 7
2034 7
2035 4,859
2036 N/A
2037 N/A
2038 N/A
2039 2
2040 3,771
2041 N/A
2042 N/A
2043 N/A
2044 N/A
2045 5,000
2046 N/A
2047 N/A
2048 N/A
2049 N/A
2050 7,050
2051 N/A
2052 N/A
2053 N/A
2054 N/A
2055 7000
2056 N/A
2057 N/A
2058 N/A
2059 N/A
2060 6,861
2061 5,861
2062 5,861
2063 4000

Debt Characteristics1

  • Average term 23 years
  • Breakdown – Fixed rate2 96.8%
  • Breakdown – Floating rate2 3.2%
  • Breakdown – Currency at time of issue – C$ 92.8%
  • Breakdown – Currency at time of issue – US$ 7.2%
  • Breakdown – Repayment currency2 C$ 100%

Recent issues

Bond and medium-term note issues for the last two years.
All figures are presented in Canadian dollars, unless otherwise indicated.

Bonds

Issue date (yyyy-mm-dd) Market Series Coupon (%) Maturity date (yyyy-mm-dd) Nominal value3 ($ million) ISIN Supplementary information Yield
2025-06-02 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 Additional tranche View
2025-05-14 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 Additional tranche View
2025-05-06 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 Additional tranche View
2025-02-03 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 Additional tranche View
2025-01-15 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 Additional tranche View
2024-11-28 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 Additional tranche View
2024-10-22 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 Additional tranche View
2024-09-19 Canadian JU 4.00 2065-02-15 500 CA448814BQ57 View
2024-08-28 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2024-08-08 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2024-07-05 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2024-05-27 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2024-05-01 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2024-04-22 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2024-03-25 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2024-03-19 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2023-09-29 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2023-09-05 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2023-06-01 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2023-02-02 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View

Medium-term notes

Issue date (yyyy-mm-dd) Market Series Coupon (%) Maturity date (yyyy-mm-dd) Nominal value3 ($ million) ISIN Supplementary information Yield
2025-04-29 Canadian 0091 3.550 2032-09-01 750 CA44889ZFP68 Additional tranche View
2025-03-10 Canadian 0080 2.048 2031-03-02 10 CA44889ZFC55 Additional tranche
2025-03-10 Canadian 0083 2.729 2032-03-02 11 CA44889ZFF86 Additional tranche
2025-02-24 Canadian 0091 3.550 2032-09-01 750 CA44889ZFP68 View
2024-04-15 Canadian 0088 0.000 2039-04-15 33 CA44889ZFL54 Additional tranche
2024-04-04 Canadian 0090 4.185 2034-04-04 29 CA44889ZFN11
2024-03-28 Canadian 0086 3.400 2029-09-01 600 CA44889ZFJ09 Additional tranche View
2023-10-25 Canadian 0086 3.400 2029-09-01 600 CA44889ZFJ09 Additional tranche View
2023-04-13 Canadian 0086 3.400 2029-09-01 600 CA44889ZFJ09 Additional tranche View
2023-02-17 Canadian 0088 0.000 2039-04-15 20 CA44889ZFL54
2023-01-30 Canadian 0086 3.400 2029-09-01 600 CA44889ZFJ09 View

Sources of financing

Canadian medium-term notes program

  • Amount authorized by the Board of Directors: C$20,000 million or equivalent in $US.
  • Market: Canada.
  • Maturity: 1 year or longer.
  • Outstanding as at December 31, 2024: C$14,695 million4.
  • Financing guaranteed by the Québec government.
  • Supplemental offering circular [PDF 366 kB]

U.S. medium-term notes program

  • Amount authorized by the Board of Directors: US$3,000 million or equivalent in other currencies.
  • Market: United States.
  • Maturity: 9 months or longer
  • Outstanding as at December 31, 2024: US$177 million4.
  • Financing guaranteed by the Québec government.
  • Prospectus supplement [PDF 540 kB]

Commercial paper program

  • Amount authorized by the Board of Directors: US$5,000 million or equivalent in C$.
  • Market: United States or Canada.
  • Maturity in the United States: maximum 364 days.
  • Maturity in Canada: maximum 365 days.
  • No outstanding amount as at December 31, 2024.
  • Financing guaranteed by the Québec government.

Credit facility

  • Amount authorized by the Board of Directors: US$2,000 million5.
  • Maturity: 2027.
  • Financing guaranteed by the Québec government.

Operating credit lines

  • Amount authorized by the Board of Directors: C$ or US$1,000 million6.
  • Outstanding as at December 31, 2024: C$4.6 million.
  1. As at December 31, 2024.
  2. Including derivatives.
  3. Amounts rounded to million.
  4. This amount corresponds to the net proceeds from the issuance of medium-term notes.
  5. Includes a US$750-million swing loan.
  6. Of this amount, available balances of US$259 million, C$2 million and $451 million in Canadian or U.S. dollars are covered by operating credit line agreements with the financial institutions concerned.

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