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, 2021, long-term debt totaled $49.7 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 April 30, 2022 ($M)

THIS GRAPH SHOWS CASH OUTFLOWS RELATED TO BOND AND MEDIUM-TERM NOTE MATURITIES, BASED ON THE NOMINAL AMOUNT OF THESE DEBTS AS AT APRIL 30, 2022.

Year Amount in M$ CA
2022 3,235
2023 1,006
2024 1,349
2025 78
2026 709
2027 370
2028 77
2029 1,038
2030 1,315
2031 1,045
2032 15
2033 15
2034 16
2035 4,868
2036 7
2037 3
2038 3
2039 2
2040 3,772
2041 2
2042 2
2043 2
2044 3
2045 5,000
2046 N/A
2047 N/A
2048
2049 N/A
2050 7,050
2051 N/A
2052 N/A
2053 N/A
2054 N/A
2055 7,000
2056 N/A
2057 N/A
2058 N/A
2059 N/A
2060 5,861
Ce tableau montre les sorties de fonds par années
Année Montant en Millions de $ CAN
2022 3,235
2023 1,006
2024 1,349
2025 78
2026 709
2027 370
2028 77
2029 1,038
2030 1,315
2031 1,045
2032 15
2033 15
2034 16
2035 4,868
2036 7
2037 3
2038 3
2039 2
2040 3,772
2041 2
2042 2
2043 2
2044 3
2045 5,000
2046 N/A
2047 N/A
2048
2049 N/A
2050 7,050
2051 N/A
2052 N/A
2053 N/A
2054 N/A
2055 7,000
2056 N/A
2057 N/A
2058 N/A
2059 N/A
2060 5,861

Debt Characteristics1

  • Average term 22 years
  • Breakdown – Fixed rate 93.1%
  • Breakdown – Floating rate 6.9%
  • Breakdown – Currency at time of issue – C$2 86.8%
  • Breakdown – Currency at time of issue – US$2 13.2%
  • Breakdown – Repayment currency – C$2 100%

Recent issues

Bond and medium-term note issues for the last twelve months.
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
2022-06-23 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2022-05-13 Canadian JS 4.00 2063-02-15 500 CA448814JD62 View
2022-04-22 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2022-02-11 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-12-03 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-10-25 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-10-04 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-08-27 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-05-25 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-04-15 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-02-26 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2021-02-01 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2020-12-14 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2020-11-18 Canadian JR 2.10 2060-02-15 500 CA448814JC89 Additional tranche View
2020-11-09 Canadian JR 2.10 2060-02-15 500 CA448814JC89 View
2020-04-28 Canadian JQ 4.00 2055-02-15 500 CA4488148V86 Additional tranche View
2020-02-14 Canadian JQ 4.00 2055-02-15 500 CA4488148V86 Additional tranche View
2020-01-28 Canadian JQ 4.00 2055-02-15 500 CA4488148V86 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
2022-08-19 Canadian 0082 2.000 2028-09-01 600 CA44889ZFE12 Additionnal tranche View
2022-04-04 Canadian 0082 2.000 2028-09-01 600 CA44889ZFE12 Additionnal tranche View
2022-03-02 Canadian 0083 2.729 2032-03-02 10 CA44889ZFF86    
2022-01-13 Canadian 0082 2.000 2028-09-01 600 CA44889ZFE12   View
2021-04-29 Canadian 0081 0.000 2029-04-29 36 CA44889ZFD39    
2021-03-02 Canadian 0080 2.048 2031-03-02 10 CA44889ZFC55    
2021-03-02 Canadian 0079 0.306 2022-03-02 10 CA44889ZFB72    
2020-06-30 Canadian 0078 1.322 2030-07-02 35 CA44889ZFA99    
2020-04-29 Canadian 0077 0.000 2023-04-29 26 CA44889ZEZ59    
2020-04-14 Canadian 0076 Floating 2023-04-14 1,000 CA44889ZEY84   Quarterly coupon: 3‑month CDOR + 0.20%

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, 2021: C$11,087 million4.
  • Financing guaranteed by the Québec government.
  • Supplemental offering circular [PDF 540 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, 2021: US$380 million4.
  • Financing guaranteed by the Québec government.
  • Prospectus supplement [PDF 540 kB]

Commercial paper program

  • Amount authorized by the Board of Directors: US$3,500 million or equivalent in C$.
  • 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, 2021.
  • Financing guaranteed by the Québec government.

Credit facility

  • Amount authorized by the Board of Directors: US$2,000 million5.
  • Maturity: 2025.
  • 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, 2021: C$0.2 million.
  1. As at December 31, 2021.
  2. Including derivatives, which consist of swaps and forward contracts traded for purposes of managing long-term risk related to debt.
  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$200 million, C$2 million and $294 million in Canadian or U.S. dollars are covered by operating credit line agreements with the financial institutions concerned.

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For questions regarding Hydro-Québec’s financing, view our FAQ or contact the Investor Relations team

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