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, 2023, long-term debt totaled $55.2 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, 2023 ($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, 2023.

Year Amount in M$ CA
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
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 22 years
  • Breakdown – Fixed rate2 96.6%
  • Breakdown – Floating rate2 3.4%
  • Breakdown – Currency at time of issue – C$ 90.2%
  • Breakdown – Currency at time of issue – US$ 9.8%
  • Breakdown – Repayment currency – C$2 100%

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
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
2022-11-21 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
2022-09-19 Canadian JS 4.00 2063-02-15 500 CA448814JD62 Additional tranche View
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

Medium-term notes

Issue date (yyyy-mm-dd) Market Series Coupon (%) Maturity date (yyyy-mm-dd) Nominal value3 ($ million) ISIN Supplementary information Yield
2024-04-15 Canadian 0088 0.000 2039-04-15 33 CA44889ZFL54 Additionnal 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
2023-03-10 Canadian 0089 4.444 2025-03-10 12 CA44889ZFM38
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
2022-10-24 Canadian 0082 2.000 2028-09-01 600 CA44889ZFE12 Additional tranche View
2022-08-19 Canadian 0082 2.000 2028-09-01 600 CA44889ZFE12 Additional tranche View
2022-04-18 Canadian 0084 0.000 2025-04-18 41 CA44889ZFG69
2022-04-18 Canadian 0085 0.000 2031-04-18 38 CA44889ZFH43
2022-04-04 Canadian 0082 2.000 2028-09-01 600 CA44889ZFE12 Additional 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

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, 2023: C$14,128 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, 2023: US$202 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, 2023.
  • Financing guaranteed by the Québec government.

Credit facility

  • Amount authorized by the Board of Directors: US$2,000 million5.
  • Maturity: 2026.
  • 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, 2023: C$0.5 million.
  1. As at December 31, 2023.
  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 $335 million in Canadian or U.S. dollars are covered by operating credit line agreements with the financial institutions concerned.

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