Net borrowings by Canadian corporations and governments in the form of debt securities totalled $71.5 billion in the third quarter, the largest amount since the second quarter of 2020. This financing activity was led by Canadian chartered banks and, to a lesser extent, the federal government.
The outstanding value of Canadian debt securities reached a record $5,104.6 billion at the end of the third quarter, up $102.7 billion from the previous quarter. In addition to the borrowing activity, an upward revaluation of the US dollar-denominated debt instruments also contributed to the growth. At the end of the third quarter, the total stock of debt securities denominated in US dollars accounted for 17.1% of all instruments and for three-quarters of all foreign currency-denominated instruments. The Canadian dollar fell by 2.2 US cents against the US dollar in the third quarter.
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