The Caisse de dépôt et placement du Québec is looking to sell more bonds after completing an $8 billion borrowing program in June, CEO Michael Sabia said.
The last step in that program came in June with a 10-year euro issue of 3.5% bonds aimed at lengthening short-term debt. Canada’s biggest pension fund manager had net assets of $135.8 billion at the end of June.
The move comes at a time when the fund manager is also considering the commodities market and has announced plans to invest more in energy and minerals.
The Caisse has reported that 74% of its borrowings have maturities of more than two years and 78% of its assets are investments in property with maturities of more than two years.
Before the refinancing, only 20% of the borrowings were due in two years or more.
Sabia said this will allow the Caisse to seize investment opportunities at a quicker pace.