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The Department of Finance announced today the successful conclusion of the Government of Canada's first euro-denominated global bond issue.

The 10-year bond issue raised €2 billion, equivalent to about US$2.9 billion at current exchange rates. The proceeds will be used exclusively to supplement and diversify funding for Canada's foreign exchange reserves, rather than to finance public debt or spending.

The bond transaction achieved all of the Government's objectives, including providing cost-effective and diversified funding for the foreign reserves held in the Exchange Fund Account. The investor base for the 10-year bond issue includes more than 200 investors from a wide range of central banks, other official institutions, commercial banks and foreign-based investment funds across a diverse geographical area.