Commercial Paper
Program Size: C$900 million authorized
Rating: R-1 (Middle), Stable Trend
Security: Backstopped (1:1) by credit facility with syndicate of seven Chartered Banks
Issuance size: C$300– C$450 million
Term: Under 90 days with preference for 30 days
Market presence: Bi-weekly
Program Background
First Nations Finance Authority (FNFA) is pleased to announce it is now raising capital for its short-term funding (“Interim Financing”) program through the issuance of commercial paper in the Canadian money market. Prior to this, money was raised through chartered banks but was considered more expensive than issuing securities under the FNFA’s own name. FNFA has issued annually in the bond market since 2014.
Investor’s Presentation