BCI’s Funding Program sees robust investor demand amid bond market volatility

Charles Lesaux speaks at the 2026 Bloomberg Canadian Finance Conference on the strength of BCI’s debt issuance platform and what lies ahead. 

Canada’s largest institutional investors access debt markets to support their clients’ long-term investment objectives and, even as global yields climb and market dynamics evolve, interest in public sector entity (PSE) offerings remains strong. BCI’s own debt offerings are drawing an increasingly global investor base and, for its latest issuance, the largest order book in its history. 

At the recent Bloomberg Canadian Finance Conference in New York, Charles Lesaux, Managing Director, Funding, Capital Markets & Credit Investments, shared the drivers behind that demand and why he expects the momentum to continue.  

A consistent, reliable issuer

BCI uses leverage as a portfolio construction tool — accessing debt markets through its Funding Program to broaden diversification, enhance liquidity, and support risk-adjusted returns for its clients. The unsecured debt issuance platform, established in 2023, has brought more than $13 billion to market across nine Canadian dollar offerings. 

“BCI has developed a reputation as a consistent, reliable, and predictable issuer,” said Charles. “That’s resonated positively with our debt investors.” 

BCI is triple-A rated and issues large, liquid, benchmark-size bonds with maturities extending to 10 years. Those features, he adds, continue to attract both domestic and international investors and are coveted as market dynamics evolve. 

A strength of BCI’s Funding Program is that it is managed within the broader Fixed Income & Foreign Exchange team, bringing an investor lens to the program’s design.  

Continued momentum

Amid increasingly volatile global bond markets, Canadian Sovereign, Supranational, and Agency (SSA) issuers had an impressive year. Charles pointed to the recent $18 billion of domestic supply, the highest weekly total on record by primary volume.  

“Canada boasts an SSA market that’s one of the deepest, broadest, and most reliable in the world,” he explained, adding that BCI benefits from this strength through its focus on Canadian dollar offerings. 

The growing demand for BCI’s own issued debt reflects this trend, with larger, more international orders. This year’s transactions were between 2.5x and 3x oversubscribed, with over 160 domestic and international investors now in the program, and Charles expects that to continue across investor types and regions.  

In August 2026, BCI issued a new 10-year bond, which received strong market reception. The $2 billion issuance attracted a $5.4 billion order book — the largest in the program’s history. International investors were allocated more than half of the offering, twice the share of earlier issuances, reflecting strong global interest. 

Recent regulatory developments add to the momentum, which Charles described as “unambiguously positive” for the Canadian PSE issuer community. This includes the Office of the Superintendent of Financial Institutions proposed 2027 Liquidity Adequacy Requirements Guideline revisions, which provide stronger recognition for issuers like BCI. More broadly, Charles notes, the developments reflect the important and growing role that Canadian PSE debt issuance plays in the fixed income market. 

Looking ahead

Emphasizing the consistency of the program, Charles expects BCI will be back in the market again next year, potentially including traditional early January and late summer offerings. 

“We continue to see growth in demand for our program and the sector in general, from all investor types and almost every region around the world,” he highlighted. “It’s an exciting time and a great space in the market.” 

Learn more about BCI’s Funding Program.  

Watch the full panel: “Funding the Future: How Asset Owners Are Leveraging Bond Markets”