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2023-2024 Corporate Annual Report
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Sharing Perspectives from BCI
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Debt Issuance

BCI accesses debt markets to support the investment objectives of our clients, providing for broader portfolio diversification and an improved risk-adjusted investment profile.

Our medium-term debt program provides a safe and liquid investment opportunity.

We are emphasizing Canadian dollar issuance to align with the denomination of our liquid assets and promote a consistent issuer footprint.

Term debt Issued by Canadian public sector asset managers qualifies for inclusion in prominent bond indices such as: FTSE Canada Universe; Bloomberg Canada Aggregate; ICE BofA Canada Broad Market; Morningstar Canada Core.

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Credit Ratings
Moody's
Aaa
(Stable)

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Standard & Poor's
AAA
(Stable)

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DBRS
AAA
(Stable)

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Our credit profile is supported by

Significant and diversified AUM

C$229.5 billion of net assets as at March 31, 2024, including substantial high-quality liquid assets

Our stable client base

BCI’s assets under management are provided by British Columbia’s public sector, including pension plans, insurance funds and special-purpose funds

Our independence from government

BCI is a public sector entity with investment independence established under British Columbia’s Public Sector Pension Plans Act

Our clear issuance structure

Debt obligations are directly backed by our investment assets

Our asset manager role

BCI has no pension or insurance liabilities

Robust risk management

Supported by independent third-party validation to ensure best practices

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Financial Statements

Our annual and interim combined funds financial statements represent the assets under management that are directly backing our debt program.

Combined Funds Financial Statements
(December 2023)

Combined Funds Interim Financial Statements
(June 2024)

Issuances

Issue Date

Currency

Outstanding

Coupon

Maturity Date

October 2023
January 2024

CAD

C$2.25 billion

4.90%

June 2, 2033

August 2024
January 2025

CAD

C$3.00 billion

3.40%

June 2, 2030

Issue Date

October 2023
January 2024

Currency

CAD

Outstanding

C$2.25 billion

Coupon

4.90%

Maturity Date

June 2, 2033

Issue Date

August 2024
January 2025

Currency

CAD

Outstanding

C$3.00 billion

Coupon

3.40%

Maturity Date

June 2, 2030

Explore Asset Classes

EMAIL US AT: INVESTOR.RELATIONS@BCI.CA      Disclaimers

Managing Risk

Risk management is integral to our investment approach. It’s the process in which we identify, evaluate, control, monitor, and communicate risks and opportunities.

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Performance

We work to achieve our clients’ risk-adjusted return requirements and are committed to creating sustainable value for our clients in a changing world.

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ESG

As a long-term investor, incorporating ESG considerations into our approach is an essential part of who we are and what we do.

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