ST. JOHN’S, N.L. — The Newfoundland and Labrador government is looking to the European capital market to lower borrowing costs, opening a listing on the London…
The province’s debt sits at about $16 billion, and the government budgeted about $1.1 billion to pay for the interest and other costs associated with it in the current fiscal year, which ends this month, Coady told reporters Monday.
The province will sell its debt on the European market only if the cost of borrowing is lower than it is on Canadian markets, Coady added. And to reduce rate risks associated with currency exchanges, any bonds sold will be hedged to Canadian fixed rates, officials said.Article content “We’re not obliged, because we’re here, to sell the bonds to the European market,” Furey said. “This just provides optionality ⦠It’s no different than if you had a mortgage, or you were about to get a mortgage, and you wanted multiple different options available to you.”
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