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2003 News Releases

City of Winnipeg reduces debt costs with Serial Debenture issue

WINNIPEG - JANUARY 08, 2003 - The City of Winnipeg successfully launched a $97,180,000 serial debenture in the Canadian capital markets on January 7, 2003. The debentures, which will be settled on January 17, 2003, were sold through the city’s fiscal agencies co-led by CIBC World Markets Inc. and Scotia Capital Inc. 

The yield on the issue was 4.88% and the debentures mature on January 17, 2013. The proceeds refinance debentures which have already matured. 

“The fact that the debentures were well received in the markets demonstrates the confidence that investors and credit rating agencies have in the financial stability of our city,” said Mayor Glen Murray. “This interest rate, one of the lowest in the City’s history, will significantly reduce our borrowing costs and ease the City’s debt burden even further.” 

“It is important to clarify that this is just a refinancing of old debt that has matured,” said Councillor Bill Clement, Chairman of Fiscal Issues. “The City remains committed to not borrowing to incur additional debt for new tax-supported capital projects. We will continue to finance these initiatives on a pay-as-you-go basis.”

Last update: 01.05.2004

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