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in net assets


working members and pensioners


10 year total-fund net return

Ontario Teachers' investment funding strategy is focused on diversifying the sources of investment funding, managing the cost and maturity profile, maintaining a presence in key funding markets, and supporting the overall management of the currency exposure of our global investment program. The investment funding strategy contains both short- and long-term funding sources, which collectively diversify and mitigate risk.

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About Ontario Teachers’ Finance Trust (OTFT)

OTFT issues commercial paper and term-debt that is fully, unconditionally and irrevocably guaranteed by Ontario Teachers'. OTFT primarily generates funding through fixed income products in international markets. Since its inception in 2015, OTFT has issued U.S. and Canadian dollar-denominated commercial paper in addition to U.S. dollar, Canadian dollar and EUR benchmark-sized term debt targeting international institutional investors.

OTFT issuance summary

In September 2017, OTFT issued its inaugural US$1.75 billion five-year senior unsecured notes. Since then, OTFT has issued at least one U.S. dollar benchmark notes offering per calendar year. OTFT is committed to being a regular issuer in the U.S. dollar market. OTFT further broadened into Euro, Canadian dollar and Green Bond markets in 2020 and issued its inaugural bond denominated in Pound sterling in 2021. The coupon and principal paid to investors are senior to pension liabilities.

IssuanceCurrencySizeMaturity DateCoupon
September 2019USD$1.75 billionSeptember 12, 20241.625%
April 2020USD$1.00 billionApril 15, 20251.375%
May 2020EUR€1.50 billionMay 06, 20250.500%
September 2020USD$1.50 billionSeptember 27, 20301.250%
October 2020CAD$1.25 billionOctober 19, 20271.100%
November 2020 Green BondEUR€750 millionNovember 25, 20300.050%
April 2021USD$1.50 billionApril 16, 20312.000%
May 2021EUR€1.25 billionMay 19, 20280.100%
May 2021EUR€1.25 billionMay 20, 20410.900%
September 2021USD$2.00 billionSeptember 21, 20260.875%
October 2021GBP£500 millionMay 15, 20261.125%
November 2021 Green BondEUR€500 millionNovember 24, 20510.950%
April 2022USD$1.50 billionApril 13, 20273.000%
April 2022EUR€1.25 billionMay 3, 20321.850%
October 2022EUR€500 millionOctober 5, 20293.30%
November 2022 Green bondCAD$1.00 billionJune 02, 20324.450%
February 2023 Green bondCAD$1.00 billionNovember 01, 20294.15%
April 2023USD$1.5 billionApril 25, 20284.250%
April 2024USD$1.5 billionApril 10, 20294.625%


Additional information on the debt issuances can be found on the Euronext Dublin website.

Credit ratings

OTFT issuances are highly rated benefitting from the full, unconditional and irrevocable guarantee by Ontario Teachers'.

Major factors supporting the rating of Ontario Teachers' include:

  • Consistently high investment returns
  • Sophisticated risk culture across the organization
  • Robust liquidity ensuring strong coverage by high-quality liquid assets
  • Innovative pension funding levers, including flexible inflation protection mechanism
  • Strong legislative and governance frameworks
  • Independence from sponsors


AgencyShort-term ratingLong-term ratingOutlookRecent Reports
Standard & Poor’sA-1+AA+PositiveDownload

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