Canada's Maple Bond Market Sees Record Growth

Canada's maple bond market, where non-Canadian companies issue bonds in Canadian dollars, has experienced a significant surge in activity. This growth follows a change in the FTSE Canada Universe Bond Index in early 2025, which expanded access to a broader pool of investors, including index-tracking funds.

Improved Market Conditions

The index change has led to enhanced secondary-market liquidity and more favorable pricing for new bond issues. These improvements have made the Canadian market more attractive to foreign issuers, who are drawn by the country's lower interest rates and favorable currency exchange rates.

Record-Breaking Bond Issuance

A major milestone in this growth was the issuance of an $8.5-billion four-part bond by Alphabet Inc., the largest corporate bond ever issued in Canada's history. This record-breaking deal has further fueled the market's expansion and attracted more international attention.

Diversification of Issuers

The maple bond market has also seen increased diversification, with non-bank issuers such as Oncor, Corebridge Financial Inc., and SmartStop Self Storage REIT Inc. entering the market since 2025. This diversification has contributed to the overall growth and stability of the market.