Standard Life taps into Canada

Standard Life has become the latest company to tap into Canada’s debt markets after raising C$400 million (£253.6m) through a bond issue.

The life and pensions group said its Canadian arm may, subject to local regulatory approval, use the proceeds to repay C$400m of existing internal debt. In June, airports operator BAA also raised C$400m through its first issue of bonds denominated in Canadian dollars.

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Jackie Hunt, chief financial officer at Standard Life, said strong demand and favourable market conditions meant the group was able to raise the funds at a fixed rate of just under 4 per cent for the first five years.

It will then pay 2.1 per cent above the three-month Canadian interbank rate until September 2022.