Program Size: $700 million authorized and outstanding
Market Presence: Weekly - each Wednesday
- Term 35 days and 91 days available
- Amount $100 - $150 million
Security: Backstopped by two Canadian Chartered Banks
In 2003, the Municipal Finance Authority of BC started raising capital for its short-term funding programs through the issuance of commercial paper in the Canadian money market. Prior to this, money was raised through chartered banks but was considered more expensive than issuing securities under the MFA’s own name. The program has grown over the years to its maximum authorized limit of $700 million and currently fully issued. With MFA participating in the market weekly, investors have access to high quality investments that are liquid and fully supported by a large dealer network.
MFA Commercial Paper provides the investor with an unique investment that is provincial in nature while offering a municipal yield.