Investor relations
Calgary is one of Canada’s fastest growing cities and we’re committed to providing more value to Calgarians by reducing costs. One way we do this is through municipal bonds. They are an important financing tool that help diversify funding sources, strengthen financial flexibility and potentially reduce borrowing costs for major capital projects.
We closed our first municipal bond in the Canadian debt capital markets on March 15, 2024, followed by successfully reopening the bond on Feb 21, 2025. In October 2026, The City successfully completed another municipal bond issuance, further diversifying its financing sources and supporting long-term infrastructure investments for Calgary's continued growth.
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Why invest in Calgary?
Continued economic growth
Calgary's economy is forecast to keep growing through 2031, with GDP growth of about 2.0 per cent in 2026 and 2.4 percent in 2027.
Strong population growth
Calgary is expected to add nearly 160,000 residents by 2031, growing from 1.56 million to 1.72 million people. This creates ongoing demand for housing, services, retail and infrastructure.
Growing labour force and employment base
Employment is expected to continue increasing by approximately 2.2 per cent annually.
What's a municipal bond?
Municipal bonds are issued by local governments to finance capital projects that support public infrastructure and essential services, such as construction on roads, water systems and other community facilities.
These bonds often carry lower rates which helps reduce overall financing costs. When investors, including individuals, banks, and financial institutions, purchase municipal bonds, they are lending funds to the issuer in exchange for periodic interest payments and the repayment of principal at maturity.
This payment structure is commonly referred to as ‘bullet debt’, meaning the principal is repaid in full at the end of the term, rather than periodic amortization. The length of the term is determined by the issuer based on project needs and financing strategy.
Looking ahead
The City's financing strategy as we continue to invest in infrastructure and services, remains committed to securing the most cost-effective financing available. With rates across funding sources remain competitive, we take a strategic approach evaluating all financing options to ensure long-term sustainability, value for investment, and alignment with operational goals. Regardless of market shifts, bonds continue to play an important role in our long-term financial planning and will continue to be a key consideration in our overall borrowing strategy.
Our strong fiscal management and superb credit ratings
We continue to have one of the best municipal credit ratings in Canada, making our debentures an attractive investment in both domestic and international markets.
Our credit ratings are regularly assessed and affirmed by independent agencies. These agencies help measure performance and accountability through review by credible third parties. Our Annual Financial Reports follow Canadian accounting standards for local governments.
We use the rating services of:
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Assigned Aa1 baseline credit assessment (BCA) and Aa1 long-term issuer rating.
Outlook: stable
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Affirmed AA (high) Issuer Rating and Long-Term Debt rating.
Outlook: stable
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Reaffirmed AA+ Issuer credit rating.
Outlook: stable
Capital projects
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