On May 14, 2024, McDonald's Corp. sold Canadian dollar bonds for the first time since 2017, joining other U.S. companies in diversifying their currency exposure. The fast-food giant issued $1 billion in seven-year loonie-denominated notes, priced at 115 basis points above the government benchmark. The transaction attracted orders more than double its size from 55 buyers. McDonald's previous Canadian bond deal in 2017 was also for $1 billion, maturing in 2025 with a 3.125% coupon.

On the same day, McDonald's issued $1 billion in U.S. dollar bonds, with proceeds expected to help refinance $1.5 billion in 2024 debt. The longer-dated portion of this U.S. dollar deal was priced at 80 basis points above Treasuries. According to Bloomberg, American firms' issuance of maple bonds through early May reached the second-highest level ever.

The legal advisors for this transaction included law firms advising McDonald’s on the bond issuance, though specific firms were not mentioned in the article.

In summary, McDonald's successfully leveraged the Canadian bond market to raise significant capital, reflecting a broader trend among U.S. companies seeking to diversify their financial strategies through international bond issuances.