In November 2024, the First Nations Finance Authority (FNFA) increased its commercial paper program to $900 million due to growing demand for financing.

The Bank of Montreal, Canadian Imperial Bank of Commerce, Laurentian Bank Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and The Toronto-Dominion Bank are acting as dealers.

FNFA is a statutory not-for-profit organization without share capital. FNFA’s purposes are to provide First Nations governments with investment options and capital planning advice and access to long-term loans with preferable interest rates.

Originally launched in September 2021 at $400 million dollars authorized, the program raises capital for FNFA’s interim financing loan program, through the issuance of commercial paper in the Canadian money market. The interim financing loan program is utilized to build the loan portfolio towards the next debenture and for projects in the construction phase.

Osler, Hoskin & Harcourt LLP acted as counsel to the FNFA with a team including Trevor Scott, Ian Morrison (Corporate), Martha Martindale and Matthew Li (Financial Services).