WESTBANK, BC, April 16,
2024 /CNW/ - First Nations Finance Authority (FNFA)
bonds will receive a sector assignment change from the Municipal
Index to the Federal Agency Index within the FTSE Canada Bond
Indices, effective May 13, 2024,
after a review by FTSE Russell.
FTSE Russell operates a comprehensive fixed income business in
Canada which supports the market
ecosystem through provision of benchmark indexes, end of day bond
pricing services and robust risk and performance
analytics. The FTSE Canada Fixed Income Indexes covers a
multitude of asset categories and debt types in the Canadian
markets with 600+ indexes across 20+ index series, including the
flagship FTSE Canada Universe Bond Index. A significant majority of
domestic investment funds track the FTSE Canada Universe Bond Index
or one of its sub-components as part of their investment
mandate.
"This sector re-assignment is a recognition of FNFA's credit
quality in relation to its peers," said Steve Berna, Chief Operating Officer for FNFA.
"This recognition demonstrates the success of pooled borrowing
which was made possible because of the collaborative relationship
between FNFA and our 169 members."
Currently, 4 bonds (CAD 1.73
billion in amount outstanding) issued by FNFA are eligible
for the FTSE Canada Universe Bond Index.
"This announcement raises our profile and demonstrates why it
would be advantageous for the federal government to strengthen its
partnership with FNFA and renew its commitment to the growth
and success of First Nations economic reconciliation," said
Ernie Daniels, CEO and President of
FNFA.
Since its inception, FNFA has successfully launched short- and
long-term loans programs, received multiple rating upgrades, grown
exponentially in staff size, and most importantly, became
self-sufficient, no longer relying on any external funding.
For more information about FNFA's new sector assignment and/or
how this will impact members, please visit fnfa.ca or call
250-768-5253.
About the First Nations Finance
Authority (FNFA)
FNFA is a non-profit organization that provides financing,
investment, and advisory services to First Nation governments that
voluntarily schedule to the First Nations Fiscal Management
Act (Act). FNFA received Royal Assent under the Act in
2005.
SOURCE first nations finance authority