Foreign investors piled into Canadian bonds at record levels in July, according to data published Monday from Statistics Canada.

Foreign investors acquired a record amount of Canadian bonds in July ($23.8 billion worth). Total foreign investment in Canadian securities came in $24.0 billion during the month, dominated by the record bond buying.

“New issues of private corporate bonds in foreign markets of $11.4 billion, largely denominated in foreign currencies, contributed the most to the investment activity. Nearly half of these new bonds were issued by Canadian banks,” StatsCan says in its announcements. “In addition, non-resident investors purchased $8.0 billion of federal government bonds and $2.9 billion of provincial government bonds in the month.”

In contrast, Canadian investors reduced their holdings of foreign securities by $1.8 billion, generating a net inflow of $25.8 billion in July. Through the first seven months of the year, foreign investment in Canadian securities has exceeded Canadian investment in foreign securities by $86.2 billion, StatsCan says.

Canadian investors reduced their holdings of foreign equities by $2.9 billion in July, but this was tempered by purchases of $1.1 billion worth of foreign debt in the month.

Foreign investment in Canadian equities amounted to $1.6 billion in July, yet investors also reduced their holdings of Canadian money market instruments by $1.5 billion during the month.