The federal government reports it has boosted its foreign exchange reserves with the successful issue of a US$3-billion global bond.

The Department of Finance Canada announced earlier this week that it planned to launch a new U.S. dollar bond, subject to market conditions.

The new global bond is the government’s first U.S-dollar bond issue since its US$3.5-billion bond issued in March 2015.

“The issuance received strong demand from investors in North America, Europe and Asia,” Finance Canada says in a statement, noting the order book topped US$6 billion.

Investors for the five-year bond issue include foreign central banks, government institutions and foreign-based investment funds.

The transaction was initiated to provide cost-effective, diversified funding for federal foreign exchange reserves, which are used to provide liquidity and support an orderly market for the Canadian dollar in foreign exchange markets.

The new global bond matures on Nov. 15, 2022.