Obligation Canada Export Development 0.729% ( XS2154578186 ) en USD

Canada Export Development

100 % ⇌

Canada

XS2154578186 ( en USD )

0.729% par an ( paiement semestriel )

08/04/2022 - Obligation échue

Prospectus brochure de l'obligation Export Development Canada XS2154578186 en USD 0.729%, échue

200 000 USD

500 000 000 USD

Export Development Canada (EDC) est une société d'État canadienne qui aide les entreprises canadiennes à réussir à l'international en offrant des services de financement, d'assurance et de cautionnement à l'exportation, ainsi que des services-conseils et du soutien à la recherche de marchés.

L'Obligation émise par Canada Export Development ( Canada ) , en USD, avec le code ISIN XS2154578186, paye un coupon de 0.729% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 08/04/2022

MiFID II Product Governance/Professional investors and ECPs only target market: Solely
for the purposes of the manufacturer's product approval process, the target market assessment
in respect of the Instruments has led to the conclusion that: (i) the target market for the
Instruments is eligible counterparties and professional clients only, each as defined in Directive
2014/65/EU (as amended, "MiFID II"); and (i ) al channels for distribution of the Instruments to
eligible counterparties and professional clients are appropriate. Any person subsequently
offering, selling or recommending the Instruments (a "distributor") should take into
consideration the manufacturer`s target market assessment; however, a distributor subject to
MiFID II is responsible for undertaking its own target market assessment in respect of the
Instruments (by either adopting or refining the manufacturer`s target market assessment) and
determining appropriate distribution channels.
NOTIFICATION UNDER SECTION 309B(1)(C) OF THE SECURITIES AND FUTURES ACT
(CHAPTER 289) OF SINGAPORE (as modified or amended from time to time, the "SFA")
- The Instruments are prescribed capital markets products (as defined in the Securities and
Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as
defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice
FAA-N16: Notice on Recommendations on Investment Products).
BRED Banque Populaire is acting exclusively for the Issuer and no one else in connection with
the offering described in this Pricing Supplement. It will not regard any other person (whether
or not a recipient of this Pricing Supplement) as its client in relation to the offering described in
this Pricing Supplement and will not be responsible to anyone other than the Issuer for providing
the protections afforded to its clients nor for providing the services in relation to the offering
described in this Pricing Supplement or any transaction or arrangement referred to herein.
The worldwide economic effects of the outbreak of the Coronavirus could adversely
affect Canada's economy.
The 2019 Novel Coronavirus ("Coronavirus") outbreak is currently having an indeterminable
adverse impact on the world economy. The Coronavirus was reportedly first discovered in
Wuhan, Hubei Province, China, on December 31, 2019, and the World Health Organization
declared Coronavirus a public health emergency of international concern on January 30, 2020.
While the Coronavirus has begun to have numerous worldwide effects on general commercial
activity, one such effect is that the price of crude oil dropped, falling at one point after the
outbreak 20% below its peak in January 2020. Additionally, the Organization of the Petroleum
Exporting Countries published a report on February 12, 2020 in which it downwardly revised its
outlook for global oil demand growth to 0.99 million barrels per day (bpd) in 2020, a reduction
of 0.23 million bpd from the previous month's estimate, citing the Coronavirus outbreak as the
"major factor" behind its decision to revise its outlook.
At this time, given the uncertainty of the lasting effect of the Coronavirus outbreak, the financial
impact on Canada's economy cannot be determined. In the medium to long term, if the spread
of the Coronavirus is prolonged, it could adversely affect the economies and financial markets
of Canada and of many other countries, resulting in an economic downturn that could further
reduce the demand for and price of oil and gas. The occurrence of this event could have an
adverse effect on Canada's economy, which is affected by oil and gas revenues.
A number of measures were announced by the Government of Canada starting in March 2020
that wil increase EDC's capacity to assist Canadian companies during this period of economic
uncertainty. On April 3, 2020, the Government of Canada provided CAD1,666,800,000 in
additional capital to EDC, bringing EDC's total paid-in capital to CAD3,000,000,000. Given the
significant impact of this period of uncertainty on Canadian businesses and companies and
governments around the world, and the resulting volatility in financial markets, we expect to see
significant effects on several of our financial statement line items and on our financial results in
2020. The timing and size of those impacts is not possible to forecast at this time.

- 2 -
Pricing Supplement dated 14 April 2020
EXPORT DEVELOPMENT CANADA
Legal Entity Identifier ("LEI"): Z6MHCSLXHKYG4B6PHW02
Issue of USD250,000,000 0.729 per cent. Instruments due 8 April 2022 (the
"Instruments") (to be consolidated and form a single series with the USD250,000,000
0.729 per cent. Instruments due 8 April 2022 issued on 8 April 2020 (the "Series 20-09
Instruments"))
under the USD30,000,000,000 Programme for the Issuance of Debt Instruments
IMPORTANT NOTICE
The Offering Memorandum referred to below (as completed by this Pricing Supplement) has
been prepared on the basis that any offer of Instruments in any Member State of the European
Economic Area or the UK (each a "Relevant State") will be made pursuant to an exemption
under Regulation (EU) 2017/1129 (the "Prospectus Regulation"), from the requirement to
publish a prospectus for offers of the Instruments and in compliance with any other applicable
laws and regulations.
The Offering Memorandum does not constitute a base prospectus for the purposes of
the Prospectus Regulation.
PART A CONTRACTUAL TERMS
Any person making or intending to make an offer in that Relevant State of the
Instruments may only do so in circumstances in which no obligation arises for the Issuer
or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation
or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in
relation to such offer. Neither the Issuer nor any Dealer has authorised, nor do they
authorise, the making of any offer of Instruments in any other circumstances.
The Issuer does not consent to the Offering Memorandum or this Pricing Supplement being
used in relation to offers of the Instruments in the EEA or the UK, other than offers to persons
who are qualified investors within the meaning of the Prospectus Regulation ("qualified
investors"). Offers of the Instruments in the EEA or the UK may be made only to persons who
are qualified investors.

Terms used herein shall be deemed to be defined as such for the purposes of the terms and
conditions (the "Conditions") set forth in the Offering Memorandum dated December 19, 2019,
including al documents incorporated by reference (the "Offering Memorandum"). This
document constitutes the final terms of the Instruments described herein and must be read in
conjunction with the Offering Memorandum. Full information on the Issuer and the offer of the
Instruments described herein is only available on the basis of the combination of this Pricing
Supplement and the Offering Memorandum. The Offering Memorandum is available for viewing
during normal business hours at and copies may be obtained from the offices of the Issuer,
Export Development Canada, 150 Slater Street, Ottawa, Ontario, Canada K1A 1K3.

1.
Issuer:
Export Development Canada
2.
(i)
Series Number:
20-09

(ii)
Tranche Number:
2

- 3 -

(iii)
Date on which the Instruments The Instruments shall be consolidated and
will be consolidated and form a form a single Series and be
single Series:
interchangeable for trading purposes with
the Series 20-09 Instruments on or about
26 May 2020
3.
Specified Currency or Currencies
United States Dollars ("USD")
4.
Aggregate Nominal Amount:

(i)
Series:
USD500,000,000

(ii)
Tranche:
USD250,000,000
5.
Issue Price:
99.87 per cent. of the Aggregate Nominal
Amount of the Tranche plus accrued
interest from and including 8 April 2020 to
but excluding the Issue Date, being 8 days
6.
(i)
Specified Denomination(s):
USD200,000

(ii)
Calculation Amount:
USD200,000
7.
(i)
Issue Date:
16 April 2020

(ii)
Interest Commencement Date:
8 April 2020
8.
Maturity Date:
8 April 2022
9.
Interest Basis:
0.729 per cent. Fixed Rate
(further particulars specified below)
10.
Redemption Basis :
Subject to any purchase and cancellation
or early redemption in accordance with the
Conditions, the Instruments will be
redeemed on the Maturity Date at the Final
Redemption Amount
(further particulars specified below)
11.
Change of Interest Basis or
Not Applicable
Redemption/Payment Basis:
12.
Put/Call Options:
Not Applicable
13.
Status of the Instruments
Unsecured, Unsubordinated
14.
Effective date of the Board approval for
issuance of Instruments (the
2 April 2020
"Borrowing Resolution"):
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.
Fixed Rate Instrument Provisions
Applicable

(i)
Rate(s) of Interest:
0.729 per cent. per annum payable semi-
annually in arrear on each Interest
Payment Date

- 4 -

(ii)
Interest Payment Date(s):
8 April and 8 October in each year
commencing on 8 October 2020 up to and
including the Maturity Date; adjusted for
payment purposes only in accordance with
the Following Business Day Convention
where the Additional Business Centres are
London, New York City and Toronto

(iii)
Day Count Fraction:
30/360

(iv)
Fixed Coupon Amount(s):
USD729.00
per
calculation
amount
payable semi-annually in arrear on each
(applicable to Instruments in Interest Payment Date
definitive form only)
See Condition 4A.03 and 4G.05 for
provisions relating to calculation of
interest and rounding.

(v)
Broken Amount(s):
Not Applicable
(applicable to Instruments in See Condition 4A.03 and 4G.05 for
definitive form only)
provisions relating to calculation of
interest and rounding.

(vi)
Other terms relating to the Not Applicable
method of calculating interest
for Fixed Rate Instruments:
16.
Floating Rate Instrument Provisions
Not Applicable
17.
Zero Coupon Instrument Provisions
Not Applicable
18.
Variable Interest Provisions
Not Applicable
19.
Payment in Currency other than the
Not Applicable
Specified Currency:
PROVISIONS RELATING TO REDEMPTION
20.
Call Option
Not Applicable
21.
Put Option
Not Applicable
22.
Final Redemption Amount of each Redemption at par
Instrument
23.
Early Redemption Amount
USD200,000 per Calculation Amount
Early
Redemption
Amount(s)
per
Calculation
Amount
payable
on
redemption for taxation reasons or on
event
of
default
or
other
early
redemption (if different from that set out
in the Conditions):

- 5 -
GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
24.
Form of Instruments:
Bearer Instruments:
Temporary
Global
Instrument
exchangeable for a Permanent Global
Instrument which is exchangeable for
Definitive Instruments in the limited
circumstances specified in the Permanent
Global Instrument.
25.
New Global Note/New Safekeeping No
Structure:
26.
Additional Financial Centre(s):
London, New York City and Toronto
27.
Talons for future Coupons to be attached No
to Definitive Instruments (and dates on
which such Talons mature):
28.
Other final terms or special conditions:
Not Applicable
PROVISIONS RELATING TO RMB
Not Applicable
DENOMINATED INSTRUMENTS:

This Pricing Supplement comprises the final terms required for issue of the Instruments
described herein pursuant to the USD30,000,000,000 Programme for the Issuance of Debt
Instruments of the Issuer.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement.
Signed on behalf of the Issuer:

By:
............................................

Duly authorised

- 6 -
PART B OTHER INFORMATION
1. LISTING AND ADMISSION TO TRADING

Application will be made by the Issuer (or on its behalf) for the Instruments to be
admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange with
effect from 16 April 2020.
2. RATINGS

The Instruments are expected to be assigned the following ratings:
AAA by S&P Global Ratings ("S&P")
Aaa by Moody's Investors Service Ltd. ("Moody's").
A rating is not a recommendation to buy, sell or hold the Instruments and may be
subject to suspension, change or withdrawal at any time by the assigning rating
agency.
3. OPERATIONAL INFORMATION

(i)
ISIN Code:
Temporary ISIN: XS2157790176
On or after the date that is 40 days
following
the
completion
of
the
distribution of the Instruments, the
Instruments will be consolidated and form
a single series with the Series 18-21
Instruments and, thereafter, the following
ISIN will apply: XS2154578186

(ii)
Common Code:
Temporary Common Code: 215779017
On or after the date that is 40 days
following
the
completion
of
the
distribution of the Instruments, the
Instruments will be consolidated and form
a single series with the Series 18-21
Instruments and, thereafter, the following
Common Code will apply: 215457818

(iii)
CFI:
DTFNFB, as updated, as set out on the
website of the Association of National
Numbering
Agencies
(ANNA)
or
alternatively
sourced
from
the
responsible National Numbering Agency
that assigned the ISIN

(iv)
FISN:
EXPORT DEVELOPM/EMTN 20220408,
as updated, as set out on the website of
the Association of National Numbering
Agencies (ANNA) or alternatively sourced
from the responsible National Numbering
Agency that assigned the ISIN

(v)
Any clearing system(s) other Not Applicable
than Euroclear Bank SA/NV
and Clearstream Banking S.A.
and the relevant identification
number(s):

(vi)
Delivery:
Delivery against payment

- 7 -

(vii)
Names and addresses of Not Applicable
additional Paying Agent(s)/
Transfer Agent(s) /Registrar/
Exchange Agent(s) (if any):

(viii)
Intended to be held in a manner No. While the designation is specified as
that would allow Eurosystem "no" at the date of this Pricing
eligibility:
Supplement, should the Eurosystem

eligibility criteria be amended in the future
such that the Instruments are capable of
meeting them the Instruments may then
be deposited with one of the ICSDs as
common safekeeper (and registered in
the name of a nominee of one of the
ICSDs acting as common safekeeper).
Note that this does not necessarily mean
that the Instruments will then be
recognised as eligible collateral for
Eurosystem monetary policy and intraday
credit operations by the Eurosystem at
any time during their life. Such
recognition will depend upon the ECB
being satisfied that Eurosystem eligibility
criteria have been met.
4. DISTRIBUTION

Method of distribution:
Non-syndicated

(i)
Name and address of Relevant BRED Banque Populaire18 quai
Dealer:
de la Rapée
75012 PARIS
France

(ii)
Stabilising Manager(s) (if any): Not Applicable

(iii)
U.S. Sel ing Restrictions:
Reg. S Compliance Category 2 TEFRA D

(iv)
Prohibition of Sales to EEA Not Applicable
Retail Investors:

(v)
Additional Sel ing Restrictions:
Not Applicable
5. USE OF PROCEEDS

The net proceeds of the issue of the Instruments will be used by the Issuer in
furtherance of its corporate purposes.