A hiking trail climbing a green alpine meadow toward snow-patched ridges in Cathedral Provincial Park.

Trail to the Cathedral Rim, Cathedral Provincial Park · Photo: Shaund (Shaundd), CC BY-SA 3.0

EDITORIAL · IN THE PROVINCE’S OWN FILINGS

David Eby told B.C. to avoid the U.S. Then the day he called a snap election, his government borrowed US$3 billion on Wall Street.

On 22 September, the day David Eby called the election and promised to make B.C. “less dependent on the U.S.”, his government signed to sell US$3 billion of ten-year bonds on Wall Street. Since 1 April it has sold US$8 billion of U.S.-dollar bonds, about C$11.1 billion and almost half of everything it has borrowed this fiscal year. All the while, the Premier has asked British Columbians to skip U.S. trips and U.S. goods, and has ordered his government to “exclude American suppliers.”

Backcountry Coalition ·

David Eby, smiling, in a grey suit and patterned tie, walking down the steps of the B.C. Legislature with a large Canadian flag hung over the entrance behind him.

“If you have a choice about where to travel, avoid the United States.”

David Eby, Premier of British Columbia · 4 March 2025
The Premier’s statement on U.S. tariffs, posted by his office.1Photo: David Eby at the Legislature, 6 March 2025, Province of British Columbia (Flickr, CC BY-NC-ND 2.0)

David Eby, the Premier of British Columbia and leader of the BC NDP, has spent a year and a half asking British Columbians to keep their money out of the United States. Skip the trip, he said, buy Canadian, and pick a non-American product when there is one.15 He told his own government to “exclude American suppliers” wherever it could.3

Over the same months, his government kept going to the United States for money. Since 1 April it has sold US$8 billion of bonds in the U.S. market, worth about C$11.1 billion. That is almost half of everything the Province has borrowed this fiscal year.10 The latest US$3 billion was signed on 22 September, the day Eby called the election and promised to make British Columbia “less dependent on the U.S.”1269

01 David Eby has told British Columbians since early 2025 to stay out of the United States and to stop buying American

The record

  • In February 2025 he said he would “strongly discourage people from going to the States until this is resolved.”2
  • On 4 March 2025, the day U.S. tariffs took effect, the Premier’s statement said: “If you have a choice about where to travel, avoid the United States. Visit somewhere in Canada or elsewhere in the world.” The same statement said the government and its Crown corporations “will be buying Canadian first, then non-U.S. products.”1
  • On 10 March 2025 he ordered every American beer, wine and spirit off the shelves of BC Liquor stores, and signed off his statement: “Elbows up!”4
  • On 10 April 2025 he ordered ministries, health authorities and Crown corporations to cancel American contracts wherever viable, saying British Columbians “expect their government to join them in choosing to avoid U.S. purchases wherever possible.”3
  • On 25 August 2026, standing in a Vancouver liquor store, he said: “And again, I’m asking British Columbians, if you have a choice, please don’t travel to the United States.”5
  • On 22 September 2026 he called the election outside Government House. “Join us saying hell no to Trump and to his politics,” he said, and promised “to stand up to Trump’s threats, to the bullying.” On X that afternoon he wrote that Trump “wants to make Canada and B.C. an extension of America.”20 His party’s release that day asked voters whether they want to “make ourselves less dependent on the U.S.”, and promised to “build an economy free from the US”.786
  • On 28 September he wrote on X: “Dear American friends, while we wait for sanity to return, we’re going to start seeing other countries. It’s not you, it’s him.”21
Exhibit 01

Office of the Premier · “Premier’s statement on tariffs imposed by the U.S.” · 4 March 2025

news.gov.bc.ca
From the Premier's statement of 4 March 2025 on BC Gov News, with two passages boxed: the government, including Crown corporations and health authorities, will be buying Canadian first, then non-U.S. products; and: At the grocery store, buy B.C., buy Canadian. If you have a choice about where to travel, avoid the United States. Visit somewhere in Canada or elsewhere in the world.
The statement as posted on BC Gov News, cut from the page and stacked. The two instructions are boxed.1 Source: news.gov.bc.ca
Exhibit 02

Office of the Premier · “Premier directs government to cancel American contracts wherever viable” · 10 April 2025

news.gov.bc.ca
From the Premier's news release of 10 April 2025, titled Premier directs government to cancel American contracts wherever viable, with two passages boxed: British Columbians expect their government to join them in choosing to avoid U.S. purchases wherever possible. That's why we've directed our government to use its purchasing power to exclude American suppliers. And: Now is the time to continue to support B.C. and Canadian businesses, as well as find new markets and develop deeper bonds with countries other than the U.S.
The release as posted, cut from the page and stacked. Two of the Premier’s sentences are boxed.3 Source: news.gov.bc.ca

The message has not changed in a year and a half. Eby has told British Columbians to stay home and to buy Canadian, because, as he put it, Canadian workers “need our support”.5 In April 2025 he went further, and told his government to develop “deeper bonds with countries other than the U.S.”3

02 While Eby told people to stay away, his government sold US$13.5 billion of bonds in the U.S. market, US$8 billion of it since 1 April

A province borrows by selling bonds. British Columbia sells most of its bonds in Canada, but it also sells “global” bonds in U.S. dollars, registered with the U.S. Securities and Exchange Commission and sold in the U.S. market. The Province’s own table of its outstanding debt lists every one of them, with the date it was issued.10 Set beside the Premier’s words, the dates look like this.

Eby’s words, and the bonds his government sold in the U.S. market

Apr ’25Jul ’25Oct ’25Jan ’26Apr ’26Jul ’26Oct ’2626 Feb 2025: "If you do have a choice about where you travel with your family ... [I] strongly discourage people from going to the States until this is resolved." (media availability, reported 28 Feb 2025)14 Mar 2025: "If you have a choice about where to travel, avoid the United States."210 Mar 2025: All U.S. alcohol off BCLIQUOR shelves; "Elbows up!"310 Apr 2025: Government to "exclude American suppliers"; "develop deeper bonds with countries other than the U.S."425 Aug 2026: "If you have a choice, please don't travel to the United States. Choose another place to do your tourism."522 Sep 2026: Called the election. On X at 12:53 p.m.: Trump "wants to make Canada and B.C. an extension of America." Outside Government House: "Join us saying hell no to Trump." Same day: trade date of the US$3B bond628 Sep 2026: On X: "Dear American friends, while we wait for sanity to return, we're going to start seeing other countries. It's not you, it's him." The bond settled the next day711 Jun 2025: US$2,500 million at 4.8%, due 2035-06-11US$2.5B11 Jun27 Aug 2025: US$3,000 million at 3.9%, due 2030-08-27US$3B27 Aug23 Apr 2026: US$5,000 million at 4.05%, due 2031-04-23US$5B23 Apr29 Sep 2026: US$3,000 million at 5.3%, due 2036-09-29US$3B29 Sep◯ What David Eby said (key below)▮ U.S.-dollar bonds his government sold
  1. 1 “If you do have a choice about where you travel with your family ... [I] strongly discourage people from going to the States until this is resolved.” (media availability, reported 28 Feb 2025)
  2. 2 “If you have a choice about where to travel, avoid the United States.”
  3. 3 All U.S. alcohol off BCLIQUOR shelves; “Elbows up!”
  4. 4 Government to “exclude American suppliers”; “develop deeper bonds with countries other than the U.S.”
  5. 5 “If you have a choice, please don’t travel to the United States. Choose another place to do your tourism.”
  6. 6 Called the election. On X at 12:53 p.m.: Trump “wants to make Canada and B.C. an extension of America.” Outside Government House: “Join us saying hell no to Trump.” Same day: trade date of the US$3B bond
  7. 7 On X: “Dear American friends, while we wait for sanity to return, we’re going to start seeing other countries. It’s not you, it’s him.” The bond settled the next day
Show the numbers
DateEventUS$ millionsCoupon %DueLead underwriters
2025-02-26"If you do have a choice about where you travel with your family ... [I] strongly discourage people from going to the States until this is resolved." (media availability, reported 28 Feb 2025)
2025-03-04"If you have a choice about where to travel, avoid the United States."
2025-03-10All U.S. alcohol off BCLIQUOR shelves; "Elbows up!"
2025-04-10Government to "exclude American suppliers"; "develop deeper bonds with countries other than the U.S."
2025-06-11USG-182,5004.82035-06-11not checked
2025-08-27USG-193,0003.92030-08-27not checked
2026-04-23USG-20 (priced 16 Apr 2026)5,0004.052031-04-23BMO Capital Markets Corp.; BofA Securities, Inc.; Citigroup Global Markets Limited; HSBC Bank plc; Scotia Capital (USA) Inc.
2026-08-25"If you have a choice, please don't travel to the United States. Choose another place to do your tourism."
2026-09-22Called the election. On X at 12:53 p.m.: Trump "wants to make Canada and B.C. an extension of America." Outside Government House: "Join us saying hell no to Trump." Same day: trade date of the US$3B bond
2026-09-28On X: "Dear American friends, while we wait for sanity to return, we're going to start seeing other countries. It's not you, it's him." The bond settled the next day
2026-09-29USG-21 (prospectus and underwriting agreement dated 22 Sep 2026)3,0005.32036-09-29BofA Securities, Inc.; CIBC World Markets Corp.; Goldman Sachs International; National Bank of Canada Financial Inc.; TD Securities (USA) LLC
Eby’s statements on avoiding the United States, set against the dates the Province issued U.S.-dollar bonds. Bar height is the size of each issue. The September bonds were priced on 22 September, the day the election was called, and delivered on 29 September.101222 Sources: BC Gov News; BC NDP; North Shore News; Daily Hive; the Province’s issues table; SEC Form 424B2.
Exhibit 03

Province of British Columbia · Provincial Treasury · issues outstanding · every issue since 1 April 2026

data.gov.bc.ca
A table from the Province's list of issues outstanding, showing every issue dated from 1 April 2026. Two rows are boxed: US GLOBAL, issued 2026-04-23, maturing 2031-04-23, USD, 5000 million, 6861 million Canadian dollars, coupon 4.05, series USG-20; and US GLOBAL, issued 2026-09-29, maturing 2036-09-29, USD, 3000 million, 4222.2 million Canadian dollars, coupon 5.3, series USG-21. The other rows are domestic Canadian-dollar reopenings, two small Canada Pension Plan loans, a 2 billion euro bond and a 1 billion pound bond.
Every bond the Province has issued since the fiscal year began, re-set from its own table with nothing left out. The two U.S. global bonds are boxed: C$11,083 million of C$22,937 million.10 Source: data.gov.bc.ca
Exhibit 04

Province of British Columbia · prospectus supplement, US$5 billion bonds due 2031 · SEC Form 424B2

sec.gov
From the cover of the Province's prospectus supplement of 16 April 2026, with four parts boxed: US$5,000,000,000 Province of British Columbia (Canada) 4.050% Bonds, Series BCUSG-20, due April 23, 2031; offered for sale in Canada, the United States, and those jurisdictions in Europe and Asia where it is legal; Underwriting Discount 0.125%, US$6,250,000; and: The date of this Prospectus Supplement is April 16, 2026. The banks named are BMO Capital Markets, BofA Securities, Citigroup, HSBC and Scotiabank.
The cover page of the April filing, cut and stacked. The issue, where it was offered, the banks’ fee and the date are boxed.11 Source: sec.gov

“Wall Street” here means what the filings show: the bonds are registered with the U.S. Securities and Exchange Commission, priced and paid in U.S. dollars, sold in the U.S. market, and led by banks that include Bank of America’s BofA Securities and Goldman Sachs. The Province does not publish who bought them.12

The two documents below are dated the same day. One is the BC NDP’s campaign launch. The other is the Province’s prospectus for US$3 billion of ten-year bonds sold in the U.S. market.

Exhibit 05

BC NDP · “David Eby launches election with plan to build B.C. strong amid Trump’s attacks” · 22 September 2026

bcndp.ca
From the BC NDP release dated September 22, 2026, titled David Eby launches election with plan to build B.C. strong amid Trump's attacks, with boxed passages: the date; David Eby launched the BC NDP campaign with a plan to protect British Columbians against Donald Trump's attacks by freeing B.C.'s economy from the United States; make ourselves less dependent on the U.S.? Or do we cozy up to Trump; After visiting the Lieutenant Governor, David Eby outlined his plan to stand up to Trump; Stand up firm against Donald Trump's bullying; and: Build an economy free from the US.
The party’s launch release, cut from its page and stacked. The date and the promises about the United States are boxed.6 Source: bcndp.ca
Exhibit 06

Province of British Columbia · prospectus supplement, US$3 billion bonds due 2036 · SEC Form 424B2

sec.gov
From the cover of the Province's prospectus supplement filed with the U.S. Securities and Exchange Commission, with four parts boxed: US$3,000,000,000 Province of British Columbia (Canada) 5.300% Bonds, Series BCUSG-21, due September 29, 2036; the bonds are offered for sale in Canada, the United States, and those jurisdictions in Europe and Asia where it is legal to make such offers; Underwriting Discount 0.175%, US$5,250,000; and: The date of this Prospectus Supplement is September 22, 2026. The banks named are BofA Securities, CIBC Capital Markets, Goldman Sachs International, National Bank of Canada Capital Markets and TD Securities.
The cover page of the filing, cut and stacked. The issue, where it was offered, the banks’ fee and the date are boxed.12 Source: sec.gov
Exhibit 07

David Eby on X, 22 and 28 September 2026 · and the Province’s term sheet for the US$3 billion bonds

sec.gov
Two posts by David Eby on X, each beside a date from the Province's SEC term sheet. First, 12:53 p.m. on 22 September 2026: Trump is attacking our jobs, driving up our costs and threatening our ability to make decisions for ourselves, in our own country, for our own people. He wants to make Canada and B.C. an extension of America, boxed. Beside it, boxed: Trade Date: September 22, 2026, with Principal Amount U.S.$3,000,000,000. Second, 6:08 p.m. on 28 September 2026: Dear American friends, while we wait for sanity to return, we're going to start seeing other countries. It's not you, it's him, boxed. Beside it, boxed: Issue Date (Settlement Date): September 29, 2026.
Eby’s two posts, re-set word for word from X, beside the dates in the Province’s own term sheet. The bonds were priced the day of the first post and settled the day after the second.202122 Source: sec.gov

The September deal is dated 22 September 2026, and so is the underwriting agreement behind it. The Province’s term sheet gives 22 September as the trade date and 29 September as the day the bonds settled.1222 The election was a snap one. Under the Constitution Act the next fixed voting day was not due until October 2028, and the Associated Press reported that Eby “was not required to call another election until 2028.”237 22 September is the day the writs were issued for the 24 October election, and the day Eby asked voters to join him “saying hell no to Trump”.97 Counting from the June 2025 issue, the Province has sold US$13.5 billion of these bonds since the Premier first told British Columbians to avoid the country, worth about C$18.7 billion.10

03 The Province’s own records bear out Bloomberg: US$8 billion, or C$11.1 billion, is 48% of what B.C. has borrowed since 1 April

On 16 October, Bloomberg reported that British Columbia had raised about $8 billion in the United States this fiscal year, almost half of its total borrowing. It credited a research note from CIBC, and added that this was more than any other province, by dollar value and by share.13 Its headline put it plainly: B.C.’s anti-American boycott “doesn’t apply to its bond deals.”13 We checked all three against the Province’s own records and those of Ontario, Québec and Alberta.

What the Province’s records show

  • The Province’s table shows US$8.0 billion in two U.S. global bonds since 1 April: US$5 billion in April and US$3 billion in September. The Province records them at C$11,083 million.10
  • The Ministry of Finance told investors in September that it had raised $18.7 billion of its $31.99 billion requirement by 23 September. The September U.S. bond came six days later. With it, the total is C$22.9 billion, the same figure the Province’s table gives.1410
  • C$11.1 billion of C$22.9 billion is 48%. “Almost half” is right, and the “$8 billion” is in U.S. dollars. Before the September deal the U.S. share was about 37%; the bonds signed on election day took it to almost half.1014
  • No other large province comes close. Ontario has sold US$6 billion this fiscal year, Québec US$3 billion, and Alberta none.272829
  • By the end of June, 82% of the year’s long-term borrowing had come from foreign markets, the Ministry’s own chart shows.15

B.C.’s borrowing since 1 April 2026, issue by issue

U.S. dollar C$11.1 billion · 48%Canadian dollar C$6.8 billion · 30%Euro and sterling C$5.1 billion · 22%
23 Apr 2026US$5,000 million · C$6,861 million
5 May 2026C$750 million
11 May 2026C$600 million
20 May 2026C$600 million
29 May 2026€2,000 million · C$3,196 million
9 Jun 2026£1,000 million · C$1,864 million
19 Jun 2026C$750 million
3 Jul 2026C$600 million
13 Jul 2026C$29 million
29 Jul 2026C$1,050 million
10 Aug 2026C$14 million
21 Aug 2026C$600 million
28 Aug 2026C$1,050 million
23 Sep 2026C$750 million
29 Sep 2026US$3,000 million · C$4,222 million
Show the numbers
IssuedSeriesCurrencyAmountC$ millionsCoupon %Due
2026-04-23USG-20USD5,0006,8614.052031-04-23
2026-05-05CD-50 (R3)CAD7507503.92036-06-18
2026-05-11CD-49 (R7)CAD6006004.62057-06-18
2026-05-20CD-49 (R8)CAD6006004.62057-06-18
2026-05-29EURO-22EURO2,0003,1963.6252036-05-29
2026-06-09GBP-03GBP1,0001,8644.72032-06-09
2026-06-19CD-50 (R4)CAD7507503.92036-06-18
2026-07-03CD-49 (R9)CAD6006004.62057-06-18
2026-07-13CP-207CAD29294.3332041-07-11
2026-07-29CD-50 (R5)CAD1,0501,0503.92036-06-18
2026-08-10CP-208CAD14144.0422036-08-08
2026-08-21CD-49 (R10)CAD6006004.62057-06-18
2026-08-28CD-50 (R6)CAD1,0501,0503.92036-06-18
2026-09-23CD-50 (R7)CAD7507503.92036-06-18
2026-09-29USG-21USD3,0004,2225.32036-09-29
Every bond the Province has issued since 1 April 2026, in Canadian dollars at the Province’s own conversion. The two U.S.-dollar bonds total C$11,083 million of C$22,937 million, or 48.3%.1014 Source: Province of British Columbia, issues outstanding.

B.C. has sold more U.S.-dollar bonds this year than Ontario, Québec or Alberta

British ColumbiaUS$8 billion · 48.3% of borrowing
OntarioUS$6 billion · 23.5% of borrowing
QuebecUS$3 billion · 25.6% of borrowing
AlbertaNone
Other provincesNot checked
Show the numbers
ProvinceUS$ millionsIssuesShare %As of
British Columbia8000US$5B 4.05% 2031 (23 Apr); US$3B 5.3% 2036 (29 Sep)48.32026-09-29
Ontario6000US$3B 4.05% 2031 (9 Apr); US$3B 4.85% 2036 (21 May)23.5undated OFA page read 2026-10-17
Quebec3000US$3B 4.625% 2036 (3 Jun)25.62026-08-05
Alberta0none02026-09-16
Other provincesnot checked
U.S.-dollar bonds issued in fiscal 2026/27, from each province’s own borrowing records. Ontario’s share is as its financing authority’s page shows it; Québec’s is to 5 August, Alberta’s to 16 September. We did not check the other provinces.10272829 Sources: B.C. issues table; Ontario Financing Authority; Finances Québec; Alberta Treasury Board and Finance.
Exhibit 08

Ministry of Finance · investor presentation · September 2026 · “Debt Management”

gov.bc.ca
A slide headed Debt Management from the Province's September 2026 investor presentation: Fiscal Plan Gross Borrowing Requirement. First Quarterly 2026/27: $31.99 billion, and $18.7 billion raised as of Sept 23, 2026, both boxed. Then 2027/28: $37.6 billion; 2028/29: $31.7 billion; manageable borrowing program; rely on province's significant access to domestic and international capital markets.
The Ministry’s own slide, with this year’s requirement and the amount raised by 23 September boxed.14 Source: gov.bc.ca

One phrase in the posts that carried the story needs correcting. They said B.C. borrowed “from the United States” or “from American investors”. Both go further than the record. The record says something narrower: the bonds were sold in the U.S. market, in U.S. dollars, through banks that offered them “in Canada, the United States, and those jurisdictions in Europe and Asia where it is legal”.1112 The Province reports where it borrows, not who buys. The banks that sold the bonds know how much went to buyers in the United States, but we could find no published breakdown. CIBC, whose research note Bloomberg relied on, was itself one of the five banks that sold the September bonds.1312

04 Provinces borrow in U.S. dollars all the time. The Eby government’s $13.8 billion deficit is what made the U.S. market this important

Selling bonds in the U.S. market is not new, and it is not a scandal in itself. The Province’s own table still lists a U.S.-dollar bond it sold in 1996.10 Its explanation is that a wider pool of buyers keeps its borrowing costs down. It says it is “diversifying funding sources to reduce debt costs”, and that most of its foreign-currency debt is swapped back into Canadian dollars.16 On 23 September, 21% of the Province’s $161.6 billion of debt had come from the U.S. public market.14

Exhibit 09

Ministry of Finance · investor presentation · “Gross Debt Outstanding by Source at Sept 23, 2026”

gov.bc.ca
A pie chart from the Province's September 2026 investor presentation, Gross Debt Outstanding by Source at Sept 23, 2026: Canada Public 58%, USA Public 21% (boxed), Europe Public and Private 13%, Canada Private 5%, Australia Public and Private 2%, Canada CPP and Other 1%. Below it, boxed: $161.6 Bn Gross Debt Outstanding.
The Ministry’s chart of where its debt came from. The U.S. share and the total are boxed.14 Source: gov.bc.ca

What has changed is the size of the hole. The government’s own First Quarterly Report forecasts a deficit of $13.8 billion this year, and debt-service costs of $6.3 billion, rising to $8.7 billion by 2028/29.17 It has to borrow $31.99 billion this year and $37.6 billion next year.14 At that size, the Province says, it needs “multiple funding sources” in the face of “increased competition for funding”, and the largest foreign source is the United States.1614 Every major rating agency has cut British Columbia this year, and S&P pointed to “the absence of concrete fiscal consolidation measures”.18

B.C.’s debt has quadrupled on Budget 2026’s own path, and the rating agencies have cut it six times since 2025

Taxpayer-supported debt, $ billions

46.219/20
59.820/21
62.321/22
59.922/23
75.423/24
99.124/25
116.525/26
142.926/27
166.927/28
18928/29

Interest costs, all provincial debt, $ billions

2.919/20
2.820/21
2.821/22
3.122/23
3.623/24
4.624/25
5.325/26
6.526/27
7.827/28
8.928/29

Actual Forecast and plan

Credit-rating downgrades, 2025 and 2026

  1. S&PAA- to A+
  2. Moody'sAaa to Aa1
  3. Fitch RatingsAA+ to AA-
  4. Moody'sAa1 to Aa2
  5. S&PA+ to A
  6. DBRSAA
Show the numbers
Fiscal yearTaxpayer-supported debt $MTotal interest $MDebt to GDP %Status
2019/2046,2292,87215.0actual
2020/2159,7502,81719.4actual
2021/2262,3412,84817.5actual
2022/2359,8883,11615.0actual
2023/2475,4023,64718.2actual
2024/2599,0894,60023.1actual
2025/26116,5405,25326.1updated forecast (Feb 2026)
2026/27142,8976,54230.6budget estimate
2027/28166,9067,75834.4plan
2028/29189,0198,90837.4plan
Budget 2026 puts taxpayer-supported debt at $46.2 billion in 2019/20 and $189.0 billion by 2028/29, with interest costs rising from $2.9 billion to $8.9 billion. The September update forecasts $141.1 billion of debt this year.1917 Rating actions as published by the agencies.18 Sources: Budget 2026, Tables A15 and A19; First Quarterly Report; S&P, Moody’s, Fitch, Morningstar DBRS.
Exhibit 10

S&P Global Ratings · “Province of British Columbia Downgraded To ‘A’ From ‘A+’” · 2 April 2026

gov.bc.ca
From the first page of S&P Global Ratings' report of 2 April 2026, boxed: Province of British Columbia Downgraded To 'A' From 'A+' On Persistent Large Deficits; Outlook Negative. Also boxed: These ongoing budgetary imbalances, coupled with the absence of concrete fiscal consolidation measures in the 2026 budget, suggest a less proactive management strategy and commitment to meaningfully improve the province's structural budgetary shortfall than we expected. And: As a result, S&P Global Ratings lowered its long-term issuer credit and senior unsecured debt ratings on B.C. to 'A' from 'A+'.
The first page of S&P’s report, as the Province posts it. The headline and the reasons are boxed.18 Source: gov.bc.ca

In our view, that is the real contrast. The Premier asks families to give up a trip south as a sacrifice for the country. His government’s deficits then send it to the U.S. market for billions, and it will be paying U.S.-dollar interest until 2036. Telling voters to make themselves less dependent on the United States, on the same day that ten-year debt is signed in the U.S. market, is hypocrisy.

05 B.C.’s US$27.8 billion of U.S.-dollar bonds pay about US$1.2 billion a year in interest, and the Province does not say how much of it goes to Americans

The Province’s own table lists 11 U.S.-dollar bonds still outstanding, US$27.8 billion in all, worth C$38.2 billion at its own conversion. At their coupons they pay their holders about US$1.2 billion a year, by our arithmetic.10 How much of that reaches holders in the United States is not published. The Ministry reports where it borrows, as in its “USA Public 21%”, not who holds the bonds, and it has published no allocation by country for either bond sold this year.14

Every U.S.-dollar bond B.C. still owes, and what each pays its holders a year

US$1.2 billion a yearin interest on B.C.’s US$27.8 billion of U.S.-dollar bonds, paid to whoever holds them. The Province does not publish how much of it goes to holders in the United States.
Sold since 1 April 2026: US$361.5 million a yearEarlier U.S.-dollar bonds
USD-31996 → 2036US$21.8 million a year · on US$0.3B at 7.25%
USG-112021 → 2031US$22.8 million a year · on US$1.8B at 1.3%
USG-132023 → 2033US$94.5 million a year · on US$2.2B at 4.2%
USG-142023 → 2028US$96 million a year · on US$2B at 4.8%
USG-152024 → 2029US$122.5 million a year · on US$2.5B at 4.9%
USG-162024 → 2034US$95 million a year · on US$2B at 4.75%
USG-172025 → 2028US$164.5 million a year · on US$3.5B at 4.7%
USG-182025 → 2035US$120 million a year · on US$2.5B at 4.8%
USG-192025 → 2030US$117 million a year · on US$3B at 3.9%
USG-202026 → 2031US$202.5 million a year · on US$5B at 4.05%
USG-212026 → 2036US$159 million a year · on US$3B at 5.3%
Show the numbers
SeriesIssuedDueUS$ millionsC$ millionsCoupon %Interest a year, US$ millions
USD-31996-08-292036-09-013004107.2521.75
USG-112021-01-292031-01-29175022241.322.75
USG-132023-07-062033-07-0622502967.34.294.5
USG-142023-11-152028-11-15200027574.896.0
USG-152024-04-242029-04-24250034524.9122.5
USG-162024-06-122034-06-1220002738.44.7595.0
USG-172025-01-242028-01-2435005026.74.7164.5
USG-182025-06-112035-06-1125003422.54.8120.0
USG-192025-08-272030-08-2730004159.53.9117.0
USG-202026-04-232031-04-23500068614.05202.5
USG-212026-09-292036-09-2930004222.25.3159.0
TOTAL27800.038240.61215.5
Our arithmetic: each bond’s principal × its coupon, from the Province’s own table of issues outstanding. The 11 U.S.-dollar bonds total US$27,800 million (C$38,241 million at the Province’s conversion) and pay about US$1,216 million a year before any currency swap. The Province reports where it borrowed, not who holds the bonds.10 Source: Province of British Columbia, issues outstanding.

What the filings show

  • The April bonds pay 4.05% a year on US$5 billion, which is US$202.5 million a year for five years. The September bonds pay 5.3% on US$3 billion, which is US$159 million a year for ten years.1112
  • Over their lives, the two issues carry about US$2.6 billion in interest, owed to whoever holds the bonds.1112
  • The banks that sold them took an underwriting discount of US$6.25 million in April and US$5.25 million in September.1112
  • In April the selling group was led by BMO, Scotiabank, HSBC, Citigroup and Bank of America’s BofA Securities. In September it was BofA Securities, Goldman Sachs International, CIBC, National Bank and TD.1112

The two new U.S.-dollar bonds will pay about US$2.6 billion in interest by 2036

Principal borrowedInterest owed to bondholders, to maturity
USG-204.05%, 5 yearsOn US$5B: US$1,012.5 million in interest
USG-215.30%, 10 yearsOn US$3B: US$1,590 million in interest
Show the numbers
SeriesPrincipal US$MCoupon %YearsInterest a year US$MInterest to maturity US$MUnderwriting discount US$M
USG-2050004.055202.51012.56.25
USG-2130005.3010159.01590.05.25
Total8000361.52602.511.50
Our arithmetic: principal × coupon × years to maturity. The two bonds carry US$361.5 million a year in interest and about US$2.6 billion over their lives, before any currency swap. The banks’ underwriting discounts were US$11.5 million.1112 Sources: the two prospectus supplements, SEC Form 424B2.
Exhibit 11

Province of British Columbia · prospectus supplements · “Underwriting” · April and September 2026

sec.gov
Two tables from the Province's prospectus supplements. April 2026, US$5 billion due 2031: BMO Capital Markets Corp., BofA Securities, Inc. (boxed), Citigroup Global Markets Limited (boxed), HSBC Bank plc and Scotia Capital (USA) Inc., US$1 billion each. September 2026, US$3 billion due 2036: BofA Securities, Inc. (boxed), CIBC World Markets Corp., Goldman Sachs International (boxed), National Bank of Canada Financial Inc. and TD Securities (USA) LLC, US$600 million each.
The two underwriting tables, re-set from the filings. The units of U.S. banks are boxed.1112 Source: sec.gov

The Premier’s April 2025 directive tells government to “exclude American suppliers” and to drop U.S. software subscriptions where it can, though only “where viable”.3 We found nothing in the record saying whether anyone weighed that directive before hiring units of three U.S. banks to sell British Columbia’s bonds. The Province is not obliged to explain it. Nor is it obliged to say how much of the interest leaves the country. In our opinion, a Premier who asks voters to give up American wine owes them both answers.

06 C$11.1 billion borrowed in the U.S. market this year, and $0 in Eby’s costed plan for backcountry roads

The money from the bonds goes into the Province’s Consolidated Revenue Fund, which is to say into the general pot.11 The BC NDP’s costed plan, released on 14 October, shows where the party would put new money. It has no line for resource roads, Recreation Sites and Trails, BC Parks or Target 8 in any year.24 Target 8 is the government’s own promise of a framework for recreation access on resource roads, and it still has no minister, no budget and no date.25

So British Columbians who use the backcountry are asked to give up the American trip, and they get none of the borrowed money for the forest roads and trails at home. The Province can raise C$11 billion in the U.S. market in a single fiscal year. It has not found a budget line to keep a forest service road open.

07 Five questions David Eby and his Finance Minister can answer before British Columbians vote on 24 October

Josie Osborne has been Minister of Finance since August; Brenda Bailey held the job when the April bonds were sold.26 We found no statement from Eby, Osborne or the ministry explaining the U.S.-dollar borrowing.

Questions for David Eby, Premier and leader of the BC NDP, and Josie Osborne, Minister of Finance

  1. How much of the US$1.2 billion a year in interest on B.C.’s U.S.-dollar bonds goes to holders in the United States, and how much of this year’s US$8 billion did they buy? The banks that sold the bonds know the allocation. Will you publish it?
  2. Was your April 2025 order to “exclude American suppliers” considered before the Province hired BofA Securities, Citigroup and Goldman Sachs International to sell its bonds?
  3. Why was a ten-year U.S.-dollar deal signed on the day you called the election, while you campaigned on making B.C. “less dependent on the U.S.”?
  4. How much of next year’s $37.6 billion requirement do you plan to raise in U.S. dollars?
  5. Will any of it pay for Target 8, the recreation-access framework your government promised and has not funded?

David Eby asked British Columbians to keep their money out of the United States. His government went there for US$8 billion.

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Seven images to share, one point on each.

Suggested caption

David Eby told B.C. to avoid the U.S. Then, on the day he called a snap election, his government signed to borrow US$3 billion on Wall Street.

“If you have a choice about where to travel, avoid the United States,” the Premier said in March 2025. A month later he ordered his government to “exclude American suppliers.”

Since 1 April his government has sold US$8 billion of bonds in the U.S. market, about C$11.1 billion and 48% of everything the Province has borrowed this fiscal year. Its own debt table confirms it.

The latest US$3 billion, in ten-year bonds at 5.3%, was signed on 22 September, the day Eby promised to make B.C. “less dependent on the U.S.”

None of it reaches the backcountry. His costed plan has no line for resource roads, Recreation Sites and Trails, BC Parks or Target 8.

Before you vote on 24 October, ask your BC NDP candidate how much of the US$1.2 billion a year in interest on B.C.’s U.S.-dollar bonds goes to holders in the United States.

🔗 backcountry.cx/editorials/eby-us-borrowing/

#BCpoli #BCElection #ElbowsUp #BCBudget

Sources

  1. ↩ Office of the Premier, “Premier’s statement on tariffs imposed by the U.S.”, Victoria, 4 March 2025: “Here at home, the government, including Crown corporations and health authorities, will be buying Canadian first, then non-U.S. products”; and “If you have a choice about where to travel, avoid the United States. Visit somewhere in Canada or elsewhere in the world.” news.gov.bc.ca
  2. ↩ North Shore News, “Eby continues to ‘strongly’ discourage travel to U.S.”, 28 February 2025, quoting David Eby: “If you do have a choice about where you travel with your family, if you do have a choice about how you spend your money, [I] strongly discourage people from going to the States until this is resolved.” nsnews.com
  3. ↩ Office of the Premier, “Premier directs government to cancel American contracts wherever viable”, news release, 10 April 2025: “British Columbians expect their government to join them in choosing to avoid U.S. purchases wherever possible”; “we’ve directed our government to use its purchasing power to exclude American suppliers”; and “develop deeper bonds with countries other than the U.S.” The directives apply “where viable”. news.gov.bc.ca
  4. ↩ Office of the Premier, “Premier’s statement on removing all U.S. alcohol from BCLIQUOR stores”, 10 March 2025: “Today, we are ordering the removal of all American beer, wine, spirits and refreshment beverages from the shelves at BCLIQUOR stores”; the statement ends “Elbows up!” news.gov.bc.ca
  5. ↩ Daily Hive, “‘To send a message’: B.C. premier pleads with residents on U.S. travel”, by Amir Ali, 26 August 2026, quoting David Eby at a Vancouver liquor store the day before: “And again, I’m asking British Columbians, if you have a choice, please don’t travel to the United States. Choose another place to do your tourism.” Daily Hive reports his reasoning that Canadian workers “need our support”. dailyhive.com · CTV News video, 25 August 2026: ctvnews.ca
  6. ↩ BC NDP, “David Eby launches election with plan to build B.C. strong amid Trump’s attacks”, 22 September 2026: “Do we strengthen our province, build homes, protect jobs and make ourselves less dependent on the U.S.?”; “David Eby outlined his plan to stand up to Trump”; “Stand up firm against Donald Trump’s bullying”; “Build an economy free from the US”. bcndp.ca
  7. ↩ Associated Press, “British Columbia leader calls snap election as premier tells voters to say ‘hell no to Trump’”, 22 September 2026, quoting David Eby: “Join us saying hell no to Trump and to his politics.” The same report: Eby “was not required to call another election until 2028.” As published by KIRO 7, Seattle. kiro7.com
  8. ↩ CFJC Today, Kamloops, “NDP launch campaign focusing on Canada-US relations”, 22 September 2026, quoting David Eby outside Government House: “To stand up to Trump’s threats, to the bullying, to the red-faced shouting, the violent memes, to not fold every time he changes his demands and his terms.” cfjctoday.com
  9. ↩ Province of British Columbia, Order in Council 410/2026, approved and ordered 22 September 2026: the writs of election issued on 22 September 2026, with final voting day on 24 October 2026. bclaws.gov.bc.ca
  10. ↩ Province of British Columbia, Provincial Treasury, Issues outstanding (the table behind fin.gov.bc.ca/Apps/pt/issues_outstanding.html, downloaded 17 October 2026): US GLOBAL USG-20, issued 23 April 2026, US$5,000 million, C$6,861 million, 4.05%, due 23 April 2031; US GLOBAL USG-21, issued 29 September 2026, US$3,000 million, C$4,222.2 million, 5.3%, due 29 September 2036; and every other issue dated from 1 April 2026, for a total of C$22,937.3 million. Earlier U.S. global issues: USG-18, 11 June 2025, US$2,500 million (C$3,422.5 million); USG-19, 27 August 2025, US$3,000 million (C$4,159.5 million). The oldest U.S.-dollar bond still listed is USD-3, issued 29 August 1996, due 2036. data.gov.bc.ca (CSV) · fin.gov.bc.ca
  11. ↩ Province of British Columbia, Prospectus supplement, US$5,000,000,000 4.050% Bonds, Series BCUSG-20, due April 23, 2031, SEC Form 424B2, dated 16 April 2026: offered “in Canada, the United States, and those jurisdictions in Europe and Asia where it is legal to make such offers”; underwriting discount 0.125%, US$6,250,000; representatives BMO Capital Markets Corp., BofA Securities, Inc., Citigroup Global Markets Limited, HSBC Bank plc and Scotia Capital (USA) Inc. sec.gov
  12. ↩ Province of British Columbia, Prospectus supplement, US$3,000,000,000 5.300% Bonds, Series BCUSG-21, due September 29, 2036, SEC Form 424B2: “The date of this Prospectus Supplement is September 22, 2026”; underwriting agreement dated 22 September 2026; offered in Canada, the United States, Europe and Asia; underwriting discount 0.175%, US$5,250,000; representatives BofA Securities, Inc., CIBC World Markets Corp., Goldman Sachs International, National Bank of Canada Financial Inc. and TD Securities (USA) LLC, US$600 million each; delivery on or about 29 September 2026. sec.gov
  13. ↩ Bloomberg, “BC’s Anti-American Boycott Doesn’t Apply to Its Bond Deals”, by Chunzi Xu and Thomas Seal, 16 October 2026: British Columbia “has raised about $8 billion in the US this fiscal year, accounting for almost half of total borrowing, according to a research note from Canadian Imperial Bank of Commerce”, which it reports is more than any other province by dollar value and by share of funding. Only the opening of the article could be read; the rest is behind Bloomberg’s paywall. bloomberg.com
  14. ↩ Province of British Columbia, Ministry of Finance, Investor presentation, September 2026 (file dated 22 September 2026): “Fiscal Plan Gross Borrowing Requirement: First Quarterly 2026/27: $31.99 billion. $18.7 billion raised as of Sept 23, 2026. 2027/28: $37.6 billion. 2028/29: $31.7 billion”; and “Gross Debt Outstanding by Source at Sept 23, 2026”: USA Public 21%, Europe 13%, Canada Public 58%, of $161.6 billion. gov.bc.ca (PDF)
  15. ↩ Province of British Columbia, Ministry of Finance, “Borrowing Activity as of June 30, 2026”: “For the period of April 1, 2026 to June 30, 2026 the province borrowed $14.9 billion from domestic and foreign markets”; long-term borrowing by market: foreign 82%, domestic 18%. gov.bc.ca (PDF)
  16. ↩ Province of British Columbia, Ministry of Finance, “Gross Market Debt Outstanding by Source – June 30, 2026”: “Diversifying funding sources to reduce debt costs”; a broad investor base matters “given the increased competition for funding and the need for multiple funding sources”; “British Columbia borrows from a variety of sources, including public financial markets in Canada, the United States, Europe and Asia”. The companion page by currency notes that foreign-currency debt “has, for the most part been converted into Canadian dollar obligations.” gov.bc.ca (PDF) · by currency (PDF)
  17. ↩ Province of British Columbia, 2026/27 First Quarterly Report, 14 September 2026: a forecast deficit of $13.8 billion for 2026/27; taxpayer-supported debt of $141.1 billion, 30.1% of GDP; and $6.3 billion of debt-service costs this year, rising to $8.7 billion in 2028/29. gov.bc.ca (PDF)
  18. ↩ Credit-rating actions on British Columbia: Moody’s, Aa1 to Aa2, 19 March 2026; S&P Global Ratings, A+ to A, 2 April 2026, citing persistent deficits and “the absence of concrete fiscal consolidation measures”; Morningstar DBRS, AA (high) to AA, 9 April 2026; Fitch, AA+ to AA-, in 2026. In April 2025 S&P and Moody’s had each already cut the Province once. Rating reports as posted by the Province. S&P (PDF) · DBRS (PDF) · Fitch (PDF)
  19. ↩ Province of British Columbia, Budget 2026 and Fiscal Plan, February 2026, Table A15 (Statement of Financial Position) and Table A19 (Key Provincial Debt Indicators), 2019/20 to 2028/29: taxpayer-supported debt $46,229 million in 2019/20 and $189,019 million planned for 2028/29; total interest costs $2,872 million and $8,908 million. bcbudget.gov.bc.ca (PDF)
  20. ↩ David Eby (@Dave_Eby) on X, 22 September 2026, 12:53 p.m. Pacific: “Trump is attacking our jobs, driving up our costs and threatening our ability to make decisions for ourselves, in our own country, for our own people. He wants to make Canada and B.C. an extension of America.” x.com
  21. ↩ David Eby (@Dave_Eby) on X, 28 September 2026, 6:08 p.m. Pacific: “Dear American friends, while we wait for sanity to return, we’re going to start seeing other countries. It’s not you, it’s him. Looking forward to better days for all of us.” x.com
  22. ↩ Province of British Columbia, term sheet (free writing prospectus), US$3,000,000,000 5.300% bonds due 2036, SEC Form FWP: “Trade Date: September 22, 2026”; “Issue Date (Settlement Date): September 29, 2026 (T+5)”. sec.gov
  23. ↩ Constitution Act, RSBC 1996, c. 66, s. 23(2): “a final voting day must occur on the third Saturday in October in the fourth calendar year following the final voting day for the most recently held general election.” The last general election was in October 2024. bclaws.gov.bc.ca
  24. ↩ Backcountry Coalition, editorial on the BC NDP’s costed plan, 15 October 2026: no money for resource roads, Recreation Sites and Trails, BC Parks or Target 8 in any year of the plan, and no debt path. backcountry.cx
  25. ↩ Backcountry Coalition, editorial on Target 8 of Look West, 17 October 2026: the NDP government promised a framework for recreation access on resource roads and gave it no minister, no budget and no date. backcountry.cx
  26. ↩ Office of the Premier and Ministry of Finance, “B.C. pauses PST expansion to professional services amid ongoing trade uncertainty”, 18 September 2026, quoting Josie Osborne as Minister of Finance. Brenda Bailey held the post when the April bonds were sold. news.gov.bc.ca · Ministry of Finance news
  27. ↩ Ontario Financing Authority, 2026–27 borrowing program: two U.S.-dollar global bonds this fiscal year, US$3 billion on 9 April 2026 and US$3 billion on 21 May 2026, US$6 billion in all, about 23.5% of its long-term borrowing. ofina.on.ca · term sheets: 9 April, 21 May
  28. ↩ Gouvernement du Québec, Ministère des Finances, Emprunts 2026-2027 (as of 5 August 2026): one U.S.-dollar bond, US$3 billion due 2036, issued 3 June 2026, C$4,134.8 million of C$16,122.2 million. quebec.ca (PDF) · term sheet
  29. ↩ Government of Alberta, Term debt issues (to 16 September 2026): no U.S.-dollar issue in 2026–27; its last was US$1.5 billion in October 2025. alberta.ca (PDF)

Sources were read on 17 October 2026. Canadian-dollar amounts for the U.S. bonds are the Province’s own; interest totals are our arithmetic from the coupons in the filings. The BC Gov News exhibits are cut from the pages as published; the issues table is re-set from the Province’s CSV. Photo: David Eby at the Legislature, 6 March 2025, Province of British Columbia (Flickr, CC BY-NC-ND 2.0).