The First Nations Finance Authority established a $1.4 billion commercial paper program in August 2026. The program involves a dealer group comprising the Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Toronto-Dominion Bank. The stated $1.4 billion amount represents the size or authorized capacity of the program, rather than confirmed proceeds from commercial paper issued at establishment. 

The arrangement represents an increase from the FNFA’s $900 million commercial paper program documented in November 2024. That earlier program had itself expanded from an original authorized amount of $400 million established in September 2021. The commercial paper program is used to raise short-term funding in the Canadian money market for the FNFA’s interim financing activities, including building its loan portfolio ahead of future debenture issuances and supporting projects during construction. The available sources do not specify whether any commercial paper was issued concurrently with the August 2026 establishment or expansion. 

Osler, Hoskin & Harcourt LLP acted as counsel to the FNFA. Its team included Trevor Scott and Vanessa Yee on corporate matters, and Martha Martindale and Emma Newbery on financial services matters. The FNFA is a statutory not-for-profit organization that provides First Nations governments with investment options, capital-planning advice and access to long-term financing.