April 18, 2017 / 12:45 PM / in 5 months

Foreign investment in Canadian securities hits record high

OTTAWA (Reuters) - Foreign investment in Canadian securities hit a record high of C$38.84 billion ($29.20 billion) in February, boosted by cross-border acquisitions and mergers, Statistics Canada said on Tuesday.

The amount easily eclipsed the previous high of C$26.48 billion set in May 2012.

Non-residents bought C$35.87 billion in Canadian equities in February, largely due to issuances of new shares resulting from corporate takeovers and mergers.

Foreigners bought C$7.07 billion worth of Canadian bonds, mostly new provincial government issues denominated in foreign currencies. They also sold C$4.11 billion in money market paper.

Canadians bought C$6.33 billion in foreign securities in February, purchasing C$4.85 billion in stocks, C$795 million in bonds and C$691 million in money market paper.

Reporting by David Ljunggren; Editing by Lisa Von Ahn

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