March 16, 2017 / 12:37 PM / a year ago

UPDATE 1-Foreign investment in Canadian securities hit 13-month low in Jan

(Adds details of release, background)

OTTAWA, March 16 (Reuters) - Foreign investment in Canadian securities dropped to its lowest level in more than a year in January, as non-residents bought bonds while selling stocks and money market paper, Statistics Canada said on Thursday.

Foreign investors bought a net C$6.20 billion ($4.66 billion) in securities in January, the lowest level of acquisitions since the C$1.78 billion seen in December 2015.

The slow start to 2017 follows a record 2016, when net securities’ investment from outside Canada hit an all-time high.

Non-residents snapped up a net C$9.98 billion worth of bonds in January, buying corporate bonds - largely new issues denominated in foreign currencies - while selling off federal government bonds.

They sold C$2.74 billion in money market paper, the third consecutive month of divestment, while reducing holdings of stocks by C$1.04 billion.

Canadians bought C$8.63 billion in foreign securities in January, purchasing C$4.28 billion in bonds, C$3.76 billion in stocks and C$590 million in money market paper. The investment was the highest since the C$17.37 billion seen in December 2015.

($1=$1.33 Canadian)

Reporting by David Ljunggren; Editing by Bernadette Baum

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