Finance Minister Joe Oliver says the government has successfully sold $1.5 billion in 50-year Government of Canada bonds to take advantage of a strong bond market and low interest rates in order to lock in long-term funding.
In a release, the Department of Finance says it has sold the debt, which will mature December 1, 2064, at an interest rate of 2.96%.
Previously, the government's longest-term bond was 30 years, at a rate of 2.94%.
Bank of Montreal chief economist Doug Porter says insurance companies and pension funds would be the natural customers for the long-term treasury bills.
The move comes just hours after the department of finance issued a release saying it was considering offering ultra-long-term debt.
Canada is one of the only major industrialized nation with a 'AAA' credit rating from all three of the major credit-rating agencies.
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