Tech giant IBM (IBM) is returning to Canada's bond market for the first time in 14 years and joins a record wave of foreign companies raising money from Canadian investors, according to Bloomberg. The company is offering four-year and eight-year bonds, with the deal expected to price on Monday. IBM last sold Canadian-dollar debt in 2012, when it raised C$500 million.

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The new bonds are expected to be used for general corporate purposes. IBM's return also comes at an interesting time for Canada's debt market. Sales of Canadian-dollar bonds issued by foreign companies have already reached a record this year. Indeed, large U.S. technology companies including Amazon (AMZN) and Alphabet (GOOGL) have helped drive that growth as more global firms look to Canadian investors for funding.

For IBM, the bond sale also comes as the stock has had a weaker year in the market. In fact, shares are down about 19% in 2026, thereby making IBM the third-worst performer in the Dow Jones Industrial Average (DJIA).

Slower Sales

Part of that weakness has come from slower sales in IBM's computer infrastructure business and related software. The company also lowered its full-year sales outlook in July after weakness in its mainframe business.

Meanwhile, IBM has been trying to shift more of its business toward software. That strategy could improve recurring revenue over time, but it has also created a new concern for investors. For example, some worry that advances in artificial intelligence could disrupt parts of IBM's software business or make some of its products less valuable.

Is IBM Stock a Good Buy?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on IBM stock based on 12 Buys, five Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average IBM price target of $255.78 per share implies 8.3% upside potential. (See IBM Stock Forecast).