The provincial government has placed its first bond on the European Market.

This is the province’s first transaction with the London Stock Exchange since its European Borrowing Program was announced last year.

The is to help the province lower its borrowing costs.

The transaction was placed on October 4th, at a size of $75-million dollars Canadian, or 50 million euros.

Government says placing the bond on the European market has resulted in savings of $450,000, or five basis points, compared to what would have been achieved on the domestic market.