Quebec-based pension giant Caisse de depot et placement said it will issue up to $8 billion in bonds in Canada, the U.S. and Europe by the end of 2010, with the amount depending on market conditions.

The proceeds of the refinancing will be used to replace certain short-term credit instruments with longer-term debt to increase the stability of its financing.

The Caisse manages funds primarily for public and private pension plans.

The refinancing is the latest move in efforts to stabilize the financially beleaguered Caisse, which is manages one of the largest capital pools in Canada.