Debt Management Report 20172018 - Part 2

Table of Contents Previous


Annex 1
Completed Treasury Evaluation Reports

In order to inform future decision making and to support transparency and accountability, different aspects of the Government of Canada's treasury activities are reviewed periodically under the Treasury Evaluation Program. The program's purpose is to obtain periodic external assessments of the frameworks and processes used in the management of wholesale and retail market debt, cash and reserves as well as the treasury activities of other entities under the authority of the Minister of Finance.

Reports on the findings of these evaluations and the Government's response to each evaluation are tabled with the House of Commons Standing Committee on Public Accounts by the Minister of Finance. Copies are also sent to the Auditor General of Canada. The reports are posted on the Department of Finance Canada website.

Completed Treasury Evaluation Reports
Area Year
Debt Management Objectives 1992
Debt Structure—Fixed/Floating Mix 1992
Internal Review Process 1992
External Review Process 1992
Benchmarks and Performance Measures 1994
Foreign Currency Borrowing—Canada Bills Program 1994
Developing Well-Functioning Bond and Bill Markets 1994
Liability Portfolio Performance Measurement 1994
Retail Debt Program 1994
Guidelines for Dealing With Auction Difficulties 1995
Foreign Currency Borrowing—Standby Line of Credit and FRN 1995
Treasury Bill Program Design 1995
Real Return Bond Program 1998
Foreign Currency Borrowing Programs 1998
Initiatives to Support a Well-Functioning Wholesale Market 2001
Debt Structure Target/Modelling 2001
Reserves Management Framework1 2002
Bond Buybacks1 2003
Funds Management Governance Framework1 2004
Retail Debt Program1 2004
Borrowing Framework of Major Federal Government-Backed Entities1 2005
Receiver General Cash Management Program1 2006
Exchange Fund Account Evaluation1 2006
Risk Management Report1 2007
Evaluation of the Debt Auction Process1 2010
Evaluation of the Asset Allocation Framework of the Exchange Fund Account1 2012
Report of the Auditor General of Canada on Interest-Bearing Debt2 2012
Crown Borrowing Program Evaluation1 2013
Retail Debt Evaluation1 2015
1   Available on the Department of Finance Canada website.
2   This audit was conducted outside of the Treasury Evaluation Program.

Annex 2
Debt Management Policy Measures Taken Since 1997

The fundamental objectives of debt management are to raise stable and low-cost funding to meet the financial needs of the Government of Canada and to maintain a well-functioning market for Government of Canada securities. For the Government as a debt issuer, a well-functioning market attracts investors and contributes to keeping funding costs low and stable over time. For market participants, a liquid and transparent secondary market in government debt provides risk-free assets for investment portfolios, a pricing benchmark for other debt issues and derivatives, and a primary tool for hedging interest rate risk. The following table lists significant policy measures that have been taken to achieve stable, low-cost funding and ensure a well-functioning Government of Canada securities market.

Completed Treasury Evaluation Reports
Measure Year
Dropped the 3-year bond benchmark 1997
Moved from weekly to bi-weekly treasury bill auctions 1998
Introduced a cash-based bond buyback program 1999
Introduced standardized benchmarks (fixed maturities and increased size) 1999
Started regular cross-currency swap-based funding of foreign assets 1999
Introduced a switch-based bond buyback program 2001
Allowed the reconstitution of bonds beyond the size of the original amount issued 2001
Introduced the cash management bond buyback program 2001
Reduced targeted turnaround times for auctions and buyback operations 2001
Advanced the timing of treasury bill auctions from 12:30 p.m. to 10:30 a.m. 2004
Advanced the timing of bond auctions from 12:30 p.m. to 12:00 p.m. 2005
Reduced the timing between bond auctions and cash buybacks to 20 minutes 2005
Dropped one quarterly 2-year auction 2006
Announced the maintenance of benchmark targets through fungibility (common dates) 2006
Consolidated the borrowings of three Crown corporations 2007
Changed the maturity of the 5-year benchmark and dropped one quarterly 5-year auction 2007
Reintroduced the 3-year bond benchmark 2009
Increased the frequency of cash management bond buyback operations from bi-weekly to weekly 2010
Announced a new framework for the medium-term debt management strategy 2011
Announced plans to increase the level of prudential liquidity by $35 billion over 3 years 2011
Added four new maturity dates—February 1, May 1, August 1 and November 1 2011
Increased benchmark target range sizes in the 2-, 3- and 5-year sectors 2011
Announced a temporary increase in longer-term debt issuance 2012
Announced changes to the Terms and Conditions Governing the Morning Auction of Receiver General Cash Balances 2013
Introduced ultra-long bond issuance 2014
Discontinued 3-year issuance 2015
Increased benchmark target range sizes in the 2- and 5-year sectors 2015
Increased benchmark target range sizes in the 2-, 5- and 10-year sectors 2016
Reintroduced the 3-year bond benchmark 2016
Introduced a pilot program to increase flexibility in the maximum repurchase amount at CMBB operations 2017
Discountinued the sales of new Canada Savings Bonds 2017

Annex 3
Glossary

asset-liability management: An investment decision-making framework that is used to concurrently manage a portfolio of assets and liabilities.

average term to maturity: The weighted average amount of time until the securities in the debt portfolio mature.

benchmark bond: A bond that is considered by the market to be the standard against which all other bonds in that term area are evaluated against. It is typically a bond issued by a sovereign, since sovereign debt is usually the most creditworthy within a domestic market. Usually it is the most liquid bond within each range of maturities and is therefore priced accurately.

budgetary deficit: The shortfall between government annual revenues and annual budgetary expenses.

buyback on a cash basis: The repurchase of bonds for cash. Buybacks on a cash basis are used to maintain the size of bond auctions and new issuances.

buyback on a switch basis: The exchange of outstanding bonds for new bonds in the current building benchmark bond.

Canada bill: A promissory note denominated in US dollars, issued for terms of up to 270 days. Canada bills are issued for foreign exchange reserves funding purposes only.

Canada Investment Bond: A non-marketable fixed-term security instrument issued by the Government of Canada.

Canada note: A promissory note usually denominated in US dollars, and available in book-entry form. Canada notes can be issued for terms of nine months or longer, and can be issued at a fixed or a floating rate. Canada notes are issued for foreign exchange reserves funding purposes only.

Canada Premium Bond: A non-marketable security instrument issued by the Government of Canada, which is redeemable once a year on the anniversary date or during the 30 days thereafter without penalty.

Canada Savings Bond: A non-marketable security instrument issued by the Government of Canada, which is redeemable on demand by the registered owner(s), and which, after the first three months, pays interest up to the end of the month prior to cashing.

cross-currency swap: An agreement that exchanges one type of debt obligation for another involving different currencies and the exchange of the principal amounts and interest payments.

duration: Measures the sensitivity of the price of a bond or portfolio to fluctuations in interest rates. It is a measure of volatility and is expressed in years. The higher the duration number, the greater the interest rate risk for bond or portfolio prices.

electronic trading system: An electronic system that provides real-time information about securities and enables the user to execute financial trades.

Exchange Fund Account (EFA): An account that aids in the control and protection of the external value of the Canadian dollar and which provides a source of liquidity for the Government of Canada. Assets held in the EFA are managed to provide liquidity to the Government and to promote orderly conditions for the Canadian dollar in the foreign exchange markets, if required.

financial source/requirement: The difference between the cash inflows and outflows of the Government's Receiver General account. In the case of a financial requirement, it is the amount of new borrowing required from outside lenders to meet financing needs in any given year.

fixed-rate share of market debt: The proportion of market debt that does not mature or need to be repriced within one year (i.e. the inverse of the refixing share of market debt).

foreign exchange reserves: The foreign currency assets (e.g. interest-earning bonds) held to support the value of the domestic currency. Canada's foreign exchange reserves are held in the Exchange Fund Account.

Government of Canada securities auction: A process used for selling Government of Canada debt securities (mostly marketable bonds and treasury bills) in which issues are sold by public tender to government securities distributors and approved clients.

government securities distributor: An investment dealer or bank that is authorized to bid at Government of Canada auctions and through which the Government distributes Government of Canada treasury bills and marketable bonds.

interest-bearing debt: Debt consisting of unmatured debt, or debt issued on the credit markets, liabilities for pensions and other future benefits, and other liabilities.

Large Value Transfer System: An electronic funds transfer system introduced in February 1999 and operated by the Canadian Payments Association. It facilitates the electronic transfer of Canadian-dollar payments across the country virtually instantaneously.

marketable bond: An interest-bearing certificate of indebtedness issued by the Government of Canada, having the following characteristics: bought and sold on the open market; payable in Canadian or foreign currency; having a fixed date of maturity; interest payable either in coupon or registered form; face value guaranteed at maturity.

marketable debt: Market debt that is issued by the Government of Canada and sold via public tender or syndication. These issues can be traded between investors while outstanding.

money market: The market in which short-term capital is raised, invested and traded using financial instruments such as treasury bills, bankers' acceptances, commercial paper, and bonds maturing in one year or less.

non-market debt: The Government's internal debt, which is, for the most part, federal public sector pension liabilities and the Government's current liabilities (such as accounts payable, accrued liabilities, interest payments and payments of matured debt).

overnight rate; overnight financing rate; overnight money market rate; overnight lending rate: An interest rate at which participants with a temporary surplus or shortage of funds are able to lend or borrow until the next business day. It is the shortest term to maturity in the money market.

primary dealer: A member of the core group of government securities distributors that maintain a certain threshold of activity in the market for Government of Canada securities. The primary dealer classification can be attained in either treasury bills or marketable bonds, or both.

primary market: The market in which issues of securities are first offered to the public.

Real Return Bond: A bond whose interest payments are based on real interest rates. Unlike standard fixed-coupon marketable bonds, the semi-annual interest payments on Government of Canada Real Return Bonds are determined by adjusting the principal by the change in the Consumer Price Index.

refixing share of market debt: The proportion of market debt that matures or needs to be repriced within one year (i.e. the inverse of the fixed-rate share of market debt).

refixing share of market debt to gross domestic product (GDP): The amount of market debt that matures or needs to be repriced within one year relative to nominal GDP for that year.

secondary market: The market where existing securities trade after they have been sold to the public in the primary market.

sovereign market: The market for debt issued by a government.

treasury bill: A short-term obligation sold by public tender. Treasury bills, with terms to maturity of 3, 6 or 12 months, are currently auctioned on a bi-weekly basis.

ultra-long bond: A bond with a maturity of 40 years or longer.

yield curve: The conceptual or graphic representation of the term structure of interest rates. A "normal" yield curve is upward sloping, with short-term rates lower than long-term rates. An "inverted" yield curve is downward sloping, with short-term rates higher than long-term rates. A "flat" yield curve occurs when short-term rates are the same as long-term rates.

Annex 4
Contact Information

Consultations and Communications Branch
Department of Finance Canada
14th floor
90 Elgin Street
Ottawa, Ontario  K1A 0G5

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail

Media Enquiries:
613-369-4000

Reference Tables

I    Total Liabilities, Outstanding Market Debt and Debt Charges, as at March 31

II    Government of Canada Outstanding Market Debt, as at March 31

III    Issuance of Government of Canada Domestic Bonds

IV    Outstanding Government of Canada Domestic Bonds, as at March 31, 2018

V    Government of Canada Cross-Currency Swaps Outstanding, as at March 31, 2018

VI    Crown Corporation Borrowings, as at March 31

Reference Table I
Total Liabilities, Outstanding Market Debt and Debt Charges, as at March 31
$ billions
Liabilities
 
Year Market debt Market debt value adjustments Accounts payable and accrued liabilities Pension and other liabilities (restated)1 Total liabilities (restated)1
1986 201.2 -0.4 39.4 79.1 319.4
1987 228.6 -0.4 42.1 84.7 355.0
1988 250.8 -0.9 47.2 90.9 388.0
1989 276.3 -2.2 50.2 97.1 421.4
1990 294.6 -2.9 53.2 104.5 449.3
1991 323.9 -3.2 54.9 112.1 487.7
1992 351.9 -2.2 56.1 118.5 524.2
1993 382.7 -3.0 58.4 125.1 563.2
1994 414.0 -1.8 63.7 131.4 607.3
1995 441.0 -3.4 71.3 139.8 648.7
1996 469.5 -1.7 74.9 148.5 691.3
1997 476.9 0.3 75.9 156.3 709.4
1998 466.8 1.4 81.7 160.9 710.8
1999 457.7 2.6 83.7 168.2 712.2
2000 454.2 -0.2 83.9 175.8 713.6
2001 444.9 1.3 88.5 179.0 713.6
2002 440.9 0.9 83.2 177.9 703.0
2003 438.6 -1.1 83.2 178.3 699.0
2004 436.5 -2.5 85.2 180.9 700.1
2005 431.8 -4.3 97.7 179.8 705.0
2006 427.3 -6.1 101.4 179.9 702.5
2007 418.8 -4.7 106.5 185.1 705.8
2008 394.1 -3.4 110.5 191.2 692.3
2009 510.9 3.1 114.0 200.4 828.4
2010 564.4 -5.3 120.5 208.7 888.3
2011 596.8 -5.7 119.1 217.2 927.5
2012 631.0 -4.7 125.0 226.1 977.5
2013 668.0 4.4 118.7 236.2 1,027.4
2014 648.7 10.3 111.4 245.2 1,015.8
2015 649.5 15.7 123.6 251.4 1,040.2
2016 669.7 18.5 127.9 262.0 1,078.0
2017 695.1 18.5 132.5 270.7 1,116.9
2018 704.3 16.9 154.8 281.4 1,157.4
1 Historical Public Accounts data for pension and other liabilities and total liabilities have been restated back to 2008–09 following revisions in methodology.
Reference Table I
Total Liabilities, Outstanding Market Debt and Debt Charges, as at March 31
$ billions
Accumulated deficit and debt charges
 
Year Total liabilities
(restated)1
Financial assets Net debt
(restated)1
Non-financial assets Accumulated
deficit (restated)1
Gross public
debt charges (restated)1
1986 319.4 70.1 249.2 21.4 227.8 27.7
1987 355.0 73.2 281.8 24.2 257.7 28.7
1988 388.0 75.0 313.0 26.3 286.7 31.2
1989 421.4 77.9 343.6 29.0 314.6 35.5
1990 449.3 74.5 374.8 31.0 343.8 41.2
1991 487.7 76.6 411.1 33.4 377.7 45.0
1992 524.2 78.5 445.7 35.8 410.0 43.9
1993 563.2 76.0 487.2 38.2 449.0 41.3
1994 607.3 79.3 527.9 40.4 487.5 40.1
1995 648.7 81.2 567.5 43.3 524.2 44.2
1996 691.3 92.7 598.6 44.4 554.2 49.4
1997 709.4 100.4 609.0 46.1 562.9 47.3
1998 710.8 103.6 607.2 47.2 559.9 43.1
1999 712.2 109.3 602.9 48.7 554.1 43.3
2000 713.6 123.5 590.1 50.2 539.9 43.4
2001 713.6 141.9 571.7 51.7 520.0 43.9
2002 703.0 137.7 565.3 53.4 511.9 39.7
2003 699.0 139.5 559.6 54.2 505.3 37.3
2004 700.1 149.1 551.0 54.8 496.2 35.8
2005 705.0 155.4 549.6 54.9 494.7 34.1
2006 702.5 165.6 536.9 55.4 481.5 33.8
2007 705.8 181.9 523.9 56.6 467.3 33.9
2008 692.3 176.0 516.3 58.6 457.6 33.3
2009 828.4 298.9 529.4 61.5 467.9 28.3
2010 888.3 300.8 587.5 63.4 524.1 26.6
2011 927.5 304.0 623.5 66.6 556.9 28.6
2012 977.5 317.6 659.9 68.0 591.9 29.0
2013 1,027.4 337.8 689.5 68.9 620.6 25.5
2014 1,015.8 318.5 696.4 70.4 626.0 24.7
2015 1,040.2 336.7 703.5 74.6 628.9 24.2
2016 1,078.0 365.8 712.2 77.8 634.4 21.8
2017 1,116.9 382.8 734.1 82.6 651.5 21.2
2018 1,157.4 398.6 758.8 87.5 671.3 21.9
1 Historical Public Accounts data for total liabilities, net debt, the accumulated deficit and gross public debt charges have been restated back to 2008–09 following revisions in methodology.
Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions
Payable in Canadian dollars
 
Year Treasury bills Marketable bonds1 Retail debt Canada Pension
Plan bonds
Total
1986 62.0 81.1 44.2 0.4 187.7
1987 77.0 94.4 44.3 1.8 217.5
1988 81.1 103.9 53.3 2.5 240.8
1989 102.7 115.7 47.8 3.0 269.2
1990 118.6 127.7 40.9 3.1 290.2
1991 139.2 143.6 34.4 3.5 320.7
1992 152.3 158.1 35.6 3.5 349.5
1993 162.1 178.5 34.4 3.5 378.4
1994 166.0 203.4 31.3 3.5 404.3
1995 164.5 225.7 31.4 3.5 425.1
1996 166.1 252.8 31.4 3.5 453.8
1997 135.4 282.6 33.5 3.5 454.9
1998 112.3 294.6 30.5 3.5 440.8
1999 97.0 295.8 28.2 4.1 425.0
2000 99.9 294.4 26.9 3.6 424.7
2001 88.7 295.5 26.4 3.5 414.1
2002 94.2 294.9 24.0 3.4 416.5
2003 104.6 289.2 22.6 3.4 419.8
2004 113.4 279.0 21.3 3.4 417.1
2005 127.2 266.7 19.1 3.4 416.3
2006 131.6 261.9 17.3 3.1 413.9
2007 134.1 257.9 15.2 1.7 408.9
2008 117.0 253.8 13.1 1.0 384.9
2009 192.5 295.3 12.5 0.5 500.8
2010 175.9 367.9 11.8 0.5 556.1
2011 163.0 416.1 10.1 0.0 589.2
2012 163.2 448.1 8.9 0.0 620.3
2013 180.7 469.0 7.5 0.0 657.2
2014 153.0 473.3 6.3 0.0 632.6
2015 135.7 487.9 5.7 0.0 629.2
2016 138.1 504.1 5.1 0.0 647.2
2017 136.7 536.3 4.5 0.0 677.5
2018 110.7 575.0 2.6 0.0 688.2
1 Inflation adjusted.
Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions
Payable in foreign currencies
 
Year Canada bills Marketable bonds Canada notes1 Euro medium-term notes1 Standby drawings Term loans Total
1986 0.0 9.3 0.0 0.0 2.2 2.2 13.8
1987 1.0 8.9 0.0 0.0 0.0 2.0 12.0
1988 1.0 7.9 0.0 0.0 0.0 2.3 11.3
1989 1.1 6.3 0.0 0.0 0.0 0.9 8.3
1990 1.4 4.3 0.0 0.0 0.0 0.0 5.7
1991 1.0 3.6 0.0 0.0 0.0 0.0 4.5
1992 0.0 3.4 0.0 0.0 0.0 0.0 3.4
1993 2.6 2.8 0.0 0.0 0.0 0.0 5.4
1994 5.6 5.0 0.0 0.0 0.0 0.0 10.7
1995 9.0 7.9 0.0 0.0 0.0 0.0 16.9
1996 7.0 9.5 0.3 0.0 0.0 0.0 16.8
1997 8.4 12.5 2.1 0.0 0.0 0.0 23.0
1998 9.4 14.6 1.7 1.5 0.0 0.0 27.2
1999 10.2 19.7 1.3 4.9 0.0 0.0 36.0
2000 6.0 21.4 1.1 4.1 0.0 0.0 32.6
2001 7.2 21.2 1.6 3.7 0.0 0.0 33.7
2002 3.4 19.8 1.2 3.2 0.0 0.0 27.5
2003 2.6 14.5 1.2 3.3 0.0 0.0 21.6
2004 3.4 13.2 1.3 3.0 0.0 0.0 20.8
2005 3.9 9.9 1.1 1.7 0.0 0.0 16.5
2006 4.7 7.6 0.5 1.5 0.0 0.0 14.3
2007 1.8 6.7 0.5 1.6 0.0 0.0 10.6
2008 1.5 6.1 0.5 1.6 0.0 0.0 9.7
2009 8.7 0.3 0.0 1.7 0.0 0.0 10.6
2010 2.5 5.8 0.0 0.0 0.0 0.0 8.2
2011 2.0 5.6 0.0 0.0 0.0 0.0 7.7
2012 2.1 8.6 0.0 0.0 0.0 0.0 10.7
2013 2.1 8.7 0.0 0.0 0.0 0.0 10.8
2014 2.3 13.0 0.6 0.1 0.0 0.0 16.0
2015 3.8 14.8 1.2 0.5 0.0 0.0 20.3
2016 4.7 15.3 1.6 0.9 0.0 0.0 22.5
2017 3.5 11.5 1.7 0.9 0.0 0.0 17.6
2018 2.6 10.9 1.7 0.9 0.0 0.0 16.0
1 Amounts for 2016 and 2017 and have restated following historical revisions.
Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions
Total market debt
 
Year Total payable in Canadian dollars Total payable in
foreign currencies
Less: Government's
holdings and consolidation adjustment1
Total market debt Average
interest rate
(%)
1986 187.7 13.8 -0.3 201.2 10.7
1987 217.5 12.0 -0.9 228.6 9.3
1988 240.8 11.3 -1.2 250.8 9.6
1989 269.2 8.3 -1.2 276.3 10.8
1990 290.2 5.7 -1.3 294.6 11.2
1991 320.7 4.5 -1.3 323.9 10.7
1992 349.5 3.4 -1.0 351.8 8.9
1993 378.4 5.4 -1.1 382.7 7.9
1994 404.3 10.7 -1.0 414.0 6.8
1995 425.1 16.9 -1.0 441.0 8.0
1996 453.8 16.8 -1.0 469.5 7.3
1997 454.9 23.0 -1.1 476.8 6.7
1998 440.8 27.2 -1.2 466.8 6.6
1999 425.0 36.0 -3.3 457.7 6.7
2000 424.7 32.6 -3.1 454.2 6.2
2001 414.1 33.7 -2.9 444.9 6.1
2002 416.5 27.5 -3.1 440.9 5.6
2003 419.8 21.6 -2.7 438.6 5.3
2004 417.1 20.8 -1.5 436.4 4.9
2005 416.3 16.5 -1.1 431.7 4.6
2006 413.9 14.3 -1.0 427.2 4.7
2007 408.9 10.6 -0.7 418.9 4.9
2008 384.9 9.7 -0.5 394.1 4.6
2009 500.8 10.6 -0.6 510.8 3.2
2010 556.1 8.2 -0.1 564.2 2.7
2011 589.2 7.7 -0.1 596.8 2.8
2012 620.3 10.7 -0.1 631.0 2.7
2013 657.2 10.8 -0.0 668.0 2.5
2014 632.6 16.0 -0.3 648.7 2.4
2015 629.2 20.3 -0.4 649.5 2.3
2016 647.2 22.5 -0.1 669.7 2.0
2017 677.5 17.6 -0.4 695.1 1.9
2018 688.3 16.0 -0.4 704.3 2.0
1 Because certain comparative figures have been restated to reflect the presentation method used in recent years, the numbers presented in this reference table can differ from numbers presented in other sections of the Debt Management Report. In the reference table, ''Government's holdings and consolidation adjustment'' is presented separately but in the rest of the report the amount is incorporated into the figures. For more information, please consult table 6.2 and table 6.3 of the Public Accounts of Canada 2018.
Reference Table III
Issuance of Government of Canada Domestic Bonds
$ billions
Gross issuance

Nominal1 Real Return Bonds Buybacks
 


Fiscal year  2-year 3-year 5-year 10-year 30-year Total 30-year  Total Cash Switch Total Net
issuance
1995–96 11.1 5.1 17.0 10.5 5.0 48.7 1.0 49.7 0.0 49.7
1996–97 12.0 11.1 13.3 11.8 5.8 54.0 1.7 55.7 0.0 55.7
1997–98 14.0 9.9 9.3 5.0 38.2 1.7 39.9 0.0 39.9
1998–99 14.0 9.8 9.2 3.3 36.3 1.6 37.9 0.0 37.9
1999–00 14.2 14.0 12.9 3.7 44.8 1.3 46.0 -2.7 0.0 -2.7 43.3
2000–01 14.1 10.5 10.1 3.8 38.5 1.4 39.9 -2.8 0.0 -2.8 37.1
2001–02 14.0 10.0 9.9 6.3 40.2 1.4 41.6 -5.3 -0.4 -5.6 35.9
2002–03 13.9 11.0 12.6 4.8 42.3 1.4 43.7 -7.1 -5.0 -12.1 31.6
2003–04 13.0 10.7 11.5 4.2 39.4 1.4 40.8 -5.2 -5.0 -10.2 30.7
2004–05 12.0 9.6 10.6 3.3 35.5 1.4 36.9 -6.8 -4.7 -11.4 25.5
2005–06 10.0 9.2 10.0 3.2 32.4 1.5 33.9 -5.3 -3.3 -8.6 25.3
2006–07 10.3 7.8 10.4 3.3 31.8 1.6 33.4 -5.1 -4.7 -9.8 23.5
2007–08 11.7 6.3 10.7 3.4 32.0 2.3 34.3 -4.3 -2.4 -6.7 27.6
2008–09 23.2 29.0 15.7 5.1 72.9 2.1 75.0 -3.2 -2.7 -6.0 69.0
2009–10 31.5 20.1 24.0 17.4 7.0 100.0 2.2 102.2 0.0 -2.1 -2.1 100.1
2010–11 36.3 18.8 21.2 12.0 5.0 93.3 2.2 95.5 0.0 -4.4 -4.4 91.2
2011–12 44.0 18.0 21.0 10.0 4.7 97.7 2.2 99.9 -3.0 -3.0 -5.9 94.0
2012–13 35.9 13.9 20.4 16.5 6.7 93.4 2.2 95.6 -0.4 -1.1 -1.5 94.1
2013–14 32.4 13.5 20.4 14.0 5.0 85.3 2.2 87.5 0.0 -1.0 -1.0 86.5
2014–15 38.4 16.2 20.4 13.3 4.6 92.9 2.2 95.1 0.0 -0.5 -0.5 94.6
2015–16 50.2   26.8 10.0 3.2 90.2 2.2 92.4 0.0 -0.4 -0.4 92.0
2016–17 62.4 19.5 30.0 15.0 4.3 131.2 2.2 133.4 0.0 -0.8 -0.8 132.6
2017–18 59.1 24.7 30.6 15.0 4.3 133.7 2.2 135.9 0.0 -0.8 -0.8 135.1
1 Including nominal issuance through switch buyback operations.
Source: Bank of Canada.
Reference Table IV
Outstanding Government of Canada Domestic Bonds, as at March 31, 2018
Fixed-coupon bonds
Maturity date Amount Coupon rate

  ($ millions) (%)
1-May-2018 8,124 0.25
1-Jun-2018 7,735 4.25
1-Aug-2018 9,492 0.50
1-Sep-2018 7,817 1.25
1-Nov-2018 9,835 0.50
1-Feb-2019 12,366 0.50
1-Mar-2019 9,346 1.75
1-May-2019 15,450 0.75
1-Jun-2019 16,392 3.75
1-Aug-2019 15,126 0.75
1-Sep-2019 16,093 1.75
1-Nov-2019 15,600 1.25
1-Feb-2020 14,400 1.25
1-Mar-2020 23,200 1.50
1-May-2020 9,600 1.75
1-Jun-2020 13,100 3.50
1-Sep-2020 26,000 0.75
1-Mar-2021 25,500 0.75
15-Mar-2021 567 10.50
1-Jun-2021 11,500 3.25
1-Jun-2021 286 9.75
1-Sep-2021 15,000 0.75
1-Mar-2022 15,000 0.50
1-Jun-2022 12,700 2.75
1-Jun-2022 206 9.25
1-Sep-2022 15,600 1.00
1-Mar-2023 15,000 1.75
1-Jun-2023 14,200 1.50
1-Jun-2023 2,359 8.00
1-Jun-2024 13,800 2.50
1-Jun-2025 13,100 2.25
1-Jun-2025 2,303 9.00
1-Jun-2026 13,500 1.50
1-Jun-2027 15,000 1.00
1-Jun-2027 4,036 8.00
1-Jun-2028 9,000 2.00
1-Jun-2029 10,883 5.75
1-Jun-2033 12,339 5.75
1-Jun-2037 12,631 5.00
1-Jun-2041 15,174 4.00
1-Dec-2045 16,400 3.50
1-Dec-2048 14,900 2.75
1-Dec-2051 1,500 2.00
1-Dec-2064 4,750 2.75
Fixed-coupon bonds—total 516,910
Real Return Bonds
Maturity date Amount
($ millions)
Coupon rate
(%)
Inflation adjustment
($ millions)
Outstanding amount
($ millions)
1-Dec-2021 5,175 4.25 3,027 8,202
1-Dec-2026 5,250 4.25 2,621 7,871
1-Dec-2031 5,800 4.00 2,557 8,357
1-Dec-2036 5,850 3.00 1,629 7,479
1-Dec-2041 6,550 2.00 1,204 7,754
1-Dec-2044 7,700 1.50 1,070 8,770
1-Dec-2047 7,700 1.25 523 8,223
Real Return Bonds—total 46,225 12,661 58,886
Note: Outstanding bond amounts reported in this table are in accordance with Bank of Canada reports, which may vary slightly with Government of Canada amounts due to differences in classification methods.
Source: Bank of Canada.
Reference Table V
Government of Canada Cross-Currency Swaps Outstanding, as at March 31, 2018
CAD$ millions
Swaps of domestic obligations Swaps of foreign obligations  
 

 
Maturity date USD EUR JPY GBP USD Total
2018 4,220 1,585 121 0 5,926
2019 2,081 1,030 632 1,751 5,494
2020 7,190 1,179 0 597 8,966
2021 4,476 5,826 0 0 10,302
2022 5,369 523 569 0 6,461
2023 8,655 555 0 154 9,363
2024 5,470 2,053 0 235 7,758
2025 3,382 301 0 4,327 8,011
2026 6,932 436 0 841 8,208
2027 2,738 1,744 0 2,549 7,030
2028 1,224 1,268 0 0 2,492
Total 51,735 16,502 1,322 10,453   80,012
Note: Foreign currency swaps converted to Canadian dollars using Bank of Canada closing exchange rates as of March 31, 2018. Includes cross-currency swaps related to International Monetary Fund transactions. Table does not include $1,300 million in foreign exchange forwards that were outstanding as at March 31, 2018. There were no foreign exchange swaps outstanding as at March 31, 2018. Totals may not add due to rounding.
Source: Department of Finance Canada.
Reference Table VI
Crown Corporation Borrowings, as at March 31
$ millions
Borrowings from the market 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Export Development Canada 26,925 23,001 22,033 24,141 26,613 36,393 41,985 46,687 49,226 55,470
Business Development Bank of Canada 2,354 1,488 897 658 648 507 305 253 163 139
Farm Credit Canada 3,949 1,765 1,293 913 691 615 669 762 815 833
Canada Mortgage and Housing Corporation 6,153 4,421 3,039 2,221 1,870 1,465 1,429 282 0 0
Canada Housing Trust1 160,664 180,440 199,238 213,251 212,639 205,113 207,544 217,392 225,306 233,981
Canada Post Corporation 93 90 1,051 1,051 1,051 1,051 1,051 997 997 997
Other 279 248 204 106 106 128 137 109 52 48
Total 200,417 211,453 227,755 242,341 243,617 245,272 253,120 266,482 276,559 291,469
1 Canada Housing Trust has been included in the government reporting entity effective April 1, 2005 as a result of the application of a new accounting standard.
Government's Loans and Advances to Enterprise Crown Corporations
$ millions
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Business Development
Bank of Canada
7,284 12,245 13,223 12,561 13,214 14,320 15,676 16,942 18,811 20,470
Canada Mortgage and Housing Corporation1 61,863 72,262 69,569 66,595 63,123 21,173 10,708 10,531 9,811 8,687
Farm Credit Canada 11,450 15,931 17,558 19,326 21,174 22,029 22,691 23,438 25,684 28,009
Other 139 132 122 92 90 149 333 340 455 468
Total 80,736 100,570 100,472 98,574 97,602 57,670 49,408 51,251 54,761 57,633
1 Includes outstanding lending related to the Insured Mortgage Purchase Program for 2009 to 2014.
Source: Public Accounts of Canada.

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