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Debt ManagementReport

1997

Debt ManagementReport

1997

Department of FinanceCanada

Ministère des FinancesCanada

© Her majesty the Queen in Right of Canada (1998)All rights reserved

All requests for permission to produce this work or any part thereofshall be addressed to Public Works and Government Services Canada.

Price: $10.70

Available from the Finance Canada Distribution Centre300 Laurier Avenue West, Ottawa K1A 0G5

Tel: (613) 943-8665Fax: (613) 996-0901

Cette publication est également disponible en français.

Cat no.: F2-106/1997E

ISBN: 0-660-17400-6

Table of Contents

Highlights........................................................................................................................................................... 3

Overview............................................................................................................................................................ 4

The Federal Debt Management Environment................................................................................................. 4

Size and Structure of the Federal Debt................................................................................................... 4

Fiscal Environment................................................................................................................................... 5

Federal Debt Management Strategy ................................................................................................................ 5

Debt Management Objective .................................................................................................................... 5

Federal Debt Managers ............................................................................................................................ 5

Current Debt Management Issues.................................................................................................................... 6

Achieving Cost Stability ........................................................................................................................... 6

Maintaining Liquidity and Market Integrity............................................................................................. 6

Improving Retail Products and Distribution ........................................................................................... 7

Ongoing Debt Management Issues................................................................................................................... 8

Market Development ................................................................................................................................ 8

Federal Debt Programs..................................................................................................................................... 11

Composition of Federal Market Debt ...................................................................................................... 11

Domestic Debt Programs ......................................................................................................................... 12

Foreign-Currency Debt Programs ........................................................................................................... 12

Distribution of Holdings of Government of Canada Debt ............................................................................... 14

Domestic Holdings.................................................................................................................................... 14

Non-resident Holdings.............................................................................................................................. 15

Results of 1996-97 Government of Canada Debt Management Operations and Cash Management............ 16

Overview.................................................................................................................................................... 16

Domestic Debt .......................................................................................................................................... 16

Foreign-Currency Debt ............................................................................................................................ 17

The Management of the Government’s Cash Balances........................................................................... 17

Annex 1Government of Canada Market Debt Instruments.................................................................................. 19

Annex 2Primary Distribution in Canada ............................................................................................................... 22

Annex 3Selected News Service Pages of Interest to Government of Canada Debt Market Participants .......... 23

Reference Tables............................................................................................................................................... 24

Highlights

At the end of March 1997, the gross federal debttotalled $641 billion, or $583 billion net of thegovernment’s financial assets. The annual cost ofservicing the gross debt is currently about30 per cent of total federal spending. The size ofthe debt and the cost of debt service underscorethe fact that prudent management of the publicdebt is of crucial importance to all Canadians.

The 1996-97 fiscal year saw the first financialsurplus1 for the Government of Canada since1969-70. This means that the federal governmentdid not need to borrow any new money fromfinancial markets and, in fact, recorded a financialsurplus of $1.3 billion (excluding foreign exchangetransactions). Furthermore, the federal fiscaldeficit2 came in at $8.9 billion for 1996-97, almost$20 billion lower than the previous year. As aresult of the lower-than-expected deficit in1996-97, Canada’s debt-to-GDP ratio fell to73.1 per cent, the first significant reversalafter 25 years of increases.

Over the first eight months of the currentfiscal year, the federal government recorded abudgetary surplus of $1.4 billion and a financialsurplus of $5.7 billion excluding foreignexchange transactions. Including foreignexchange transactions, there was a financialsurplus of $11.3 billion. However, caution shouldbe exercised in extrapolating these monthlyresults to gain an assessment of the possibleoutcome for the year as a whole. Some of theimprovement to date was due to special factorsor to one-time developments.

Due to the improved fiscal picture,the government has been able to begin payingdown its market debt. Over the April toNovember period, the federal government hadrepaid $11.5 billion of its market debt (thisincludes the financial surplus of $11.3 billion anda $0.2 billion reduction in the government’scash balances).

As a key part of putting Canada’s financial housein order, reforms have been made to the structureof the debt stock. The fixed-rate debt3 target of

65 per cent has now been achieved. A higherproportion of fixed-rate debt provides protectionagainst unexpected changes in interest rates andbrings Canada in line with other majorsovereign borrowers.

A strategic objective is the development andmaintenance of a well-functioning domestic capitalmarket. Canada’s capital market is one of the mostefficient capital markets in the world after theUnited States. Turnover ratios of Government ofCanada securities are high, and bid-offer spreadsare low.

An important recent priority has been maintainingliquidity and market integrity in an environment ofdeclining financial requirements. A key elementhas been consultations with market participantson addressing these issues. The following stepshave been taken:

■ Treasury bill issuance frequency and thematurity pattern has been changed fromweekly to bi-weekly, thereby increasing tendersizes, and the maturity of the 3-month Treasurybill was lengthened by seven days to 98 days;

■ A discussion paper on auction surveillancewas released in December 1996. A seconddiscussion paper containing the intendedrevisions to auction rules to prevent squeezes4

in the primary market for Government ofCanada securities will be published shortly;and

■ Discussions with market participants onpotential measures to address disruptivemanipulative behaviour in the secondarymarket for Government of Canada securitieshave been initiated.

The government’s plan is to consult extensivelywith market participants on the marketable debtprograms and to adjust them progressively overthe coming years. Discussions on changes to thebond program have been initiated and the firstset of adjustments will be announced in thegovernment’s 1998-99 federal debt strategy.

Borrowing in foreign currencies will continue tofinance Canada’s international reserves.

3

1 A financial surplus is the amount by which cash receipts exceed cash outlays. A financial requirement is the amountby which cash outlays exceed cash receipts.

2 A fiscal deficit is the shortfall between government revenues and budgetary expenditures.3 The share of the gross federal debt that is maturing or being repriced in more than 12 months from now.4 A squeeze is where one or more market participants obtain a controlling position in an issue of securities and

use that control to manipulate the price.

4 Debt Management Report – 1997

Overview

The Debt Management Report provides anoverview of current federal debt managementstrategy, the status of the federal debt programsas at November 30, 1997, and a review of federaldebt operations for 1996-97.

The report is divided into the following sections:

■ the federal debt management environment,including the size and structure of the debt,and the current fiscal environment;

■ an overview of current federal debtmanagement strategy and the federaldebt managers;

■ current and ongoing debt management issuesand initiatives taken to address them;

■ details on the federal debt programs;

■ the distribution of holdings of Governmentof Canada market debt;

■ a review of the government’s domestic andforeign-currency debt operations in 1996-97;and

■ a statistical summary of 1996-97 federal andagency debt operations.

The Federal DebtManagement Environment

Size and Structure

of the Federal Debt

At the end of March 1997, gross federal debttotalled $641 billion, or $583 billion net of thegovernment’s financial assets. As a share ofCanada’s economy (gross domestic product),the net debt dropped to 73.1 per cent, down from74.0 per cent in 1995-96. The gross federal debtis made up of two major components: non-marketdebt and market debt. Non-market debt includesthe government’s internal debt which is, for themost part, federal public sector pension liabilities,the government’s current liabilities (such asaccounts payable, accrued liabilities, interest andpayment of matured debt), and bonds issued tothe Canada Pension Plan. At March 31, 1997,non-market debt stood at $167 billion.

Market debt is the portion of debt that is fundedin the public markets and includes marketablebonds, Treasury bills, retail debt (primarilyCanada Savings Bonds) and foreign-currency-denominated bonds and bills. At March 31, 1997,market debt outstanding was $473 billion(see Chart 1).

Chart 1Gross Federal Debt 1996-97

Market$473 billion

Non-market$167 billion

Source: Department of Finance

Chart 2Budgetary Expenditures 1996-97

Transfers topersons

23%

Transfers togovernment

15%Other

transfers12%

Crown corps.2%

Defence6%

Public debtcharges

30%

Other12%


The annual cost of servicing the gross debt iscurrently about 30 per cent of total federalspending (see Chart 2). Due to the composition ofthe debt stock, variations in interest rates cansignificantly affect total debt costs. The size of thedebt and the cost of debt service underscore thefact that prudent management of the public debtis of crucial importance to all Canadians.

Fiscal Environment

Over the past four years, the government hassucceeded in dramatically reducing the fiscaldeficit. In 1993-94, the deficit was $42 billion,or about 6 per cent of gross domestic product(GDP). In 1996-97, the deficit came in at$8.9 billion – almost $20 billion lower than theprevious year, and the largest year-over-yearimprovement in Canadian history. At 1.1 per centof GDP, it is the smallest federal governmentdeficit in over two decades. As a result, Canada’sfinancial requirements were eliminated in 1996-97.In fact, the federal government recorded its firstfinancial surplus ($1.3 billion) since 1969-70 andwas the only Group of Seven (G-7) country to doso. This means that, for the first time in 27 years,the government did not have to borrow newmoney in financial markets to pay for ongoingprograms and interest on the public debt.

As a result of the lower-than-expected deficitin 1996-97, Canada’s debt-to-GDP ratio fell to73.1 per cent, the first significant reversal after25 years of increases. Despite this progress,the federal government’s total public debtremains very high – second highest of theG-7 countries.

During the first eight months of the currentfiscal year, the federal government had afinancial surplus of $11.3 billion (including foreignexchange transactions). As a result of the surplusand a rundown in the level of the government’scash balances, the Government of Canada hasbeen able to retire $11.5 billion of market debtduring the first seven months of the current fiscalyear (includes the financial surplus of $11.3 billionand a $0.2 billion reduction in the government’scash balances).

Federal DebtManagement Strategy

Debt Management Objective

The fundamental debt management objective isto raise stable, low-cost funding for thegovernment. A key strategic objective is themaintenance of a well-functioning domesticcapital market. The government’s debtmanagement strategy involves striking a balancebetween cost, risk and market considerations.

All funding required for the government’soperations is raised in the domestic market to limitrisk and to benefit from the government’s inherentadvantage as the premier credit in this market.The government borrows in the domestic marketon a regular, pre-announced basis.

The government borrows outside Canada inforeign currencies solely to fund Canada’s foreignexchange reserves. Foreign borrowings will becovered later in the report.

Federal Debt Managers

The Department of Finance, in conjunction withthe Bank of Canada and the government’s retaildebt agency Canada Investment & Savings (CI&S),manages the federal market debt. The FinancialMarkets Division of the Department of Financeprovides analysis, and develops policies andrecommendations for the federal government’sborrowing programs, including the borrowings forofficial reserve purposes, and for the managementof financial risks.

The Division works in partnership with the Bankof Canada, the government’s fiscal agent, on allaspects of debt management. The Bank of Canada,as fiscal agent, is specifically responsible for theoperational aspects of debt management such asconducting the auctions of government debt,issuing the debt instruments and making interestpayments. The Bank also takes responsibility formonitoring market activities and advising on debtmanagement policy issues, as well as co-ordinatingrisk management activities.

5


Major operating decisions and policyrecommendations on the management of thewholesale portion of the debt generally representa consensus between the Bank of Canada and theDepartment of Finance, for approval by theMinister of Finance.

Primary responsibility for the management of theretail debt portion of the federal market debt iscarried out by CI&S. CI&S is a special operatingagency of the Department of Finance, and isresponsible for achieving the fundamental debtmanagement objective of stable, low-cost fundingby developing and implementing the retailcomponent of the federal government’s domesticdebt program.

Current DebtManagement Issues

Achieving Cost Stability

A major focus for the past several years has beenachieving greater stability of debt servicing costsand protecting the government from unexpectedmarket disruptions. Greater cost stability hasbeen achieved by increasing the share of thegovernment’s gross debt in fixed-rate form(i.e. debt maturing or being repriced in morethan 12 months). In August 1997, the fixed-ratetarget of 65 per cent set in 1995 was achieved(see Chart 3).

Canada's large debt stock is exposed to interestrate changes originating from events in Canadaand around the world. Interest rate shocks cansignificantly affect the level of annual debtcharges. A prudent debt structure is essential inprotecting the government from unexpectedchanges in interest rates and maintaining investorand credit rating agency confidence.

Maintaining Liquidity

and Market Integrity

A strategic objective of the federal debt managersis the maintenance of orderly, liquid and efficientmarkets. An important priority over the past yearhas been the maintenance of liquidity and marketintegrity. In view of declining borrowingrequirements, these will continue to be importantpriorities for the federal debt managers. Initiativestaken to date by the government include:

■ ongoing discussions with market participantson the both the Treasury bill and marketablebond programs, resulting so far in changes tothe Treasury bill program;

■ a discussion paper on proposed changes in therules for auctions of Government of Canadasecurities, and the preparation of a seconddiscussion paper containing the intendedchanges to the auction rules; and

■ discussions with the Investment DealersAssociation on ensuring the integrity of thesecondary market for Government of Canadasecurities.

After extensive consultations with marketparticipants, the government announced inAugust 1997 a change in the issuance pattern ofTreasury bills to maintain liquidity in the Treasurybill market in view of declining borrowingrequirements and the shift to a higher fixed-rateproportion of the debt. Beginning on September18, the weekly cycle of Treasury bill auctions wasreplaced by a two-week cycle, and the maturity ofthe 3-month Treasury bills was lengthened byseven days to 98 days. In order to support activewhen-issued trading of Treasury bills to beauctioned, the government announces minimumtender sizes for 3-, 6- and 12-month Treasury billstwo weeks before the auction and the final tendersize one week prior to the auction.

Chart 3Fixed-Rate Share of Gross Debt

per cent

0

10

20

30

40

50

60

1987-88 1990-91 1993-94 1996-97Aug 97

70


7

The Department of Finance and the Bank ofCanada are currently consulting with marketparticipants on structural adjustments to themarketable bond program to ensure themaintenance of a liquid market within anenvironment of declining financing needs.

Given the recent manipulative behaviour in theGovernment of Canada securities market,maintaining market integrity has become animportant priority for the government.Manipulative behaviour by participants can leadto a drop in investor participation to the seriousdetriment of the market. In order to maintain theintegrity of the primary market, the Bank ofCanada and Department of Finance released inDecember 1996 a discussion paper proposingchanges in the rules for auctions of Governmentof Canada securities. The paper is aimed atreinforcing the integrity of the auction processand enhancing participation in it. The proposalsinclude both a number of changes in auction rulesand an increase in Bank of Canada auction-relatedmonitoring activities designed to reduce thepotential for manipulative behaviour prior to andduring auctions.

After receiving comments and discussing theproposed changes with market participants, asecond discussion paper on the integrity of theauction process is being prepared and will containthe intended revisions to auction rules to preventsqueezes in the primary market for Government ofCanada securities.

In the context of the secondary market, theDepartment of Finance and the Bank of Canadahave begun discussions with the InvestmentDealers Association Capital Markets Committee.There is agreement among all parties thatmanipulative behaviour is not in the overallinterest of the markets, and that effectivesanctions are necessary to maintain marketintegrity. Progress has been made on this front.

Improving Retail Products

and Distribution

In the February 1995 budget, the federalgovernment announced the creation of a newretail debt agency (Canada Retail Debt Agency)to revitalize the government's domestic retailprogram and to provide individual investors andsavers with greater access to Government ofCanada securities.

The agency was staffed with a combination ofprivate and public sector experts in the retailinvestment marketplace and was officiallylaunched in September 1996 under a new name,Canada Investment and Savings (CI&S). TheAgency is responsible for directing and operatingthe country's largest retail debt program andfor developing its long-term strategy, as partof the government's overall debtmanagement.

CI&S’s immediate goal was to take action to stopthe decline in the retail holdings of domesticGovernment of Canada securities. According toCI&S studies, the share of federal debt held byretail investors had decreased steadily between1988 and 1996 from 33 per cent to about21 per cent.

During its first two years of operation, CI&Shas taken several steps towards stabilizing andrebuilding the government's retail debt program.In 1996, for example, CI&S introduced longer termescalating rate pricing and increased the amountCanadians could buy of Canada Savings Bonds(CSBs). Gross CSB sales that year totalled$5.7 billion, an increase of 24 per cent over 1995gross sales.

Last winter, the Agency launched the first newretail product in 50 years for the highlycompetitive registered retirement savings plan(RRSP) market. Canada RRSP Bonds also featuredlonger term pricing but with less liquidity. RRSPsales, as expected, were modest given the task ofbreaking into a very competitive market, and anenvironment of robust equity markets and historiclow interest rates.

New for the fall 1997 CSB campaign was theintroduction of a registered retirement incomefund (RRIF) option for CSBs. Funds in aretirement savings plan (like RRSPs) must betransferred, by law, to a retirement income plan,such as a RRIF or annuity, by the end of the yearthe investor turns age 69 in order for the funds toremain tax sheltered. Funds in a RRIF retain theirtax-sheltered status until they are withdrawn.The investor controls the timing and amountwithdrawn, subject to an annual minimum amount.The investments that can be held in this fundinclude Canada Savings Bonds and CanadaRRSP Bonds.


In addition to expanding the number of productsavailable to consumers, CI&S has improved thequality and user friendliness of its Payroll SavingsPlan, a salary deduction plan used to purchaseCSBs. Piloted in 1996, the new Payroll SavingsPlan streamlines the administration of the payrollplan and, as a result, reduces employer workloadby up to 80 per cent. In 1997, the new PayrollSavings Plan was rolled out to about 15 per centof the company base, reaching 150,000 Canadians.A further rollout of this new plan is scheduledfor 1998.

In 1997, CI&S negotiated a new compensationpackage for all sales agents which was in linewith market practice for debt instruments, suchas guaranteed investment certificates (GICs). Thiscompensation package is more directly linked tothe length of time the funds are invested in theseretail debt products, and will help the governmentoperate its retail debt program cost-effectively.

Ongoing DebtManagement Issues

Market Development

A key strategic objective in achieving thefundamental federal debt management objective ofraising stable, low-cost funding is the maintenanceof a well-functioning domestic capital market.

The government’s market development initiativesfall into two categories:

■ making continuous improvements in thefederal debt program; and

■ providing active support for broadermarket initiatives.

Table 1 provides a summary of major initiatives.

Ongoing Federal Debt

Program Initiatives

A transparent debt strategy, pre-announcingauction calendars and building large bondbenchmarks are key elements in improving theliquidity, transparency and efficiency of theCanadian bond market.

Annual debt strategy and quarterly bond auctionschedule announcements are made to increase themarket’s knowledge about future debt operationsto promote efficiency in the market. The debtstrategy announcement includes the target forthe fixed-rate share of the debt and the specificsabout the major elements of the debt program.The 1997-98 debt strategy press release (releasedMarch 13, 1997) announced the following:

■ the 65-per-cent fixed-rate target expected tobe achieved in 1998;

■ bond program up to 25 per cent lower than theprevious year and Treasury bill stock around10 per cent lower;

■ size ranges for the issuance of bonds and thestock of Treasury bills;

■ elimination of issuance of 3-year bonds due tobond program downsizing;

■ continuance of regularly publishing thequarterly bond auction calendar; and

■ continuance of building large benchmark bondsat the 2-, 5-, 10- and 30-year maturities, withtarget sizes of $7-10 billion.

Table 1

Major initiatives undertaken to promoteefficient Canadian capital markets

Federal Debt Program

- Building large benchmark issues at 2-, 5-, 10- and30-years

- Making debt strategy and operations transparent

- Using common coupon dates

- Book-based electronic clearing and settlement

- Changing from weekly to bi-weekly T-bill auctionsto enhance liquidity

Domestic Market

- Promoting the development of Government ofCanada bond and bill futures contracts, and repo,strip and swap markets

- Supporting improved market price transparencyand effective debt clearing systems

Ongoing Domestic Market

Initiatives

Beyond the design and implementation of thefederal debt program, the government pursuesgreater liquidity and efficiency through supportfor private sector initiatives in the domesticfixed-income market.

In particular, the Department of Finance and theBank of Canada have worked with the MontrealExchange and the investment community indeveloping a liquid domestic Government ofCanada futures market. There is a highlysuccessful futures contract based on 3-monthBankers’ Acceptance rates (the BAX contract)and active ten-year and five-year Government ofCanada bond futures contracts (the CGB and CGFcontracts). The federal government continues toprovide support to initiatives aimed at promotingthe Government of Canada futures market.

The government has also provided support forimproved market price transparency bysupporting the development of a screen-basedinformation system on prices and trades in thesecondary market in Government of Canadasecurities.

The efficiency of the Canadian market has beenimproved through the placement of allGovernment of Canada Treasury bills and bondson an electronic clearing and settling system.Federal government bonds were placed on theDebt Clearing System (DCS) of the CanadianDepository for Securities (CDS) in 1994, andTreasury bills were put on DCS in November 1995.

The government has also helped the developmentof the Government of Canada strip bond market byallowing the DCS to provide separate CUSIP(Committee on Uniform Security IdentificationProcedures) numbers for each cash flow andallowing the reconstitution of cash flows backinto conventional bonds.

The government also provides ongoing supportfor initiatives that help promote the strip, swapand repo markets.

9

Government of Canada Securities Market

Canada’s fixed-income market has become one of the most efficient in the world. Indicators of theefficiency, liquidity and depth of the market include tight bid-offer spreads for the various fixed-incomeinstruments, the large volume of transactions, and high turnover ratios.

The volume of transactions in the Government of Canada bond has grown significantly over the last sixyears. The volume of transactions in the Treasury bill market had increased sharply from 1990 to 1995,but has since declined as the stock of Treasury bills outstanding has fallen. In the third quarter of 1997,total Treasury bill turnover was $623 billion, an increase of 53 per cent from the first quarter of 1990.The quarterly turnover ratio was 5.4 in the third quarter of 1997 (see Chart 4). Total marketable bondturnover was $1,320 billion in the third quarter of 1997, a 300-per-cent increase from the first quarter of1990. The quarterly turnover ratio was 4.3 in the third quarter of 1997 compared to 2.6 in the firstquarter of 1990 (see Chart 5).

The significant growth in the trading volume and turnover ratios in the repo market over the past twoyears provides further evidence of an extremely efficient Canadian government securities market.Since the first quarter of 1994, the total quarterly turnover for Government of Canada bond repos hasincreased from $2,194 billion to about $6,060 billion in the third quarter of 1997. Furthermore, thequarterly turnover ratio for bond repos is currently at 20 from about 11 in early 1994 (see Chart 6).The Treasury bill repo market is slightly less active than the bond repo market; nevertheless, it is quiteefficient with total quarterly turnover in the third quarter of 1997 at $731 billion and a quarterlyturnover ratio of 6.3 (see Chart 7).


Trading volume is total trading volume in each quarter.Turnover ratio = total trading volume in each quarter/stock.Source: Bank of Canada.

1,400 8

6

4

2

0

1,200

1,000

800

600

400

200

01990Q1

1991Q1

1992Q1

1993Q1

1994Q1

1995Q1

1996Q1

1997Q1

billions of C$

Trading volume(left scale)

Turnover ratio(right scale)

Chart 4Government of Canada Treasury BillsTrading Volume and Turnover Ratio

billions of C$




1990Q1

1991Q1

1992Q1

1993Q1

1994Q1

1995Q1

1996Q1

1997Q1

2

200

400

600

800

1,000

1,200

1,400

1,600 6

5

4

3

2

1

0

Chart 5Government of Canada BondsTrading Volume and Turnover Ratio

1994 Q1 1995 Q1 1996 Q1 1997 Q10

1,000

2,000

3,000

4,000

5,000

7,000

6,000

5

10

15

20


billions of C$



Chart 6Government of Canada Bond ReposTrading Volume and Turnover Ratio

1994 Q1 1995 Q1 1996 Q1 1997 Q10

1

2

3

4

5

6

7

0

100

200

300

400

500

600

700

800

900


billions of C$



Chart 7Government of Canada Treasury Bill ReposTrading Volume and Turnover Ratio

Federal Debt Programs

The federal government uses a variety ofinstruments to fund its operations. Details of eachdebt program are presented in the following pages.

Composition of Federal Market Debt

At November 30, 1997, outstanding market debtwas comprised of $284.1 billion of fixed-couponnominal bonds, $8.9 billion of Real ReturnBonds (RRBs), $116.4 billion of Treasury bills,$21.7 billion of foreign currency-denominatedsecurities, and $31.5 billion in retail debt(see Table 2).

The 65-per-cent fixed-rate target has led to asignificant change in the composition of thefederal debt and, consequently, a significantchange in the average term-to-maturity of federalmarket debt.

At November 30, 1997, Canadian dollarfixed-coupon marketable bonds made up61 per cent of market debt. This is a significantchange from the 44-per-cent share atMarch 31, 1990 (see Chart 8).

The average term-to-maturity of federalmarketable debt (market debt excluding retaildebt) rose from 4.8 years in March 1995 to5.5 years in March 1997 and 5.75 years inNovember 1997 (see Chart 9).

11

Table 2

Composition of federal market debt (at November 30, 1997)

(billions of C$)C$-DenominatedFixed-coupon bonds 284.1RRBs 8.9 1

Treasury bills 116.4Retail debt 31.5

Foreign-Currency DenominatedCanada Bills 7.7Foreign bonds 11.6Canada Notes 1.8Euro medium-term notes 0.6Total 462.6

of which is cross-currency swaps 2.8

1 Does not include the CPI adjustment so far thisfiscal year.

Chart 8Changes in the Composition of Market Debt

per cent of market debt

0

10

20

30

40

50

60

March 1990

Fixed-coupon bonds

RRBs

Retail debt

Foreign-currency debt

T-bills

March 1996 November 1997

70

Chart 9Average Term-to-Maturityof Marketable Debt

years

0

1

2

3

4

5

6

90:Q1 92:Q1 94:Q1 96:Q1 Nov.97

7

Domestic Debt Programs

Fixed-Coupon Marketable Bonds

Fixed-coupon marketable Government of Canadabonds are issued in Canadian dollars and payinterest semi-annually. The outstanding stock ofthese bonds was $284.1 billion at the end ofNovember 30, 1997, representing the largestcomponent (61 per cent) of the federalgovernment’s outstanding market debt.

The distribution of the outstanding stock offixed-coupon marketable bonds is shown belowin Table 3.

Real Return Bonds (RRBs)

In November 1991, the government introduced aprogram of Real Return Bonds whose return islinked to changes in the Consumer Price Index(CPI). This instrument represents cost-effectivediversification of the marketable bond programfor the government as the implied real rates oncomparable nominal bonds generally exceed thereal rate offered on RRBs. Real Return Bondsalso have value for institutional investors whoselong-term liabilities are related to the rate ofinflation and for retail investors, principally fortheir RRSPs.

At November 30, 1997, the outstanding stock ofRRBs was $8.9 billion (not including the CPIadjustment for the current fiscal year), includingtwo issues of RRBs in the April to November 1997period for a total of $900 million. The program for1997-98 incorporates four RRB issues having atotal issuance target of around $2 billion. RRBs areissued via quarterly single-price auctions.

Treasury Bills

Treasury bills with terms to maturity of three, sixand 12 months are now offered on a bi-weeklybasis. Prior to September 1997, Treasury bills wereauctioned on a weekly basis. Cash managementbills of shorter maturity than typical Treasury billsare issued from time to time to facilitate themanagement of the government’s cash balances.

The Treasury bill stock has declined sharply overthe first eight months of the fiscal year as thegovernment has entered a period of financialsources. The Treasury bill stock at November 30,1997 was $116.4 billion compared to $135.4 billionat March 31, 1997.

Retail Debt

Canada’s retail debt program is managed by CI&S,a special operating agency within the Departmentof Finance.

There are currently two investment productswithin the retail debt program: CSBs which can beheld within or outside RRSPs, and a new CanadaRRSP Bond. The Canada RRSP Bond featureslonger-term pricing, but with less liquidity.

CSBs are offered for sale by most Canadianfinancial institutions for a limited time in the fall.The 1997 CSB campaign was successful, withgross sales amounting to $4.9 billion.

Foreign Currency Debt Programs

Strategy

Canada borrows in foreign currencies to raiseforeign exchange reserves for the Exchange FundAccount (EFA). The EFA is a pool of assets thatthe Bank of Canada uses from time to time onbehalf of the government to promote order andstability of the Canadian dollar in the foreignexchange market. Foreign exchange reserves arealso held for general liquidity purposes.

The Minister of Finance announced in the1996 budget that Canada’s foreign exchangereserves would be raised modestly to account forhigher flows in exchange markets and to bringCanada in line with other sovereigns. As ofNovember 30, 1997, foreign-currency debt stood atUS$15.6 billion. Including cross-currency swaps of


Table 3

Outstanding fixed-coupon marketable bonds(at November 30, 1997)

billions of C$0-2 years 72.32-5 years 79.45-10 years 72.710-30 years 59.7

Total 284.1

domestic bonds, foreign-currency liabilitiestotalled US$17.6 billion at November 30, 1997.Canada’s foreign-currency debt currently amountsto about 5 per cent of its outstanding marketdebt (see Table 4 for the composition offoreign-currency liabilities).

Canada is a relatively scarce name in foreign debtmarkets, adding “rarity value” to Canadian issuesin currencies other than the Canadian dollar.Limited reserve requirements allow Canada to beselective about the timing and size of its foreigndebt issuance depending on market conditions.

The major objectives of Canada’s reserve programare to raise adequate reserves, minimize the costof carrying reserves, immunize foreign exchangeand interest rate risk, and prudently managerefinancing risk. The government raises funds ata variety of maturities, and has developed a broadinvestor base.

Sources of Funds

The government raises foreign exchange reservesthrough a growing variety of flexible alternatives.Funding sources include the issuance ofshort-term debt through the Canada Bills andCanada Notes programs in the U.S. domestic

market, longer-term fixed and floating rate bondsin the Euro and Global bond markets, a Euromedium-term note program (EMTN),and cross-currency swaps of domestic bonds.

In March 1997, Canada launched its EMTNprogram. The program diversifies the sourcesof cost-effective funding for Canada’s foreignexchange reserves. Notes issued under the newprogram can be denominated in a range ofcurrencies and structured to meet investordemand. Obligations are swapped to U.S. dollars,the primary currency held in the foreign exchangereserves. To date, the federal government hasexecuted four transactions under the EMTNprogram:

■ in July, a US$450 million 51⁄2-per-cent five-yearbond due January 30, 2001 which was sold toJapanese retail investors (US$50 million wasretired in September 1997);

■ in July, a Japanese yen 5 billion Australiandollar 3.30-per-cent reverse dual currency10-year note (payment of principal is made inJapanese yen, while interest payments aremade in Australian dollars) due January 31,2008 which was sold to Japanese institutions;

■ in November, a Danish Kroner 500 million51⁄2-per-cent seven-year bond dueDecember 22, 2004 which was sold toEuropean retail investors; and

■ in November, a US$30 million deepdiscount 4.0-per-cent 10-year note dueNovember 19, 2007 which was sold toJapanese institutional investors.

Since March 31, 1997, the federal governmenthas also issued two global bonds, helping torefinance a US$2.0 billion Euro bond thatmatured on July 7, 1997:

■ in July, a US$1.0 billion 61⁄8-per-cent five-yearglobal bond due July 15, 2002; and

■ in October, a New Zealand $500 million65⁄8-per-cent 10-year global bond dueOctober 3, 2007.

The government also used cross-currency swapsto raise additional reserves. In September, thegovernment entered into a currency swap ofC$347.5 million for US$250 million, maturingon September 3, 2002.

13

Table 4

Foreign currency liabilities(as at November 30, 1997)

billions of US$Canada Bills 5.5Canada Notes 1.3Floating Rate Note 2.0

LIBOR-25bps, due 15 February 1999Global Bonds

61⁄2% US$ bonds due 30 May 2000 1.561⁄2% US$ bonds due 30 May 2001 1.061⁄8% US$ bonds due 15 July 2002 1.063⁄8% US$ bonds due 21 July 2005 1.563⁄4% US$ bonds due 28 August 2006 1.065⁄8% NZ$ bonds due 3 October 2007 0.3

Euro medium-term notes 0.5Total foreign-currency debt* 15.6Cross-currency swaps 2.0Total foreign-currency liabilities 17.6* may not add due to rounding

Distribution of Holdingsof Government ofCanada Debt

Domestic Holdings

Life insurance companies and pension funds, andchartered banks remain the sectors with thelargest holdings of Government of Canadamarket debt (see Chart 10).

The share of market debt held by persons andunincorporated businesses has fallen almost20 percentage points since 1990 from a share of33 per cent to 14 per cent at the end of 1996.

This has been mirrored by an increase in the shareof market debt held by chartered banks, and bypublic and other financial institutions (primarilymutual funds). Chartered banks’ share of holdingsof market debt has increased from 9.5 per cent in1990 to 21.5 per cent in 1996.

Bonds and bills held by public and other financialinstitutions also increased sharply over the1990-1996 period – from 10.6 per cent to20 per cent. Much of the increase in the share ofmarket debt held by public and other financialinstitutions can be attributed to a significantincrease in mutual funds’ holdings – their holdingsof bills increased 46 per cent in 1996, while theirholdings of bonds rose 28 per cent.

Reference Table IV shows the evolution of thedistribution of domestic holdings of Governmentof Canada debt over the past 20 years.


Chart 10Distribution of Domestic Holdings of Government of Canada Market Debt, 1996

Total: $349 billion at December 31, 1996*Includes investment dealers, mutual funds, fire and casualty insurance companies, sales, finance and consumer loan companies,accident and sickness branches of life insurance companies, other private financial institutions (not elsewhere included), federal publicfinancial institutions, and provincial financial institutions.

Source: Statistics Canada, The National Balance Sheet Accounts

Public & otherfinancial institutions*

20%

Persons,unincorporated

businesses14%

All levelsof government

6% Non-financialcorporations3%

Bank of Canada7%

Quasi banks3%

Life insurance,pension funds

26%

Charted banks21%

Non-Resident Holdings

Non-resident holdings of the Government ofCanada's market debt are estimated to be$118.3 billion at the end of March 1997, down$3.1 billion from a year earlier. Non-residentholdings represented 25 per cent of theGovernment of Canada's total market debt atthe end of 1996-97, up from the 15-per-centshare at the end of 1986-87, but down fromthe peak level of 28 per cent in 1992-93(see Chart 11).

Non-residents holdings of bonds represented19 per cent of Government of Canada market debtat the end of 1996-97, up 0.8 percentage pointsfrom its share at the end of 1995-96. Non-residentholdings of bills amounted to 5.9 per cent of totalmarket debt at March 31,1997, down almost2 percentage points from its share of 7.8 per centone year earlier. In 1996-97, non-resident holdingsof Government of Canada marketable bondsincreased by $5.5 billion. Non-resident holdingsof bills (Treasury bills and Canada Bills)declined by $8.6 billion over the fiscal year(see Reference Table V).

15

Chart 11Non-Resident Holdings of Government of Canada Debt

Source: Statistics Canada, Canada's International Transactions in Securities

per cent of total market debt

1985-86

Bonds

Bills

1987-88 1989-90 1991-92 1993-94 1995-96

30

25

20

15

10

5

0


Results of 1996-97Government of Canada DebtManagement Operationsand Cash Management

Overview

For 1996-97, the federal government recorded afinancial surplus (excluding foreign exchangetransactions) of $1.3 billion. Taking into accountforeign exchange transactions, financialrequirements were $6.5 billion.

The 1996-97 debt program's emphasis on longer-term financing increased the proportion of theoutstanding stock of federal debt at fixed ratesfrom 57 per cent to 62 per cent during the fiscalyear. The increase was facilitated by fallingfinancial requirements and was consistent withthe government's fixed-rate target of 65 per cent.The debt program for 1996-97 is set out in Table 5.

Domestic Debt

Fixed-Coupon Marketable Bonds

Net new issuance of fixed-coupon marketablebonds during the year totalled $27.9 billion(gross issuance less maturing issues), bringingthe stock outstanding of marketable bonds to$274.5 billion as at March 31, 1997. In view of the

government’s objective to increase the fixed-rateshare of the gross debt, the bond program wasreduced only modestly through the year asfinancial requirements came in below forecast.

In 1996-97, $12.0 billion of two-year bonds,$11.1 billion of three-year bonds, $13.3 billion offive-year bonds, $11.8 billion of 10-year bondsand $5.8 billion of 30-year bonds were issued.The average term-to-maturity (ATM) of thefixed-coupon bond program for the year was8.0 years which had the result of lengtheningthe ATM of the marketable debt stock over theyear from 5.0 to 5.5 years.

Real Return Bonds (RRBs)

Issuance of RRBs in 1996-97 totalled $1.7 billionthrough four issues, bringing the level outstandingof RRBs to $8.0 billion as at March 31, 1997(includes $0.2 billion in CPI adjustment).Issuance in 1996-97 exceeded the $1.35 billionissued in 1995-96.

Treasury Bills

The stock of outstanding Treasury billsdecreased by $30.7 billion during the 1996-97fiscal year to a level outstanding of $135.4 billionat March 31, 1997. Reduced issuance of Treasurybills reflected the lower-than-expected financialrequirements for the year – the most flexibleportion of the debt program to deal with intra-yeardevelopments is the Treasury bill program. Inorder to help enhance the liquidity of Treasurybills in the face of reduced bill issuance, thegovernment introduced in July 1996 fungible6-month Treasury bills which are issued oneweek and then reopened at the next auction.The change was similar to the introduction in1993 of fungible 1-year Treasury bills.

Canadian Dollar Interest

Rate Swaps

No new domestic interest rate swaps wereentered into to raise domestic floating ratefunding in 1996-97.

Retail Debt

Gross CSB sales during the 1996 campaign were$5.7 billion. The net increase in retail debt during1996-97 was $2.0 billion.

Table 5

Fiscal 1996-97 debt program(billions of C$)

Stock at Net new Stock at31/03/96 securities 31/03/97

Bonds 246.6 27.9 274.5

RRBs 6.11 1.7 8.0 1

Treasury bills 166.1 -30.7 135.4

Retail debt 30.5 2.0 32.5

Total domestic 449.3 0.9 450.4 1

Foreign debt 16.8 6.2 23.0

Total market debt 466.1 7.1 473.4 1

1 Includes CPI adjustment of $0.2 billion

17

Foreign-Currency Debt

As of March 31, 1997, foreign-currency liabilitiesstood at US$18.4 billion – US$16.6 billion inforeign-currency debt and US$1.8 billion incross-currency swaps (or equivalently,C$23.0 billion in foreign-currency debt andC$2.4 billion in cross-currency swaps). Foreign-currency debt outstanding consisted of CanadaBills, Canada Notes, a US$2.0 billion Floating RateNote, and marketable bonds. Canada also obtainsforeign-denominated funding throughcross-currency swaps on domestic bonds.Cross-currency swaps outstanding at March 31totalled US$1.8 billion (see Table 6 forcomposition of foreign currency liabilities).

Canada Bills

Consistent with the government’s decision in the1996 budget to raise the level of foreign exchangereserves, the level of outstanding Canada Billsincreased from US$5.1 billion to US$6.1 billionduring 1996-97.

Canada Notes

The stock of outstanding U.S. medium-termnotes, which the government began to issue inMarch 1996, increased from US$0.2 billion toUS$1.5 billion during 1996-97.

Foreign Currency-

Denominated Bonds

As of March 31, 1997, Canada had US$7.0 billion infixed-rate bonds and a US$2.0 billion Floating RateNote outstanding. US$2.0 billion of fixed-ratebonds were issued in the 1996-97 fiscal year.

The US$2.0 billion of fixed-rate bonds issued in1996-97 consisted of two global bonds.

■ On May 30, 1996, Canada issued aUS$1.0 billion 61⁄2-per-cent five-year global dueMay 30, 2001. The issue was well received bya broad, global investor base, which allowed itto be priced at 14 basis points overU.S. Treasuries.

■ On August 28, 1996, Canada issued aUS$1.0 billion 63⁄4-per-cent 10-year global dueAugust 28, 2006. The issue was priced at29 basis points over U.S. Treasuries andwas positively received by the market.

The issues, which featured Canadian firms(RBC Dominion Securities for the five-year issueand ScotiaMcLeod for the 10-year issue) as jointlead and bookrunner, represented a major stepforward in the usage of Canadian firms in theGlobal bond syndicate. In the second issue,Canadian firms were allocated over 30 per centof the bonds.

Cross-Currency Swaps

In addition to the bond issues, the governmententered into two cross-currency swaps inDecember 1996 to raise an additionalUS$1.0 billion in foreign exchange reserves atattractive funding levels. Cross-currency swapsof domestic obligations are an alternative to bondissues as a means of meeting the government'stargets for longer-term foreign currency funding.

These swaps brought the total amount of cross-currency swaps outstanding as of March 31, 1997to US$1.8 billion.

The Management of the

Government’s Cash Balances

The main priority in managing cash balances is toensure that the government has sufficient cash tomeet its operating requirements. This requirescareful forecasting and monitoring of the dailyflows, as well as an ongoing borrowing program torefinance maturing debt and to maintain thebalances at the targeted level. There is inherentuncertainty in forecasting daily changes in cashbalances, owing to the scope of the government’sfinancial operations, the operations of the Bank ofCanada, and the volatility of markets. This meansthat an adequate level of cash balances must bemaintained at all times.

Table 6

Foreign currency liabilities(at March 31, 1997)

billions of US$

Canada Bills 6.1

Canada Notes 1.5

Floating Rate Note 2.0

Global bonds 7.0

Cross-currency swaps 1.8

Total 18.4

All cash balances are invested directly withclearing members of the CPA, as either term ordemand deposits, through an auction process. Inorder to earn competitive market rates of return,balances in excess of daily operating requirementshave been auctioned to direct clearers as termdeposits since 1986. In 1989, the auction formatwas extended to demand deposits.

The level of the government’s daily cash balances(term and demand) averaged $5.7 billion in fiscal1996-97, slightly lower than the average daily cashbalance of $6.0 billion in 1995-96 (see Chart 12for composition of the government’s cashbalances in 1996-97).

As previously mentioned, cash balances areinvested in the market. Term deposits, typicallyfor terms ranging between one and seven days,averaged $5.3 billion, $100 million lower than theprevious fiscal year. Earnings on term balancesaveraged 3.89 per cent, lower than the average of6.19 per cent in the prior year but reflecting thedecline in the call loan rate from 6.60 per cent to3.92 per cent. Average demand balances, at$365 million, were $198 million lower than in1995-96 and earned 2.99 per cent (compared to4.66 per cent the previous year).


Chart 12Average Level of Government of Canada Cash Balances, Fiscal Year 1996-97

Government term deposits93.4%

Governmentdemand balances

6.4%

Government balancesat Bank of Canada0.2%


19

Annex 1

Government of Canada Market Debt Instruments

Fixed-Coupon Marketable bonds

Effective October 1995, Government of Canada marketable bonds are issued in Global Certificate formonly whereby a global certificate for the full amount of the bonds is issued in fully registered form in thename of CDS & Co., a nominee of the Canadian Depository for Securities Limited (CDS). The bonds mustbe purchased, transferred, or sold directly or indirectly through a participant of the Debt Clearing System(DCS) operated by CDS and only in integral multiples of $1,000 (face value). Prior to December 1993,Government of Canada bonds were issued in coupon bearer and fully registered form, and were availablein denominations ranging from $1,000 to $1,000,000. Between December 1993 and September 1995,Government of Canada bonds were only issued in fully registered form. With the exception of the3.75-per-cent bonds maturing March 15, 1998, all Canadian dollar marketable bonds are non-callable.All Canadian dollar marketable bonds pay a fixed rate of interest semi-annually.

Issues of government bonds are sold via public tender, with the Bank of Canada acting as the government’sfiscal agent, to primary distributors made up of securities dealers that operate in Canada and are membersof the Investment Association of Canada, and a small number of Canadian chartered banks. These sales arevia multiple-price auction.

Government of Canada Real Return Bonds (RRBs)

Government of Canada Real Return Bonds pay semi-annual interest based upon a real interest rate. Unlikestandard fixed-coupon marketable bonds, interest payments on Real Return Bonds are adjusted for changesin the Consumer Price Index (CPI). The CPI, for the purposes of RRBs, is the all-items CPI for Canada, notseasonally adjusted, published monthly by Statistics Canada. The semi-annual nominal coupon payments arecalculated as follows:

coupon paymenti = real coupon rate/2 * (principal+ inflation compensationi)

where inflation compensationi = ((principal * reference CPIi/reference CPIbase) - principal)

Reference CPI for the first day of any calendar month is the CPI for the third preceding calendar month.The reference CPI for any other day in a month is calculated by linear interpolation between the referenceCPI applicable to the first day of the month in which such day falls and the reference CPI applicable to thefirst day of the month immediately following. The reference CPIbase for a series of bonds is the referenceCPIi applicable to the original issue date for the series.

At maturity, bondholders will receive, in addition to a coupon interest payment, a final payment equal to thesum of the principal amount and the inflation compensation accrued from the original issue date; i.e.

final payment = principal + ((principal * reference CPImaturity/reference CPIbase) - principal)

These bonds must be purchased, transferred, or sold directly or indirectly through a participant of theDCS and only in integral multiples of $1,000 (face value). New issue distribution is through single-priceauction to primary distributors.


Canada Savings Bonds (CSBs)

CSBs are currently offered for sale by most Canadian financial institutions for a limited time in the fall ofeach year. To facilitate their purchase, many Canadians elect to purchase CSBs through payroll deductions.

Except in certain specific circumstances, Canada Savings Bonds can only be registered in the name ofresidents of Canada, and are available in both regular interest and compound interest forms.Denominations range from $100 to $10,000; all CSBs are non-callable and, except in certain limitedcircumstances, non-transferable.

CSBs pay a competitive rate of interest which is guaranteed for one or more years. They may be cashed atany time and, after the first three months, pay interest up to the end of the month prior to encashment.

Canada RRSP Bond

The Canada RRSP Bond is a new retail investment and savings product introduced by the Government ofCanada in 1997.

The Canada RRSP Bond has guaranteed annual interest rates for 10 years; it can be redeemed early oncea year with no loss in value or reduction in interest; and it earns interest daily from purchase date toissue date.

Treasury Bills

Effective November 1995, all new issues of Treasury bills are issued is Global Certificate form only wherebya global certificate for the full amount of the Treasury bills is issued in fully registered form in the name ofCDS & Co., a nominee of the Canadian Depository for Securities Limited (CDS). Treasury bills must bepurchased, transferred, or sold directly or indirectly through a participant of the Debt Clearing System(DCS) operated by CDS and only in integral multiples of $1,000 (face value). Prior to November 1995,Treasury bills were issued in bearer form, and were available in denominations ranging from $1,000to $1,000,000.

Treasury bills are sold by public tender on a discount basis to primary distributors of Government of Canadasecurities. Treasury bills with terms to maturity of three, six, or twelve months are currently auctioned on abi-weekly basis, generally on Tuesday for delivery Thursday. Under the bi-weekly issuance pattern, new3-month (98 days) Treasury bills are issued at each bi-weekly auction. New 6- and 12-month Treasury billsare offered in the same week and then reopened once at the next regular auction two weeks later.

Cash Management Bills (CMBs) are also periodically issued by the Government of Canada. CMBs areTreasury bills with maturities of less than three months (they can be as short as one day) used as a source ofshort-term financing for the government. CMB auctions can take place on any business day, typically fornext-day delivery, but on some occasions for same-day delivery.

Canada Bills

Canada Bills are promissory notes denominated in U.S. dollars and issued only in book-entry form. Theymature not more than 270 days from their date of issue and are discount obligations with a minimum ordersize of U.S. $1,000,000 and a minimum denomination of U.S. $1,000. Delivery and payment for Canada Billsoccur in same-day funds through Chase Manhattan Bank in New York City.

Primary distribution of Canada Bills occurs through five issuing agents in New York: RBC DominionSecurities Inc., CIBC Wood Gundy Inc., Goldman, Sachs & Co., Lehman Brothers and CS First Boston.Rates on Canada Bills are posted daily, for terms of one to six months.

Canada Bills are issued for foreign exchange reserve funding purposes only.

21

Canada Notes

Canada Notes are promissory notes usually denominated in U.S. dollars and available in book-entry form.Canada Notes are issued in denominations of U.S. $1,000 and integral multiples thereof. At present, theaggregate principal amount outstanding issued under the program is limited to U.S. $3.0 billion. Notes canbe issued for terms of nine months or longer, and can be issued at a fixed or a floating rate. Notes are usuallydenominated in U.S. dollars, and the payments of principal and interest on notes are made in U.S. dollars.

The interest rate or interest rate formula, the issue price, stated maturity, redemption or repaymentprovisions, and any other terms are established by Canada at the time of issuance of a note and will beindicated in the Pricing Supplement. Delivery and payment for Canada notes occur through the Bank ofMontreal Trust Company in New York City.

The notes are offered on a continuous basis by Canada through five dealers in New York: Nesbitt Burns Inc.,Scotia Capital Markets USA Inc., Goldman, Sachs & Co., CS First Boston and Lehman Brothers. Canada mayalso sell notes to other dealers or directly to investors.

Canada Notes are issued for foreign exchange reserve funding purposes only.

Euro Medium-Term Notes (EMTNs)

EMTNs are medium-term notes issued outside the United States and Canada. EMTNs can be issued withfixed or floating interest rates, include embedded options, make coupon payments in one currency and theprincipal payment in another currency, and maturities can range from short-term to long-term. CanadaEMTNs are sold either by dealers in the dealer group, or by dealers who are not in the dealer group but whoare acting as Canada’s agent for the particular transaction (called reverse inquiry). Canada EMTNs are soldon a bought-deal basis (i.e. the dealer purchasing EMTNs from Canada is responsible for the sale of thenotes), and are sold on an intermittent basis.

The Arranger for Canada’s EMTN program is Morgan Stanley & Co. International. The London-based dealergroup includes CIBC Wood Gundy Inc., Daiwa Europe Limited, Deutsche Morgan Grenfell, Goldman SachsInternational, J.P. Morgan Securities Ltd., Merrill Lynch International, Morgan Stanley & Co. International,Nomura International, RBC Dominion Securities Inc. and UBS Limited.

The EMTN program further diversifies the sources of cost-effective funding for Canada’s foreign exchangereserves. Notes issued under this program can be denominated in a range of currencies and structured tomeet investor demand.


Annex 2

Primary Distribution in Canada

In the distribution of its domestic marketable debt, the Government of Canada transacts through a group offinancial intermediaries known as primary distributors.

There are at present some 30 firms which participate in the primary distribution of bonds and Treasury bills.Investment dealers incorporated in Canada, banks and any non-bank member of the Canadian PaymentsAssociation that holds a settlement account at the Bank of Canada are eligible for primary distributor status.Investment dealers must be licensed by a provincial securities commission and be members of theInvestment Dealers Association. Banks are regulated by the Office of the Superintendent of FinancialInstitutions. Other eligible deposit-taking institutions must be regulated by the Office of the Superintendentof Financial Institutions or be subject to provincial oversight. The list of primary distributors has evolvedover time. Additions to and deletions from the list of firms allowed to bid at auctions are made only after asustained evaluation of a firm’s performance over an extended period of time.

In order to be eligible as a primary distributor, a firm must meet certain reporting, performance anddistribution criteria set by the Bank of Canada in its role as the government’s fiscal agent.

Those primary distributors active in both bond and Treasury bill markets may apply to become Bank ofCanada jobbers. This is the core group of market makers that the Bank deals with in its monetary policyoperations and, since they are the largest firms, they are also the dominant group among the primarydistributors.

Jobbers have a number of responsibilities in addition to those of primary distributors. They are expected tobid at every Treasury bill and bond auction so as to provide coverage of auctions as a group, to consistentlymake markets in Treasury bills and bonds to a broad customer base, and to provide the Bank of Canada withassessments of market conditions, weekly statistical reports and audited financial statements.

Primary distributors, including jobbers, have bidding limits for Treasury bill and bond auctions. The biddinglimits are assigned at the discretion of the Government of Canada. Currently, jobbers may submit bids for amaximum of 331⁄3 per cent of each tranche of a Treasury bill auction and 20 per cent of the total amountof bonds tendered at auctions (maximum bid is 25 per cent in the case of Real Return Bond auctions).All other primary distributors may also submit bids up to a maximum of 331⁄3 per cent of each trancheof a Treasury bill auction. However, the bidding limits for Government of Canada bonds vary by primarydistributor depending on their relative activity in the primary and secondary markets for these securities.

Jobbers are eligible to enter into Special Purchase and Resale Agreements in Governement of Canadasecurities (SPRAs) up to an assigned limit, at the Bank Rate at the initiative of the Bank of Canada.Investment dealer jobbers also have a regular Purchase and Resale (PRA) dealing limit with the Bank ofCanada, in the same securities, at Bank Rate, that they may enter into at their own initiative.

Deposit-taking jobbers who have a settlement account with the Bank of Canada do not have a regularPRA limit since they have access to secured advances from the Bank.

Source: Bank of Canada

23

Annex 3

Selected News Service Pages of Interest to Government of Canada

Debt Market Participants

Bloomberg

WCR – Exchange ratesPXCA – Government of Canada benchmark bondsPXCB – Government of Canada bondsCND – Summary page of benchmark Canadian securities

Dow Jones Telerate

261 – Exchange rates 3105 – U.S./Canada capital markets3109 – Quarterly bond auction schedule3110 – Latest marketable bond auction results3111 – Treasury bill auction results3112 – Cumulative excess settlement balances/overnight rate3114 – Government of Canada domestic interest rate swaps3143 – Multicontributor page – Government of Canada bonds3144 – Multicontributor page – Government of Canada Treasury bills3159 – Canadian yield curve/spread differentials to U.S.3190 – Canadian money markets3193 – Cash management bill auction results3195 – Latest RRB auction results3196 – Government of Canada and provincial government bonds3197 – 10:00 a.m. fixing – Canadian BA rates3198 – 10:00 a.m. fixing – Government of Canada Treasury bills9728 – 10:30 a.m. Bank of Canada jobber averages – money market instruments27455 – 10-year CGB futures (Montreal Exchange)27456 – BAX futures (Montreal Exchange)27458 – 10-year bond cheapest-to-deliver (CGB futures) implied repo rate

Reuters

WRLD – Exchange ratesBOFC – Canadian dollar exchange ratesCRRBONDS – Benchmark Government of Canada bonds and money marketCAACTIVE= <F3> – Government of Canada bonds and Treasury billsCDMM – Canadian money marketsCDBN – Canadian bondsCABONDT – U.S./Canada capital marketsCDOR – 10:00 a.m. fixing – Canadian BA ratesCDOS – 10:00 a.m. fixing – Canadian Treasury bill ratesFPRH – Swap quotesBAX <F3> – BAX futures (Montreal Exchange)BAR <F3> – BAR futures (Montreal Exchange)

Department of Finance Home Page Internet Address

http://www.fin.gc.ca

Bank of Canada Home Page Internet Address

http://www.bank-banque-canada.ca

Reference Tables

I Gross public debt, outstanding market debt, and debt charges

II Government of Canada outstanding market debt

III Average weekly domestic market trading in Government of Canada securities, April 1996 to March 1997

IV Distribution of domestic holdings of Government of Canada securities

V Non-resident holdings of Government of Canada debt

VI Fiscal 1996-97 Treasury bill program

VII Fiscal 1996-97 Canadian-dollar marketable bond program

VIII Outstanding Government of Canada Canadian-dollar marketable bonds as at March 31, 1997

IX Government of Canada swaps outstanding as at March 31, 1997

X Canada Savings Bonds, fiscal 1982-83 to fiscal 1996-97

XI Crown corporation borrowings


25

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,645

18,0

3650

,477

181

00

850

01,

031

51,5

80

1978

-79

13,5

3526

,988

19,4

4359

,474

3,31

90

02,

782

1,11

57,

216

66,5

44

1979

-80

16,3

2533

,387

18,1

8267

,407

3,31

20

035

91,

030

4,70

172

,908

1980

-81

21,7

7040

,976

15,9

6678

,531

3,23

60

035

51,

046

4,63

783

,002

1981

-82

19,3

7543

,605

25,1

0887

,912

3,86

70

00

550

4,41

793

,013

1982

-83

29,1

2548

,473

32,7

5311

0,18

24,

872

00

036

25,

234

116,

391

1983

-84

41,7

0056

,976

38,4

0313

6,91

44,

306

00

510

398

5,21

414

2,71

2

1984

-85

52,3

0069

,354

42,1

6716

3,72

34,

972

00

1,90

91,

172

8,05

317

2,51

4

1985

-86

61,9

5081

,163

44,6

0718

7,62

49,

331

00

2,23

32,

247

13,8

1120

0,78

4

1986

-87

76,9

5094

,520

43,8

5421

5,23

09,

120

1,04

50

02,

047

12,2

1222

6,81

5

1987

-88

81,0

5010

3,89

952

,558

237,

507

8,43

81,

045

00

2,25

711

,740

248,

317

1988

-89

102,

700

115,

748

47,0

4826

5,49

66,

672

1,13

10

093

48,

737

273,

296

1989

-90

118,

550

127,

681

40,2

0728

6,43

94,

364

1,44

60

00

5,81

029

1,49

0

1990

-91

139,

150

143,

601

33,7

8231

6,53

23,

555

1,00

80

00

4,56

332

0,41

1

1991

-92

152,

300

158,

059

35,0

3134

5,38

93,

535

00

00

3,53

534

8,38

4

1992

-93

162,

050

178,

436

33,8

8437

4,37

02,

926

2,55

20

00

5,47

837

9,23

6

1993

-94

166,

000

203,

373

30,8

6640

0,23

85,

019

5,64

90

00

10,6

6841

0,47

8

1994

-95

164,

450

225,

513

30,7

5642

0,71

97,

875

9,04

60

00

16,9

2143

7,51

0

1995

-96

166,

100

252,

411

30,8

0144

9,31

39,

514

6,98

631

00

016

,810

466,

069

1996

-97

135,

400

282,

059

32,9

1145

0,37

012

,460

8,43

62,

121

00

23,0

1747

3,38

7

1S

ubca

tego

rizat

ion

of G

over

nmen

t of C

anad

a de

bt is

in a

ccor

danc

e w

ith B

ank

of C

anad

a re

port

s, w

hich

may

var

y sl

ight

ly fr

om p

ublic

acc

ount

s ca

tego

ries

due

todi

ffere

nces

in c

lass

ifica

tion

met

hods

. The

tota

l out

stan

ding

mar

ket d

ebt m

ay n

ot e

qual

the

sum

of t

he p

arts

due

to s

light

diff

eren

ces

betw

een

the

Ban

k of

Can

ada’

s an

d th

eD

epar

tmen

t of F

inan

ce’s

num

bers

.

Sou

rce:

Ban

k of

Can

ada

Rev

iew

, Dep

artm

ent o

f Fin

ance

.

27

Ref

eren

ce T

able

III

Ave

rag

e w

eekl

y d

om

estic

mar

ket

trad

ing

in G

ove

rnm

ent

of

Can

ada

secu

ritie

s, A

pri

l 199

6 to

Mar

ch 1

997

Mar

keta

ble

bo

nds

3 ye

ars

Rea

l Ret

urn

Tre

asur

y b

ills

and

und

er3

to 1

0 ye

ars

Ove

r 10

yea

rsB

ond

sT

ota

lT

ota

l

(milli

ons

of d

olla

rs)

Apr

il 19

9682

,926

26,3

4736

,168

10,4

4721

573

,177

156,

103

May

199

687

,784

22,4

7638

,648

12,8

7548

074

,479

162,

263

June

199

684

,543

32,2

5038

,244

11,6

5816

882

,320

166,

863

July

199

676

,747

28,8

9135

,242

10,8

7185

75,0

8815

1,83

5

Aug

ust 1

996

77,8

2242

,188

41,9

5813

,639

325

98,1

1017

5,93

2

Sep

tem

ber

1996

85,7

6745

,022

37,6

4915

,820

246

98,7

3518

4,50

2

Oct

ober

199

680

,859

43,5

8242

,821

28,3

7624

611

5,02

519

5,88

4

Nov

embe

r 19

9666

,272

36,5

5738

,267

33,3

1840

210

8,54

317

4,81

5

Dec

embe

r 19

9664

,999

39,0

5242

,060

15,4

3328

896

,832

161,

831

Janu

ary

1997

58,7

9532

,551

38,3

3012

,100

220

83,2

0114

1,99

6

Febr

uary

199

756

,275

41,5

6147

,638

17,1

3827

610

6,61

316

2,88

8

Mar

ch 1

997

56,0

8156

,788

38,9

4014

,640

460

110,

827

166,

908

Sou

rce:

Ban

k of

Can

ada

Rev

iew

.


Ref

eren

ce T

able

IV

Dis

trib

utio

n o

f d

om

estic

ho

ldin

gs

of

Go

vern

men

t o

f C

anad

a se

curi

ties

PA

RT

A –

Tre

asur

y b

ills,

Can

ada

bill

s, b

ond

s1an

d C

anad

a S

avin

gs

Bo

nds

Per

sons

and

Life

Pub

lic a

nd

All

unin

corp

ora

ted

No

n-fin

anci

alB

ank

of

Cha

rter

edQ

uasi

insu

ranc

e an

do

ther

fin

anci

alle

vels

of

Yea

r en

db

usin

ess

corp

ora

tions

Can

ada

ban

ksb

anks

2p

ensi

on

fund

sin

stitu

tions

3g

ove

rnm

ent4

To

tal

(milli

ons

of d

olla

rs)

1976

18,0

0939

58,

331

8,66

671

61,

436

2,38

843

940

,380

1977

20,4

4033

610

,268

9,60

11,

048

2,27

13,

241

709

47,9

14

1978

22,9

1740

312

,001

9,89

61,

537

3,73

74,

160

1,40

156

,053

1979

23,3

0237

613

,656

10,1

561,

684

6,71

64,

267

2,57

262

,729

1980

24,8

6156

115

,858

10,0

022,

771

9,27

45,

726

3,94

873

,001

1981

33,6

8459

817

,100

10,0

032,

452

10,5

695,

515

3,89

883

,819

1982

43,9

792,

255

15,4

2811

,233

3,28

813

,151

8,84

34,

139

102,

316

1983

51,4

405,

518

16,8

5915

,107

5,55

117

,816

10,1

674,

399

126,

857

1984

61,2

447,

006

17,1

8415

,164

4,88

724

,039

12,0

576,

575

148,

156

1985

74,6

097,

413

15,6

6815

,198

5,70

631

,068

15,1

349,

701

174,

497

1986

71,4

156,

270

18,3

7417

,779

7,27

734

,887

18,5

0110

,869

185,

372

1987

83,1

568,

586

20,3

6616

,012

6,40

038

,870

19,5

8713

,604

206,

581

1988

85,4

018,

983

20,6

0621

,115

7,65

742

,460

19,6

7716

,813

222,

712

1989

84,1

1211

,587

21,1

3319

,804

9,85

346

,037

24,4

4817

,398

234,

372

1990

81,1

9812

,456

20,3

2523

,224

10,4

1352

,984

26,0

3819

,146

245,

784

1991

74,7

0911

,718

22,3

7035

,792

12,0

6955

,846

32,2

3421

,246

265,

984

1992

74,6

2713

,787

22,6

0744

,555

12,4

4060

,042

39,2

8618

,891

286,

235

1993

59,9

4310

,473

23,6

2460

,242

11,0

7369

,930

44,8

1920

,040

300,

144

1994

53,7

6312

,154

25,3

3770

,063

10,0

5178

,563

52,1

1323

,868

325,

912

1995

48,2

3812

,148

23,5

9076

,560

10,9

0087

,284

58,8

6922

,099

339,

688

1996

47,3

6510

,758

25,5

5674

,789

10,5

2188

,005

70,2

0421

,821

349,

019

29

Ref

eren

ce T

able

IV (c

ont

’d)

Dis

trib

utio

n o

f d

om

estic

ho

ldin

gs

of

Go

vern

men

t o

f C

anad

a se

curi

ties

PA

RT

B –

Tre

asur

y b

ills,

Can

ada

bill

s, b

ond

s1an

d C

anad

a S

avin

gs

Bo

nds

Per

sons

and

Life

Pub

lic a

nd

All

unin

corp

ora

ted

No

n-fin

anci

alB

ank

of

Cha

rter

edQ

uasi

insu

ranc

e an

do

ther

fin

anci

alle

vels

of

Yea

r en

db

usin

ess

corp

ora

tions

Can

ada

ban

ksb

anks

2p

ensi

on

fund

sin

stitu

tions

3g

ove

rnm

ent4

To

tal5

(per

cen

t)

1976

44.5

90.

9820

.63

21.4

61.

773.

565.

911.

1110

0.00

1977

42.6

60.

7021

.43

20.0

42.

194.

746.

761.

4810

0.00

1978

40.8

80.

7221

.41

17.6

52.

746.

677.

422.

5010

0.00

1979

37.1

50.

6021

.77

16.1

92.

6810

.71

6.80

4.10

100.

0019

8034

.06

0.77

21.7

213

.70

3.80

12.7

07.

845.

4110

0.00

1981

40.1

90.

7120

.40

11.9

32.

9312

.61

6.58

4.65

100.

0019

8242

.98

2.20

15.0

810

.98

3.21

12.8

58.

644.

0510

0.00

1983

40.5

54.

3513

.29

11.9

14.

3814

.04

8.01

3.47

100.

0019

8441

.34

4.73

11.6

010

.24

3.30

16.2

38.

144.

4410

0.00

1985

42.7

64.

258.

988.

713.

2717

.80

8.67

5.56

100.

0019

8638

.53

3.38

9.91

9.59

3.93

18.8

29.

985.

8610

0.00

1987

40.2

54.

169.

867.

753.

1018

.82

9.48

6.59

100.

0019

8838

.35

4.03

9.25

9.48

3.44

19.0

68.

847.

5510

0.00

1989

35.8

94.

949.

028.

454.

2019

.64

10.4

37.

4210

0.00

1990

33.0

45.

078.

279.

454.

2421

.56

10.5

97.

7910

0.00

1991

27.9

84.

398.

3813

.41

4.52

20.9

212

.45

7.96

100.

0019

9226

.07

4.82

7.90

15.5

74.

3520

.98

13.7

36.

6010

0.00

1993

19.9

73.

497.

8720

.07

3.69

23.3

014

.93

6.68

100.

0019

9416

.50

3.73

7.77

21.5

03.

0824

.11

15.8

87.

3210

0.00

1995

14.2

03.

586.

9422

.54

3.21

25.7

017

.33

6.50

100.

00

1996

13.5

73.

087.

3221

.43

3.01

25.2

120

.12

6.26

100.

00


Ref

eren

ce T

able

IV (c

ont

’d)

Dis

trib

utio

n o

f d

om

estic

ho

ldin

gs

of

Go

vern

men

t o

f C

anad

a se

curi

ties

PA

RT

C –

Tre

asur

y b

ills,

Can

ada

bill

s

Per

sons

and

Life

Pub

lic a

nd

All

unin

corp

ora

ted

No

n-fin

anci

alB

ank

of

Cha

rter

edQ

uasi

insu

ranc

e an

do

ther

fin

anci

alle

vels

of

Yea

r en

db

usin

ess

corp

ora

tions

Can

ada

ban

ksb

anks

2p

ensi

on

fund

sin

stitu

tions

3g

ove

rnm

ent4

To

tal

(milli

ons

of d

olla

rs)

1976

156

125

2,05

34,

219

5244

535

997,

283

1977

458

151

2,46

14,

949

143

981,

044

208

9,51

219

7865

219

83,

567

5,51

719

326

11,

588

409

12,3

8519

7981

116

74,

345

6,69

065

245

1,61

674

914

,688

1980

1,41

929

45,

394

7,50

061

946

02,

507

1,42

719

,620

1981

1,02

037

25,

431

8,59

734

356

02,

269

996

19,5

8819

821,

855

1,93

52,

483

10,0

341,

357

1,24

44,

670

914

24,4

9219

834,

109

5,16

22,

780

12,8

793,

180

2,58

75,

519

599

36,8

1519

847,

554

6,45

33,

548

12,9

972,

792

3,87

66,

623

2,10

845

,951

1985

13,4

276,

543

4,04

112

,629

3,65

13,

934

8,15

63,

940

56,3

2119

8616

,295

4,88

67,

967

15,1

614,

709

3,59

210

,226

3,20

666

,042

1987

17,6

867,

227

9,84

711

,498

3,72

54,

806

9,61

14,

867

69,2

6719

8820

,174

7,43

39,

945

15,2

245,

648

7,64

89,

313

7,53

282

,917

1989

32,7

579,

990

11,1

2416

,410

8,11

57,

664

12,5

718,

666

107,

297

1990

37,7

9511

,339

10,5

7416

,841

8,92

911

,737

13,0

318,

785

119,

031

1991

32,3

9310

,546

13,0

9324

,382

9,08

010

,386

17,8

3210

,151

127,

863

1992

36,6

9211

,355

14,6

3427

,989

9,66

111

,639

19,9

436,

783

138,

696

1993

27,2

759,

771

17,0

0229

,901

9,09

717

,050

22,3

857,

206

139,

687

1994

16,9

728,

614

19,4

0830

,415

6,89

814

,402

22,1

0110

,546

129,

356

1995

13,4

329,

378

18,2

9830

,865

7,64

515

,422

25,1

718,

929

129,

140

1996

11,4

848,

508

17,5

9323

,470

5,36

611

,385

32,6

724,

149

114,

627

31

Ref

eren

ce T

able

IV (c

ont

’d)

Dis

trib

utio

n o

f d

om

estic

ho

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gs

of

Go

vern

men

t o

f C

anad

a se

curi

ties

PA

RT

D –

Tre

asur

y b

ills,

Can

ada

bill

s

Per

sons

and

Life

Pub

lic a

nd

All

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corp

ora

ted

No

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alB

ank

of

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edQ

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anks

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sin

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tions

3g

ove

rnm

ent4

To

tal5

(per

cen

t)

1976

2.14

1.72

28.1

957

.93

0.71

0.60

7.35

1.36

100.

0019

774.

811.

5925

.87

52.0

31.

501.

0310

.98

2.19

100.

0019

785.

261.

6028

.80

44.5

51.

562.

1112

.82

3.30

100.

0019

795.

521.

1429

.58

45.5

50.

441.

6711

.00

5.10

100.

0019

807.

231.

5027

.49

38.2

33.

152.

3412

.78

7.27

100.

0019

815.

211.

9027

.73

43.8

91.

752.

8611

.58

5.08

100.

0019

827.

577.

9010

.14

40.9

75.

545.

0819

.07

3.73

100.

0019

8311

.16

14.0

27.

5534

.98

8.64

7.03

14.9

91.

6310

0.00

1984

16.4

414

.04

7.72

28.2

86.

088.

4414

.41

4.59

100.

0019

8523

.84

11.6

27.

1822

.43

6.48

6.97

14.4

87.

0010

0.00

1986

24.6

77.

4012

.06

22.9

67.

135.

4415

.48

4.85

100.

0019

8725

.53

10.4

314

.22

16.6

05.

386.

9413

.88

7.03

100.

0019

8824

.33

8.96

11.9

918

.36

6.81

9.22

11.2

39.

0810

0.00

1989

30.5

39.

3110

.37

15.2

97.

567.

1411

.72

8.08

100.

0019

9031

.75

9.53

8.88

14.1

57.

508.

8610

.95

7.38

100.

0019

9125

.33

8.25

10.2

419

.07

7.10

8.12

13.9

57.

9410

0.00

1992

26.4

58.

1910

.55

20.1

86.

978.

3914

.38

4.89

100.

0019

9319

.53

6.99

12.1

721

.41

6.51

12.2

116

.03

5.16

100.

0019

9413

.12

6.66

15.0

123

.51

5.33

11.1

317

.09

8.15

100.

0019

9510

.40

7.26

14.1

723

.90

5.92

11.9

419

.49

6.92

100.

00

1996

10.0

27.

4215

.35

20.4

84.

689.

9328

.50

3.62

100.

00


Ref

eren

ce T

able

IV (c

ont

’d)

Dis

trib

utio

n o

f d

om

estic

ho

ldin

gs

of

Go

vern

men

t o

f C

anad

a se

curi

ties

PA

RT

E –

Bo

nds1

Per

sons

and

Life

Pub

lic a

nd

All

unin

corp

ora

ted

No

n-fin

anci

alB

ank

of

Cha

rter

edQ

uasi

insu

ranc

e an

do

ther

fin

anci

alle

vels

of

Yea

r en

db

usin

ess

corp

ora

tions

Can

ada

ban

ksb

anks

2p

ensi

on

fund

sin

stitu

tions

3g

ove

rnm

ent4

To

tal

(milli

ons

of d

olla

rs)

1976

1,36

927

06,

278

4,44

766

41,

392

1,85

335

016

,623

1977

1,78

918

57,

807

4,65

290

52,

173

2,19

750

120

,209

1978

2,03

120

58,

434

4,37

91,

344

3,47

72,

572

992

23,4

34

1979

3,86

920

99,

311

3,46

61,

619

6,47

12,

651

1,82

329

,419

1980

5,57

226

710

,464

2,50

22,

152

8,81

43,

219

2,52

135

,511

1981

7,31

722

611

,669

1,40

62,

109

10,0

093,

246

2,90

238

,884

1982

8,41

532

012

,945

1,19

91,

931

11,9

074,

173

3,22

544

,115

1983

7,60

435

614

,079

2,22

82,

371

15,2

294,

648

3,80

050

,315

1984

10,3

0255

313

,636

2,16

72,

095

20,1

635,

434

4,46

758

,817

1985

11,6

7387

011

,627

2,56

92,

055

27,1

446,

978

5,76

168

,677

1986

10,0

321,

384

10,4

072,

618

2,56

831

,295

8,27

57,

663

74,2

42

1987

10,4

301,

359

10,5

194,

514

2,67

534

,064

9,97

68,

737

82,2

74

1988

10,3

501,

550

10,6

615,

891

2,00

934

,812

10,3

649,

281

84,9

18

1989

7,65

71,

597

10,0

093,

394

1,73

838

,373

11,8

778,

732

83,3

77

1990

7,94

51,

117

9,75

16,

383

1,48

441

,247

13,0

0710

,361

91,2

95

1991

5,00

91,

172

9,27

711

,410

2,98

945

,460

15,4

0211

,095

101,

814

1992

2,05

32,

432

7,97

316

,566

2,77

948

,403

19,3

4312

,108

111,

657

1993

4570

26,

622

30,3

411,

976

52,8

8022

,434

12,8

3412

7,83

4

1994

3,27

93,

540

5,92

939

,648

3,15

364

,161

30,0

1213

,322

163,

044

1995

2,44

72,

770

5,29

245

,695

3,25

571

,862

33,6

9813

,170

178,

189

1996

1,49

12,

250

7,96

351

,319

5,15

576

,620

37,5

3217

,672

200,

002

33

Ref

eren

ce T

able

IV (c

ont

’d)

Dis

trib

utio

n o

f d

om

estic

ho

ldin

gs

of

Go

vern

men

t o

f C

anad

a se

curi

ties

PA

RT

F –

Bo

nds1

Per

sons

and

Life

Pub

lic a

nd

All

unin

corp

ora

ted

No

n-fin

anci

alB

ank

of

Cha

rter

edQ

uasi

insu

ranc

e an

do

ther

fin

anci

alle

vels

of

Yea

r en

db

usin

ess

corp

ora

tions

Can

ada

ban

ksb

anks

2p

ensi

on

fund

sin

stitu

tions

3g

ove

rnm

ent4

To

tal5

(per

cen

t)

1976

8.24

1.62

37.7

726

.75

3.99

8.37

11.1

52.

1110

0.00

1977

8.85

0.92

38.6

323

.02

4.48

10.7

511

.87

2.48

100.

0019

788.

660.

8735

.99

18.6

95.

7414

.84

10.9

84.

2310

0.00

1979

13.1

50.

7131

.65

11.7

85.

5022

.00

9.01

6.20

100.

0019

8015

.69

0.75

29.4

77.

056.

0624

.82

9.06

7.10

100.

0019

8118

.82

0.58

30.0

13.

625.

4225

.74

8.35

7.46

100.

0019

8219

.08

0.73

29.3

42.

724.

3826

.99

9.46

7.31

100.

0019

8315

.11

0.71

27.9

84.

434.

7130

.27

9.24

7.55

100.

0019

8417

.52

0.94

23.1

83.

683.

5634

.28

9.24

7.59

100.

0019

8517

.00

1.27

16.9

33.

742.

9939

.52

10.1

68.

3910

0.00

1986

13.5

11.

8614

.02

3.53

3.46

42.1

511

.15

10.3

210

0.00

1987

12.6

81.

6512

.79

5.49

3.25

41.4

012

.13

10.6

210

0.00

1988

12.1

91.

8312

.55

6.94

2.37

40.9

912

.20

10.9

310

0.00

1989

9.18

1.92

12.0

04.

072.

0846

.02

14.2

410

.47

100.

0019

908.

701.

2210

.68

6.99

1.63

45.1

814

.25

11.3

610

0.00

1991

4.92

1.15

9.11

11.2

12.

9444

.65

15.1

310

.90

100.

0019

921.

842.

187.

1414

.84

2.49

43.3

517

.32

10.8

410

0.00

1993

0.04

0.55

5.18

23.7

31.

5541

.37

17.5

510

.04

100.

0019

942.

012.

173.

6424

.32

1.93

39.3

518

.41

8.17

100.

0019

951.

381.

552.

9725

.64

1.83

40.3

318

.91

7.39

100.

0019

960.

751.

123.

9825

.66

2.58

38.3

118

.77

8.83

100.

00

Not

es:

Bec

ause

of t

imin

g an

d va

luat

ion

diffe

renc

es, t

he N

atio

nal B

alan

ce S

heet

dat

a co

ntai

ned

in th

is T

able

are

not

nec

essa

rily

on th

e sa

me

basi

s as

oth

er d

ata

else

whe

re in

this

publ

icat

ion

(mos

t of t

he d

ata

in th

is r

epor

t is

on a

par

val

ue b

asis

– th

at is

, out

stan

ding

sec

uriti

es a

re v

alue

d at

par

). Fo

r thi

s re

ason

, alth

ough

the

two

sets

of d

ata

yiel

d ve

rysi

mila

r in

form

atio

n, th

e da

ta in

this

Tab

le a

re n

ot s

tric

tly c

ompa

rabl

e w

ith o

ther

dat

a in

this

pub

licat

ion.

1In

clud

es b

onds

den

omin

ated

in fo

reig

n cu

rren

cies

.2

Incl

udes

Que

bec

savi

ngs

bank

s, c

redi

t uni

ons

and

cais

ses

popu

laire

s, tr

ust c

ompa

nies

, and

mor

tgag

e lo

an c

ompa

nies

.3

Incl

udes

inve

stm

ent d

eale

rs, m

utua

l fun

ds, f

ire a

nd c

asua

lty in

sura

nce

com

pani

es, s

ales

, fin

ance

and

con

sum

er lo

an c

ompa

nies

, acc

iden

t and

sic

knes

s br

anch

es o

f life

insu

ranc

eco

mpa

nies

, oth

er p

rivat

e fin

anci

al in

stitu

tions

(not

els

ewhe

re in

clud

ed),

fede

ral p

ublic

fina

ncia

l ins

titut

ions

, and

pro

vinc

ial f

inan

cial

inst

itutio

ns.

4In

clud

es fe

dera

l gov

ernm

ent h

oldi

ngs

of it

s ow

n de

bt, a

s w

ell a

s pr

ovin

cial

, mun

icip

al a

nd h

ospi

tal h

oldi

ngs,

and

hol

ding

s of

the

Can

ada

Pen

sion

Pla

n an

d th

e Q

uebe

c P

ensi

on P

lan.

5To

tal m

ay n

ot a

dd d

ue to

rou

ndin

g.

Sou

rce:

Sta

tistic

s C

anad

a, T

he N

atio

nal B

alan

ce S

heet

Acc

ount

s.


Ref

eren

ce T

able

V

No

n-re

sid

ent

hold

ing

s o

f G

ove

rnm

ent

of

Can

ada

deb

t

To

tal

Tre

asur

y b

ills

and

as p

er c

ent

of

As

atM

arke

tab

le b

ond

s1C

anad

a b

ills

To

tal

tota

l mar

ket

deb

t

(billi

ons

of C

anad

ian

dolla

rs)

(per

cen

t)

Mar

ch 3

1, 1

979

5.0

0.9

5.9

11.3

Mar

ch 3

1, 1

980

5.6

0.7

6.3

9.4

Mar

ch 3

1, 1

981

6.8

1.1

7.9

10.9

Mar

ch 3

1, 1

982

8.8

1.1

9.9

10.7

Mar

ch 3

1, 1

983

10.0

1.6

11.6

10.0

Mar

ch 3

1, 1

984

10.3

2.6

12.9

9.1

Mar

ch 3

1, 1

985

14.5

4.6

19.1

11.1

Mar

ch 3

1, 1

986

22.1

3.0

25.1

12.4

Mar

ch 3

1, 1

987

30.3

4.7

35.0

15.4

Mar

ch 3

1, 1

988

33.0

9.3

42.3

17.0

Mar

ch 3

1, 1

989

41.3

15.7

57.0

20.8

Mar

ch 3

1, 1

990

49.9

13.3

63.2

21.6

Mar

ch 3

1, 1

991

57.6

16.1

73.7

23.0

Mar

ch 3

1, 1

992

63.6

23.0

86.6

24.8

Mar

ch 3

1, 1

993

81.2

24.8

106.

027

.9M

arch

31,

199

479

.834

.011

3.8

27.7

Mar

ch 3

1, 1

995

74.1

39.2

113.

325

.9M

arch

31,

199

684

.736

.712

1.4

26.0

Mar

ch 3

1, 1

997

90.2

28.1

118.

325

.0

1In

clud

es b

onds

den

omin

ated

in fo

reig

n cu

rren

cies

.

Sou

rce:

Sta

tistic

s C

anad

a, C

anad

a’s

Inte

rnat

iona

l Tra

nsac

tions

in S

ecur

ities

.

35

Ref

eren

ce T

able

VI

Fis

cal 1

996-

97 T

reas

ury

bill

pro

gra

m

Mat

urin

gN

ew is

sues

Net

incr

emen

tA

vera

ge

tend

er y

ield

s

Dat

eC

MB

3 m

o6

mo

12 m

oT

ota

lC

MB

3 m

o6

mo

12 m

oT

ota

lT

ota

lcu

mul

ativ

eO

/SC

MB

3 m

o6

mo

12 m

o

(milli

ons

of d

olla

rs)

(per

cen

t)

4-A

pr-9

61,

600

3,60

02,

000

2,40

09,

600

03,

800

1,80

01,

400

7,00

0-2

600

-260

016

3500

5.03

5.26

5.56

11-A

pr-9

60

3,70

02,

000

05,

700

03,

700

1,80

01,

300

6,80

011

00-1

500

1646

005.

155.

395.

86

18-A

pr-9

61,

300

3,70

02,

000

2,50

09,

500

03,

600

1,70

01,

300

6,60

0-2

900

-440

016

1700

5.01

5.23

5.58

25-A

pr-9

60

3,70

02,

000

05,

700

03,

500

1,80

01,

200

6,50

080

0-3

600

1625

004.

764.

965.

40

2-M

ay-9

60

3,80

01,

700

2,20

07,

700

03,

600

1,80

01,

300

6,70

0-1

000

-460

016

1500

4.73

4.97

5.41

9-M

ay-9

60

3,70

01,

700

05,

400

03,

600

1,80

01,

200

6,60

012

00-3

400

1627

004.

764.

985.

60

16-M

ay-9

60

3,70

01,

500

2,30

07,

500

03,

500

1,60

01,

300

6,40

0-1

100

-450

016

1600

4.73

4.95

5.44

23-M

ay-9

60

4,10

01,

700

05,

800

03,

400

1,80

01,

200

6,40

060

0-3

900

1622

004.

714.

644.

835.

39

30-M

ay-9

60

4,10

01,

500

2,40

08,

000

1,50

03,

500

1,70

01,

300

8,00

00

-390

016

2200

4.74

4.65

4.85

5.33

6-Ju

n-96

04,

200

1,60

00

5,80

02,

500

3,40

01,

600

1,20

08,

700

2900

-100

016

5100

4.68

4.86

5.47

13-J

un-9

61,

500

4,20

01,

500

2,50

09,

700

03,

300

1,50

01,

200

6,00

0-3

700

-470

016

1400

4.69

4.98

5.50

20-J

un-9

60

4,20

01,

600

05,

800

03,

000

1,50

01,

100

5,60

0-2

00-4

900

1612

004.

744.

985.

57

27-J

un-9

60

4,00

01,

500

2,60

08,

100

02,

900

1,30

01,

200

5,40

0-2

700

-760

015

8500

4.70

4.98

5.53

4-Ju

l-96

2,50

03,

800

1,60

00

7,90

00

2,90

01,

500

1,00

05,

400

-250

0-1

0100

1560

004.

714.

845.

53

11-J

ul-9

60

3,70

01,

600

2,70

08,

000

03,

000

1,40

01,

200

5,60

0-2

400

-125

0015

3600

4.70

5.00

5.56

18-J

ul-9

60

3,60

01,

700

05,

300

03,

000

1,50

01,

000

5,50

020

0-1

2300

1538

004.

674.

985.

52

25-J

ul-9

60

3,50

01,

800

2,80

08,

100

2,50

03,

200

1,60

01,

200

8,50

040

0-1

1900

1542

004.

454.

464.

795.

17

1-A

ug-9

60

3,60

01,

900

05,

500

03,

500

1,80

01,

200

6,50

010

00-1

0900

1552

004.

434.

775.

28

8-A

ug-9

60

3,60

01,

800

2,80

08,

200

03,

700

1,70

01,

400

6,80

0-1

400

-123

0015

3800

4.22

4.49

4.78

15-A

ug-9

62,

500

3,50

01,

900

07,

900

03,

600

1,80

01,

200

6,60

0-1

300

-136

0015

2500

4.17

4.33

4.67

22-A

ug-9

60

3,40

01,

800

2,80

08,

000

1,60

03,

600

1,70

01,

400

8,30

030

0-1

3300

1528

004.

104.

034.

294.

54

29-A

ug-9

60

3,50

02,

000

05,

500

03,

600

1,80

01,

200

6,60

011

00-1

2200

1539

004.

034.

324.

76

5-S

ep-9

60

3,40

02,

000

2,80

08,

200

03,

500

1,60

01,

400

6,50

0-1

700

-139

0015

2200

4.09

4.48

4.93

12-S

ep-9

61,

600

3,30

02,

100

07,

000

03,

400

1,80

01,

200

6,40

0-6

00-1

4500

1516

003.

964.

354.

85

19-S

ep-9

60

3,00

02,

100

2,50

07,

600

1,00

03,

200

1,60

01,

300

7,10

0-5

00-1

5000

1511

003.

873.

764.

274.

68

26-S

ep-9

60

2,90

02,

000

04,

900

03,

200

1,70

01,

100

6,00

011

00-1

3900

1522

003.

964.

264.

66

3-O

ct-9

60

2,90

01,

800

2,20

06,

900

03,

000

1,40

01,

200

5,60

0-1

300

-152

0015

0900

3.71

4.09

4.41

10-O

ct-9

61,

000

3,00

01,

800

05,

800

02,

900

1,60

01,

000

5,50

0-3

00-1

5500

1506

003.

473.

714.

00


Ref

eren

ce T

able

VI (

cont

’d)

Fis

cal 1

996-

97 T

reas

ury

bill

pro

gra

m

Mat

urin

gN

ew is

sues

Net

incr

emen

tA

vera

ge

tend

er y

ield

s

Dat

eC

MB

3 m

o6

mo

12 m

oT

ota

lC

MB

3 m

o6

mo

12 m

oT

ota

lT

ota

lcu

mul

ativ

eO

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MB

3 m

o6

mo

12 m

o

(milli

ons

of d

olla

rs)

(per

cen

t)

17-O

ct-9

60

3,00

01,

700

2,20

06,

900

02,

900

1,30

01,

200

5,40

0-1

500

-170

0014

9100

3.34

3.57

3.73

24-O

ct-9

60

3,20

01,

800

05,

000

02,

800

1,50

01,

000

5,30

030

0-1

6700

1494

003.

163.

273.

61

31-O

ct-9

60

3,50

01,

800

2,10

07,

400

2,50

02,

800

1,30

01,

200

7,80

040

0-1

6300

1498

003.

243.

193.

403.

68

7-N

ov-9

62,

500

3,70

01,

800

08,

000

02,

500

1,50

01,

000

5,00

0-3

000

-193

0014

6800

2.91

3.07

3.41

14-N

ov-9

60

3,60

01,

600

2,40

07,

600

02,

400

1,30

01,

200

4,90

0-2

700

-220

0014

4100

2.91

3.08

3.35

21-N

ov-9

60

3,60

01,

800

05,

400

02,

400

1,40

01,

000

4,80

0-6

00-2

2600

1435

002.

893.

043.

34

28-N

ov-9

60

3,60

01,

700

2,50

07,

800

1,50

02,

400

1,20

01,

200

6,30

0-1

500

-241

0014

2000

2.93

2.69

2.87

3.17

5-D

ec-9

61,

500

3,50

01,

600

06,

600

02,

400

1,40

01,

000

4,80

0-1

800

-259

0014

0200

2.73

2.88

3.21

12-D

ec-9

60

3,40

01,

500

2,50

07,

400

02,

400

1,20

01,

200

4,80

0-2

600

-285

0013

7600

2.86

3.13

3.42

19-D

ec-9

60

3,20

01,

500

04,

700

02,

400

1,40

01,

000

4,80

010

0-2

8400

1377

003.

043.

383.

81

27-D

ec-9

60

3,20

01,

300

2,50

07,

000

02,

300

1,10

01,

100

4,50

0-2

500

-309

0013

5200

2.88

3.26

3.61

3-Ja

n-97

03,

000

1,50

00

4,50

00

2,30

01,

200

1,00

04,

500

0-3

0900

1352

002.

803.

183.

54

9-Ja

n-97

02,

900

1,40

02,

600

6,90

00

2,50

01,

200

1,10

04,

800

-210

0-3

3000

1331

002.

853.

293.

75

16-J

an-9

70

2,90

03,

100

06,

000

02,

400

1,40

01,

000

4,80

0-1

200

-342

0013

1900

2.87

3.26

3.71

23-J

an-9

70

2,80

00

2,70

05,

500

02,

400

1,20

01,

200

4,80

0-7

00-3

4900

1312

002.

803.

083.

50

30-J

an-9

70

2,80

03,

500

06,

300

1,25

02,

600

1,40

01,

000

6,25

0-5

0-3

4950

1311

502.

862.

843.

163.

59

6-Fe

b-97

1,25

02,

500

02,

700

6,45

00

2,60

01,

200

1,20

05,

000

-145

0-3

6400

1297

002.

863.

163.

57

13-F

eb-9

70

2,40

03,

500

05,

900

02,

600

1,40

01,

100

5,10

0-8

00-3

7200

1289

002.

843.

133.

44

20-F

eb-9

70

2,40

00

2,80

05,

200

02,

700

1,20

01,

200

5,10

0-1

00-3

7300

1288

002.

883.

103.

43

27-F

eb-9

70

2,40

03,

400

05,

800

03,

000

1,40

01,

000

5,40

0-4

00-3

7700

1284

002.

863.

103.

47

6-M

ar-9

70

2,40

00

2,70

05,

100

03,

200

1,30

01,

200

5,70

060

0-3

7100

1290

002.

943.

253.

65

13-M

ar-9

70

2,40

03,

400

05,

800

1,50

03,

300

1,50

01,

100

7,40

016

00-3

5500

1306

002.

912.

993.

293.

74

20-M

ar-9

70

2,40

00

2,70

05,

100

03,

400

1,50

01,

200

6,10

010

00-3

4500

1316

003.

093.

423.

90

27-M

ar-9

70

2,30

03,

100

05,

400

3,00

03,

500

1,60

01,

100

9,20

038

00-3

0700

1354

002.

983.

193.

483.

92

To

tal

17,2

5017

2,50

091

,200

65,9

0034

6,85

018

,850

158,

300

78,3

0060

,700

316,

150

-30,

700

–13

5,40

0–

––

–

Sou

rce:

Ban

k of

Can

ada.

Ref

eren

ce T

able

VII

Fis

cal 1

996-

97 C

anad

ian-

do

llar

mar

keta

ble

bo

nd p

rog

ram

Off

erin

g d

ate

Del

iver

y d

ate

Mat

urity

dat

eM

atur

ing

Gro

ssN

et

Fix

ed-c

oup

on

bo

nds

(milli

ons

of d

olla

rs)

1996

1996

Apr

il 3

Apr

il 15

Aug

ust 1

, 199

92,

800

2,80

0

Apr

il 24

May

1Ju

ne 1

, 202

73,

300

1,50

0-1

,800

May

8M

ay 1

5D

ecem

ber

1, 2

006

2,30

02,

300

May

22

June

3S

epte

mbe

r 1,

200

12,

175

2,60

042

5

June

5Ju

ne 1

7S

epte

mbe

r 15

, 199

83,

000

3,00

0

June

19

July

2S

epte

mbe

r 1,

200

12,

600

2,60

0

July

10

July

17

Aug

ust 1

, 199

92,

800

2,80

0

July

24

Aug

ust 1

June

1, 2

027

3,80

01,

500

-2,3

00

Aug

ust 7

Aug

ust 1

5D

ecem

ber

1, 2

006

2,40

02,

400

Aug

ust 2

1S

epte

mbe

r 3

Sep

tem

ber

1, 2

001

2,70

02,

700

Sep

tem

ber

4S

epte

mbe

r 16

Sep

tem

ber

15, 1

998

5,15

53,

000

-2,1

55

Sep

tem

ber

18O

ctob

er 1

June

1, 2

007

3,42

52,

400

-1,0

25

Oct

ober

2O

ctob

er 1

5Fe

brua

ry 1

, 200

02,

800

2,80

0

Oct

ober

23

Nov

embe

r 1

June

1, 2

027

1,50

01,

500

Nov

embe

r 6

Nov

embe

r 15

June

1, 2

007

2,40

02,

400

Nov

embe

r 20

Dec

embe

r 2

Sep

tem

ber

1, 2

001

2,70

02,

700

Dec

embe

r 4

Dec

embe

r 16

Mar

ch 1

5, 1

999

3,00

03,

000

1997

1997

Janu

ary

8Ja

nuar

y 15

Febr

uary

1, 2

000

2,70

02,

700

Janu

ary

22Fe

brua

ry 3

June

1, 2

027

1,30

01,

300

Febr

uary

12

Febr

uary

17

June

1, 2

007

2,30

02,

300

Febr

uary

26

Mar

ch 3

Sep

tem

ber

1, 2

002

3,40

02,

700

-700

Mar

ch 1

2M

arch

17

Mar

ch 1

5, 1

999

4,80

03,

000

-1,8

00

Rea

l Ret

urn

Bo

nds

1996

1996

May

29

June

6D

ecem

ber

1, 2

026

400

400

Aug

ust 2

8S

epte

mbe

r 6

Dec

embe

r 1,

202

640

040

0

Nov

embe

r 27

Dec

embe

r 6

Dec

embe

r 1,

202

640

040

0

1997

1997

Mar

ch 5

Mar

ch 1

2D

ecem

ber

1, 2

026

500

500

To

tal,

fisca

l yea

r 19

96-9

726

,055

55,7

0029

,645

Sou

rce:

Ban

k of

Can

ada.

37


Ref

eren

ce T

able

VIII

Out

stan

din

g G

ove

rnm

ent

of

Can

ada

Can

adia

n-d

olla

r m

arke

tab

le b

ond

s as

at

Mar

ch 3

1, 1

997

Mat

urity

dat

eA

mo

unt

Co

upo

n ra

teM

atur

ity d

ate

Am

oun

tC

oup

on

rate

(milli

ons

of d

olla

rs)

(per

cen

t)(m

illion

s of

dol

lars

)(p

er c

ent)

Fix

ed-c

oup

on

15-M

ay-1

997

876.

09.

2501

-Jul

-199

74,

200.

07.

5015

-Sep

-199

75,

400.

07.

0001

-Oct

-199

72,

775.

09.

7501

-Feb

-199

86,

600.

06.

2515

-Mar

-199

819

7.0

3.75

15-M

ar-1

998

5,70

0.0

6.00

15-M

ar-1

998

2,22

5.0

10.7

501

-Sep

-199

86,

800.

06.

5015

-Sep

-199

86,

000.

06.

2501

-Oct

-199

83,

100.

09.

5001

-Nov

-199

85,

100.

08.

0001

-Dec

-199

82,

275.

010

.25

01-M

ar-1

999

6,70

0.0

5.75

15-M

ar-1

999

6,00

0.0

4.00

01-A

ug-1

999

5,60

0.0

6.50

01-S

ep-1

999

8,50

0.0

7.75

15-O

ct-1

999

527.

59.

0001

-Dec

-199

92,

825.

09.

2501

-Dec

-199

940

0.0

13.5

001

-Feb

-200

05,

500.

05.

5001

-Mar

-200

06,

500.

08.

5015

-Mar

-200

01,

050.

013

.75

01-M

ay-2

000

1,57

5.0

9.75

01-J

ul-2

000

2,90

0.0

10.5

001

-Jul

-200

017

5.0

15.0

001

-Sep

-200

07,

600.

07.

5001

-Sep

-200

01,

200.

011

.50

15-D

ec-2

000

500.

09.

7501

-Feb

-200

142

5.0

15.7

501

-Mar

-200

19,

400.

07.

5001

-Mar

-200

13,

175.

010

.50

01-M

ay-2

001

1,32

5.0

13.0

001

-Jun

-200

13,

550.

09.

7501

-Sep

-200

110

,600

.07.

0001

-Oct

-200

11,

232.

89.

5001

-Dec

-200

13,

850.

09.

7501

-Feb

-200

221

3.0

8.75

15-M

ar-2

002

350.

015

.50

01-A

pr-2

002

5,45

0.0

8.50

01-M

ay-2

002

1,85

0.0

10.0

001

-Sep

-200

22,

700.

05.

5015

-Dec

-200

21,

625.

011

.25

01-F

eb-2

003

2,70

0.0

11.7

501

-Jun

-200

36,

900.

07.

2501

-Oct

-200

367

0.5

9.50

01-D

ec-2

003

8,80

0.0

7.50

01-F

eb-2

004

2,20

0.0

10.2

501

-Jun

-200

47,

900.

06.

5001

-Jun

-200

455

0.0

13.5

001

-Oct

-200

487

5.0

10.5

001

-Dec

-200

47,

700.

09.

0001

-Mar

-200

51,

775.

012

.00

01-S

ep-2

005

1,37

5.0

12.2

501

-Dec

-200

58,

000.

08.

7501

-Mar

-200

697

5.0

12.5

0

39

Ref

eren

ce T

able

VIII

(co

nt’d

)

Out

stan

din

g G

ove

rnm

ent

of

Can

ada

Can

adia

n-d

olla

r m

arke

tab

le b

ond

s as

at

Mar

ch 3

1, 1

997

Mat

urity

dat

eA

mo

unt

Co

upo

n ra

teM

atur

ity d

ate

Am

oun

tC

oup

on

rate

(milli

ons

of d

olla

rs)

(per

cen

t)(m

illion

s of

dol

lars

)(p

er c

ent)

Fix

ed-c

oup

on

01-O

ct-2

006

1,02

5.0

14.0

001

-Dec

-200

69,

100.

07.

0001

-Mar

-200

732

5.0

13.7

501

-Jun

-200

77,

100.

07.

2501

-Oct

-200

770

0.0

13.0

001

-Mar

-200

875

0.0

12.7

501

-Jun

-200

83,

450.

010

.00

01-O

ct-2

008

725.

011

.75

01-M

ar-2

009

400.

011

.50

01-J

un-2

009

925.

011

.00

01-O

ct-2

009

1,30

0.0

10.7

501

-Mar

-201

032

5.0

9.75

01-J

un-2

010

2,97

5.0

9.50

01-O

ct-2

010

325.

08.

7501

-Mar

-201

11,

975.

09.

0001

-Jun

-201

175

0.0

8.50

15-M

ar-2

014

3,15

0.0

10.2

515

-Jun

-201

52,

350.

011

.25

15-M

ar-2

021

1,80

0.0

10.5

001

-Jun

-202

14,

650.

09.

7501

-Jun

-202

22,

550.

09.

2501

-Jun

-202

38,

200.

08.

0001

-Jun

-202

58,

900.

09.

0001

-Jun

-202

75,

800.

08.

00T

ota

l27

4,51

6.8

1R

eal R

etur

n B

ond

figur

es s

how

gro

ss is

sue

amou

nt o

nly

– th

e C

PI a

djus

tmen

t is

not s

how

n he

re.

Sou

rce:

Ban

k of

Can

ada.

Rea

l Ret

urn

Bo

nds

01-D

ec-2

021

5,17

5.0

4.25

01-D

ec-2

026

2,35

0.0

4.25

To

tal1

7,52

5.0


Ref

eren

ce T

able

IX

Go

vern

men

t o

f C

anad

a sw

aps

out

stan

din

g a

s at

Mar

ch 3

1, 1

997

Do

mes

tic in

tere

st r

ate

swap

sC

ross

-cur

renc

y sw

aps

Mat

urity

dat

eC

oup

on1

No

tiona

l am

oun

tM

atur

ity d

ate

No

tiona

l am

oun

t

(per

cen

t)(m

illion

s of

dol

lars

)(m

illion

s of

US

dol

lars

)

01-M

ay-9

78.

2520

01-

Mar

-00

286

01-J

ul-9

77.

501,

150

2-S

ep-0

150

0

01-O

ct-9

79.

7520

04-

Sep

-01

500

01-F

eb-9

86.

251,

750

1-D

ec-0

550

0

05-S

ep-9

86.

5010

0

01-O

ct-9

89.

5015

0T

ota

l1,

786

01-D

ec-9

810

.25

100

01-M

ar-9

95.

751,

000

01-S

ep-9

97.

7510

0

01-M

ar-0

08.

5040

0

01-J

un-0

19.

7525

0

01-F

eb-0

410

.25

50

To

tal

5,45

0

1R

efer

s to

the

coup

on o

f the

und

erly

ing

bond

that

was

sw

appe

d.

Sou

rce:

Ban

k of

Can

ada.

41

Ref

eren

ce T

able

X

Can

ada

Sav

ing

s B

ond

s, f

isca

l 198

2-83

to

fis

cal 1

996-

97

Gro

ss s

ales

Net

sal

esO

utst

and

ing

Fis

cal y

ear

dur

ing

cam

pai

gn1

dur

ing

cam

pai

gn1

at f

isca

l yea

r en

d2

(milli

ons

of d

olla

rs)

1982

-83

11,2

299,

567

32,7

53

1983

-84

11,5

848,

761

38,4

03

1984

-85

12,7

439,

768

42,1

67

1985

-86

15,1

0710

,157

44,6

07

1986

-87

9,19

15,

177

43,8

54

1987

-88

17,4

5014

,913

52,5

58

1988

-89

14,9

626,

454

47,0

48

1989

-90

9,33

83,

121

40,2

07

1990

-91

6,72

01,

660

33,7

81

1991

-92

9,58

84,

733

35,0

31

1992

-93

9,23

53,

275

33,8

84

1993

-94

5,36

484

230

,866

1994

-95

7,50

65,

709

30,7

56

1995

-96

4,61

23,

352

30,8

01

1996

-97

5,71

04,

730

32,9

11

1Th

e fig

ures

sho

wn

are

for

the

CS

B c

ampa

ign

perio

d, n

ot th

e en

tire

fisca

l per

iod;

net

sal

es a

re g

ross

sal

es le

ss r

edem

ptio

ns d

urin

g th

e pe

riod.

2Fi

gure

s in

acc

orda

nce

with

Ban

k of

Can

ada

repo

rts,

whi

ch m

ay v

ary

slig

htly

from

pub

lic a

ccou

nts

cate

gorie

s du

e to

diff

eren

ces

in c

lass

ifica

tion

met

hods

.

Sou

rces

: Dep

artm

ent o

f Fin

ance

, Ban

k of

Can

ada

Rev

iew

.


Ref

eren

ce T

able

XI

Cro

wn

corp

ora

tion

bo

rro

win

gs,

as

at M

arch

31

Bo

rro

win

gs

fro

m t

he m

arke

t

Co

rpo

ratio

n19

8919

9019

9119

9219

9319

9419

9519

9619

97

(milli

ons

of d

olla

rs)

Exp

ort D

evel

opm

ent C

orpo

ratio

n5,

198

5,80

25,

685

6,22

06,

983

7,79

37,

515

7,67

37,

820

Can

adia

n W

heat

Boa

rd3,

767

4,35

46,

449

7,32

36,

966

7,28

37,

321

6,37

76,

474

Fede

ral B

usin

ess

Dev

elop

men

t Ban

k2,

065

2,29

92,

271

2,24

92,

352

2,60

22,

723

3,04

53,

371

Farm

Cre

dit C

orpo

ratio

n1,

328

1,21

61,

128

813

797

863

990

1,58

21,

926

CN

1,71

51,

716

1,86

11,

803

1,90

52,

249

2,33

1–

–

Can

ada

Mor

tgag

e an

d H

ousi

ng

Cor

pora

tion

––

–96

152

1,57

33,

630

5,90

67,

866

Can

ada

Dev

elop

men

t Inv

estm

ent

Cor

pora

tion

525

566

612

713

594

473

––

–

Pet

ro–C

anad

a Lt

d.2,

097

2,45

01,

656

980

455

501

504

490

432

Pet

ro–C

anad

a–

–71

8–

––

––

–

Can

ada

Por

ts C

orpo

ratio

n–

––

200

188

––

––

Oth

er41

4298

9697

239

235

297

226

To

tal

16,7

3718

,447

20,4

7920

,398

20,4

8923

,576

25,2

4925

,370

28,1

15

Sou

rce:

Pub

lic A

ccou

nts

of C

anad

a.

Bo

rro

win

gs

fro

m t

he C

ons

olid

ated

Rev

enue

Fun

d

Co

rpo

ratio

n19

8919

9019

9119

9219

9319

9419

9519

9619

97

(milli

ons

of d

olla

rs)

Can

ada

Mor

tgag

e an

d H

ousi

ng C

orpo

ratio

n8,

879

8,67

88,

484

8,41

98,

181

8,07

57,

835

7,26

36,

938

Can

ada

Dep

osit

Insu

ranc

e C

orpo

ratio

n1,

695

1,37

51,

225

1,78

53,

085

3,15

12,

160

1,62

785

5

Farm

Cre

dit C

orpo

ratio

n3,

253

2,54

92,

432

2,49

12,

420

2,48

82,

524

2,31

02,

507

Oth

er1,

218

1,10

693

497

581

941

530

723

320

4

To

tal

15,0

4513

,708

13,0

7513

,670

14,5

0514

,129

12,8

2611

,433

10,5

04

Not

e: F

igur

es d

o no

t inc

lude

“al

low

ance

for

valu

atio

n”.

Sou

rce:

Pub

lic W

orks

and

Gov

ernm

ent S

ervi

ces

Can

ada

data

.

debt management report 1997,dtman97e - canada.ca€¦ · available from the finance canada...

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