Archived - Debt Management Report 2013–2014 - Part 2

Table of Contents

I. Gross Public Debt, Outstanding Market Debt and Debt Charges, as at March 31

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

III. Issuance of Government of Canada Domestic Bonds

IV. Outstanding Government of Canada Domestic Bonds, as at March 31, 2014

V. Government of Canada Cross-Currency Swaps Outstanding, as at March 31, 2014

VI. Crown Corporation Borrowings, as at March 31

Reference Table I
Gross Public Debt, Outstanding Market Debt and Debt Charges, as at March 31
$ billions

Gross public debt

Year Market debt Market debt
value adjustments
Accounts payable
and accrued liabilities
Pension and
other liabilities
Gross debt
1986 201.2 -0.4 39.4 79.1 319.4
1987 228.6 -0.4 42.1 84.7 355.0
1988 250.8 -0.9 47.2 90.9 388.0
1989 276.3 -2.2 50.2 97.1 421.4
1990 294.6 -2.9 53.2 104.5 449.3
1991 323.9 -3.2 54.9 112.1 487.7
1992 351.9 -2.2 56.1 118.5 524.2
1993 382.7 -3.0 58.4 125.1 563.2
1994 414.0 -1.8 63.7 131.4 607.3
1995 441.0 -3.4 71.3 139.8 648.7
1996 469.5 -1.7 74.9 148.5 691.3
1997 476.9 0.3 75.9 156.3 709.4
1998 466.8 1.4 81.7 160.9 710.8
1999 457.7 2.6 83.7 168.2 712.2
2000 454.2 -0.2 83.9 175.8 713.6
2001 444.9 1.3 88.5 179.0 713.6
2002 440.9 0.9 83.2 177.9 703.0
2003 438.6 -1.1 83.2 178.3 699.0
2004 436.5 -2.5 85.2 180.9 700.1
2005 431.8 -4.3 97.7 179.8 705.0
2006 427.3 -6.1 101.4 179.9 702.5
2007 418.8 -4.7 106.5 185.1 705.8
2008 394.1 -3.4 110.5 191.2 692.3
2009 510.9 3.1 114.0 196.1 824.2
2010 564.4 -5.3 120.5 203.7 883.3
2011 596.8 -5.7 119.1 210.7 920.9
2012 631.0 -4.7 125.0 216.4 967.7
2013 668.0 4.4 118.7 225.0 1,016.1
2014 648.7 10.3 111.4 230.4 1,000.8

Reference Table I
Gross Public Debt, Outstanding Market Debt and Debt Charges, as at March 31
$ billions

Accumulated deficit and debt charges

Year Gross debt Financial assets Net debt Non-financial assets Accumulated deficit Gross public
debt charges
1986 319.4 70.1 249.2 21.4 227.8 27.7
1987 355.0 73.2 281.8 24.2 257.7 28.7
1988 388.0 75.0 313.0 26.3 286.7 31.2
1989 421.4 77.9 343.6 29.0 314.6 35.5
1990 449.3 74.5 374.8 31.0 343.8 41.2
1991 487.7 76.6 411.1 33.4 377.7 45.0
1992 524.2 78.5 445.7 35.8 410.0 43.9
1993 563.2 76.0 487.2 38.2 449.0 41.3
1994 607.3 79.3 527.9 40.4 487.5 40.1
1995 648.7 81.2 567.5 43.3 524.2 44.2
1996 691.3 92.7 598.6 44.4 554.2 49.4
1997 709.4 100.4 609.0 46.1 562.9 47.3
1998 710.8 103.6 607.2 47.2 559.9 43.1
1999 712.2 109.3 602.9 48.7 554.1 43.3
2000 713.6 123.5 590.1 50.2 539.9 43.4
2001 713.6 141.9 571.7 51.7 520.0 43.9
2002 703.0 137.7 565.3 53.4 511.9 39.7
2003 699.0 139.5 559.6 54.2 505.3 37.3
2004 700.1 149.1 551.0 54.8 496.2 35.8
2005 705.0 155.4 549.6 54.9 494.7 34.1
2006 702.5 165.6 536.9 55.4 481.5 33.8
2007 705.8 181.9 523.9 56.6 467.3 33.9
2008 692.3 176.0 516.3 58.6 457.6 33.3
2009 824.2 298.9 525.2 61.5 463.7 31.0
2010 883.3 300.8 582.5 63.4 519.1 29.4
2011 920.9 304.0 616.9 66.6 550.3 30.9
2012 967.7 317.6 650.1 68.0 582.2 31.0
2013 1,016.1 337.8 678.3 68.9 609.4 28.8
2014 1,000.8 318.5 682.3 70.4 611.9 28.2

Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions

Payable in Canadian dollars

Year Treasury bills Marketable bonds1 Retail debt Canada Pension Plan bonds Total
1986 62.0 81.1 44.2 0.4 187.7
1987 77.0 94.4 44.3 1.8 217.5
1988 81.1 103.9 53.3 2.5 240.8
1989 102.7 115.7 47.8 3.0 269.2
1990 118.6 127.7 40.9 3.1 290.2
1991 139.2 143.6 34.4 3.5 320.7
1992 152.3 158.1 35.6 3.5 349.5
1993 162.1 178.5 34.4 3.5 378.4
1994 166.0 203.4 31.3 3.5 404.3
1995 164.5 225.7 31.4 3.5 425.1
1996 166.1 252.8 31.4 3.5 453.8
1997 135.4 282.6 33.5 3.5 454.9
1998 112.3 294.6 30.5 3.5 440.8
1999 97.0 295.8 28.2 4.1 425.0
2000 99.9 294.4 26.9 3.6 424.7
2001 88.7 295.5 26.4 3.5 414.1
2002 94.2 294.9 24.0 3.4 416.5
2003 104.6 289.2 22.6 3.4 419.8
2004 113.4 279.0 21.3 3.4 417.1
2005 127.2 266.7 19.1 3.4 416.3
2006 131.6 261.9 17.3 3.1 413.9
2007 134.1 257.9 15.2 1.7 408.9
2008 117.0 253.8 13.1 1.0 384.9
2009 192.5 295.3 12.5 0.5 500.8
2010 175.9 367.9 11.8 0.5 556.1
2011 163.0 416.1 10.1 0.0 589.2
2012 163.2 448.1 8.9 0.0 620.3
2013 180.7 469.0 7.5 0.0 657.2
2014 153.0 473.3 6.3 0.0 632.6
1 Inflation adjusted.

Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions

Payable in foreign currencies

Year Canada bills Marketable bonds Canada notes Euro medium-term notes Standby drawings Term loans Total
1986 0.0 9.3 0.0 0.0 2.2 2.2 13.8
1987 1.0 8.9 0.0 0.0 0.0 2.0 12.0
1988 1.0 7.9 0.0 0.0 0.0 2.3 11.3
1989 1.1 6.3 0.0 0.0 0.0 0.9 8.3
1990 1.4 4.3 0.0 0.0 0.0 0.0 5.7
1991 1.0 3.6 0.0 0.0 0.0 0.0 4.5
1992 0.0 3.4 0.0 0.0 0.0 0.0 3.4
1993 2.6 2.8 0.0 0.0 0.0 0.0 5.4
1994 5.6 5.0 0.0 0.0 0.0 0.0 10.7
1995 9.0 7.9 0.0 0.0 0.0 0.0 16.9
1996 7.0 9.5 0.3 0.0 0.0 0.0 16.8
1997 8.4 12.5 2.1 0.0 0.0 0.0 23.0
1998 9.4 14.6 1.7 1.5 0.0 0.0 27.2
1999 10.2 19.7 1.3 4.9 0.0 0.0 36.0
2000 6.0 21.4 1.1 4.1 0.0 0.0 32.6
2001 7.2 21.2 1.6 3.7 0.0 0.0 33.7
2002 3.4 19.8 1.2 3.2 0.0 0.0 27.5
2003 2.6 14.5 1.2 3.3 0.0 0.0 21.6
2004 3.4 13.2 1.3 3.0 0.0 0.0 20.8
2005 3.9 9.9 1.1 1.7 0.0 0.0 16.5
2006 4.7 7.6 0.5 1.5 0.0 0.0 14.3
2007 1.8 6.7 0.5 1.6 0.0 0.0 10.6
2008 1.5 6.1 0.5 1.6 0.0 0.0 9.7
2009 8.7 0.3 0.0 1.7 0.0 0.0 10.6
2010 2.5 5.8 0.0 0.0 0.0 0.0 8.2
2011 2.0 5.6 0.0 0.0 0.0 0.0 7.7
2012 2.1 8.6 0.0 0.0 0.0 0.0 10.7
2013 2.1 8.7 0.0 0.0 0.0 0.0 10.8
2014 2.3 13.0 0.6 0.1 0.0 0.0 16.0

Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions
Total market debt

Year Total payable in Canadian dollars Total payable in
foreign currencies
Less: Government's
holdings and consolidation adjustment1
Total market debt Average
interest rate
(%)
1986 187.7 13.8 -0.3 201.2 10.7
1987 217.5 12.0 -0.9 228.6 9.3
1988 240.8 11.3 -1.2 250.8 9.6
1989 269.2 8.3 -1.2 276.3 10.8
1990 290.2 5.7 -1.3 294.6 11.2
1991 320.7 4.5 -1.3 323.9 10.7
1992 349.5 3.4 -1.0 351.8 8.9
1993 378.4 5.4 -1.1 382.7 7.9
1994 404.3 10.7 -1.0 414.0 6.8
1995 425.1 16.9 -1.0 441.0 8.0
1996 453.8 16.8 -1.0 469.5 7.3
1997 454.9 23.0 -1.1 476.8 6.7
1998 440.8 27.2 -1.2 466.8 6.6
1999 425.0 36.0 -3.3 457.7 6.7
2000 424.7 32.6 -3.1 454.2 6.2
2001 414.1 33.7 -2.9 444.9 6.1
2002 416.5 27.5 -3.1 440.9 5.6
2003 419.8 21.6 -2.7 438.6 5.3
2004 417.1 20.8 -1.5 436.4 4.9
2005 416.3 16.5 -1.1 431.7 4.6
2006 413.9 14.3 -1.0 427.2 4.7
2007 408.9 10.6 -0.7 418.9 4.9
2008 384.9 9.7 -0.5 394.1 4.6
2009 500.8 10.6 -0.6 510.8 3.2
2010 556.1 8.2 -0.1 564.2 2.7
2011 589.2 7.7 -0.1 596.8 2.8
2012 620.3 10.7 -0.1 631.0 2.7
2013 657.2 10.8 -0.0 668.0 2.5
2014 632.6 16.0 -0.3 648.7 2.4
1 Because certain comparative figures have been restated to reflect the presentation method used in recent years, the numbers presented in this reference table can differ from numbers presented in other sections of the Debt Management Report. In the reference table, ''Government's holdings and consolidation adjustment'' is presented separately but in the rest of the report the amount is incorporated into the figures. For more information, please consult table 6.10 and table 6.14 of the Public Accounts of Canada 2014.

Reference Table III
Issuance of Government of Canada Domestic Bonds
$ billions

Nominal1
Gross issuance
RRB
Gross issuance
Buybacks



Fiscal
year
2-year 3-year 5-year 10-year 30-year Total 30-year Total Cash Switch Total Net
issuance
1995–96 11.1 5.1 17.0 10.5 5.0 48.7 1.0 49.7 0.0 49.7
1996–97 12.0 11.1 13.3 11.8 5.8 54.0 1.7 55.7 0.0 55.7
1997–98 14.0 9.9 9.3 5.0 38.2 1.7 39.9 0.0 39.9
1998–99 14.0 9.8 9.2 3.3 36.3 1.6 37.9 0.0 37.9
1999–00 14.2 14.0 12.9 3.7 44.8 1.3 46.0 -2.7 0.0 -2.7 43.3
2000–01 14.1 10.5 10.1 3.8 38.5 1.4 39.9 -2.8 0.0 -2.8 37.1
2001–02 14.0 10.0 9.9 6.3 40.2 1.4 41.6 -5.3 -0.4 -5.6 35.9
2002–03 13.9 11.0 12.6 4.8 42.3 1.4 43.7 -7.1 -5.0 -12.1 31.6
2003–04 13.0 10.7 11.5 4.2 39.4 1.4 40.8 -5.2 -5.0 -10.2 30.7
2004–05 12.0 9.6 10.6 3.3 35.5 1.4 36.9 -6.8 -4.7 -11.4 25.5
2005–06 10.0 9.2 10.0 3.2 32.4 1.5 33.9 -5.3 -3.3 -8.6 25.3
2006–07 10.3 7.8 10.4 3.3 31.8 1.6 33.4 -5.1 -4.7 -9.8 23.5
2007–08 11.7 6.3 10.7 3.4 32.0 2.3 34.3 -4.3 -2.4 -6.7 27.6
2008–09 23.2 29.0 15.7 5.1 72.9 2.1 75.0 -3.2 -2.7 -6.0 69.0
2009–10 31.5 20.1 24.0 17.4 7.0 100.0 2.2 102.2 0.0 -2.1 -2.1 100.1
2010–11 36.3 18.8 21.2 12.0 5.0 93.3 2.2 95.5 0.0 -4.4 -4.4 91.2
2011–12 44.0 18.0 21.0 10.0 4.7 97.7 2.2 99.9 -3.0 -3.0 -5.9 94.0
2012–13 35.9 13.9 20.4 16.5 6.7 93.4 2.2 95.6 -0.4 -1.1 -1.5 94.1
2013–14 32.4 13.5 20.4 14.0 5.0 85.3 2.2 87.5 0.0 -1.0 -1.0 86.5
1 Including nominal issuance through switch buyback operations.
Source: Bank of Canada.

Reference Table IV
Outstanding Government of Canada Domestic Bonds
as at March 31, 2014

Maturity date Amount
($ millions)
Coupon rate
(%)
Inflation adjustment
($ millions)
Outstanding amount
($ millions)
Fixed-coupon bonds
1-May-2014 7,974 0.75
1-Jun-2014 6,777 3.00
1-Jun-2014 7,130 5.00
1-Aug-2014 10,037 2.25
1-Nov-2014 7,913 1.00
1-Dec-2014 9,066 2.00
1-Feb-2015 14,015 1.00
1-May-2015 7,575 1.00
1-Jun-2015 8,359 2.50
1-Jun-2015 9,919 4.50
1-Jun-2015 382 11.25
1-Aug-2015 15,300 1.50
1-Nov-2015 9,900 1.00
1-Dec-2015 11,342 3.00
1-Feb-2016 14,700 1.25
1-May-2016 6,600 1.00
1-Jun-2016 9,900 2.00
1-Jun-2016 10,157 4.00
1-Aug-2016 8,100 1.00
1-Sep-2016 10,500 2.75
1-Feb-2017 8,100 1.50
1-Mar-2017 10,500 1.50
1-Jun-2017 10,343 4.00
1-Sep-2017 10,200 1.50
1-Mar-2018 10,200 1.25
1-Jun-2018 10,623 4.25
1-Sep-2018 10,200 1.25
1-Mar-2019 10,200 1.75
1-Jun-2019 17,650 3.75
1-Jun-2020 13,100 3.50
15-Mar-2021 567 10.50
1-Jun-2021 11,500 3.25
1-Jun-2021 286 9.75
1-Jun-2022 12,700 2.75
1-Jun-2022 206 9.25
1-Jun-2023 14,200 1.50
1-Jun-2023 2,359 8.00
1-Jun-2024 11,100 2.50
1-Jun-2025 2,303 9.00
1-Jun-2027 4,430 8.00
1-Jun-2029 11,452 5.75
1-Jun-2033 12,796 5.75
1-Jun-2037 13,684 5.00
1-Jun-2041 15,800 4.00
1-Dec-2045 16,400 3.50
Total 426,545
Real Return Bonds
1-Dec-2021 5,175 4.25 2,492 7,667
1-Dec-2026 5,250 4.25 2,108 7,358
1-Dec-2031 5,800 4.00 2,012 7,812
1-Dec-2036 5,850 3.00 1,141 6,991
1-Dec-2041 6,550 2.00 699 7,249
1-Dec-2044 7,700 1.50 499 8,199
1-Dec-2047 1,100 1.25 -2 1,098
Total 37,425 8,949 46,374
Note: Outstanding bond amounts reported in this table are in accordance with Bank of Canada reports, which may vary slightly with Government of Canada amounts due to differences in classification methods. See the Bank of Canada website for the current list of outstanding Government of Canada domestic bonds. Source: Bank of Canada.

Reference Table V
Government of Canada Cross-Currency Swaps Outstanding, as at March 31, 2014
CAD$ millions

Swaps of domestic obligations

Maturity date USD EUR JPY GBP Foreign exchange swaps Foreign exchange forwards Total
2014 1,741 1,850 66 2,822 6,480
2015 2,598 1,477 4,075
2016 1,769 2,863 143 4,775
2017 3,069 1,531 4,600
2018 4,367 2,132 107 6,606
2019 2,062 1,523 67 201 3,853
2020 6,564 76 6,640
2021 3,756 3,617 7,373
2022 3,312 228 3,541
2023 6,653 381 7,034
2024 1,959 1,959
Total 37,850 15,679 317 201 66 2,822 56,935
Note: Outstanding transactions converted to Canadian dollars using Bank of Canada closing exchange rates as at March 31, 2014. Numbers may not add due to rounding.
Source: Department of Finance.

Reference Table VI
Crown Corporation Borrowings, as at March 31
$ millions

Borrowings from the market 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Export Development Canada 16,191 13,730 15,533 16,743 26,925 23,001 22,033 24,141 26,613 36,393
Business Development Bank of Canada 7,432 7,898 8,256 8,025 2,354 1,488 897 658 648 507
Farm Credit Canada 10,181 11,133 12,182 9,624 3,949 1,765 1,293 913 691 615
Canada Mortgage and Housing Corporation 9,573 8,953 9,071 8,907 6,153 4,421 3,039 2,221 1,870 1,465
Canada Housing Trust1 57,518 77,840 96,547 127,566 160,664 180,440 199,238 213,251 212,639 205,113
Canada Post Corporation 71 64 61 58 93 90 1,051 1,051 1,051 1,051
Other 36 79 132 119 279 248 204 106 106 128
Total 101,002 119,697 141,782 171,042 200,417 211,453 227,755 242,341 243,617 245,272
1 The Canada Housing Trust has been included in the government reporting entity effective April 1, 2005 as a result of the application of an accounting standard.

Reference Table IV
Outstanding Government of Canada Domestic Bonds
as at March 31, 2014

Government's loans and advances in enterprise
Crown corporations
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Business Development
Bank of Canada
0 0 0 1,000 7,284 12,245 13,223 12,561 13,214 14,320
Canada Mortgage
and Housing Corporation1
4,999 4,799 4,651 4,393 61,863 72,262 69,569 66,595 63,123 21,173
Farm Credit Canada 0 0 0 3,840 11,450 15,931 17,558 19,326 21,174 22,029
Other 64 131 98 134 139 132 122 92 90 149
Total 5,063 4,930 4,749 9,367 80,736 100,570 100,472 98,574 97,602 57,670
1 Includes outstanding lending related to the Insured Mortgage Purchase Program for 2009 to 2014.
Source: Public Accounts of Canada.

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