Archived - Debt Management Report 2014–2015 - 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, 2015

V. Government of Canada Cross-Currency Swaps Outstanding, as at March 31, 2015

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
2015 649.5 15.7 123.6 234.8 1,023.6

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
2015 1,023.6 336.7 687.0 74.6 612.3 26.6

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

Payable in Canadian dollars

Year Treasury bills Marketable bonds1 Retail debt Canada Pension Plan bonds Total
1986 62.0 81.1 44.2 0.4 187.7
1987 77.0 94.4 44.3 1.8 217.5
1988 81.1 103.9 53.3 2.5 240.8
1989 102.7 115.7 47.8 3.0 269.2
1990 118.6 127.7 40.9 3.1 290.2
1991 139.2 143.6 34.4 3.5 320.7
1992 152.3 158.1 35.6 3.5 349.5
1993 162.1 178.5 34.4 3.5 378.4
1994 166.0 203.4 31.3 3.5 404.3
1995 164.5 225.7 31.4 3.5 425.1
1996 166.1 252.8 31.4 3.5 453.8
1997 135.4 282.6 33.5 3.5 454.9
1998 112.3 294.6 30.5 3.5 440.8
1999 97.0 295.8 28.2 4.1 425.0
2000 99.9 294.4 26.9 3.6 424.7
2001 88.7 295.5 26.4 3.5 414.1
2002 94.2 294.9 24.0 3.4 416.5
2003 104.6 289.2 22.6 3.4 419.8
2004 113.4 279.0 21.3 3.4 417.1
2005 127.2 266.7 19.1 3.4 416.3
2006 131.6 261.9 17.3 3.1 413.9
2007 134.1 257.9 15.2 1.7 408.9
2008 117.0 253.8 13.1 1.0 384.9
2009 192.5 295.3 12.5 0.5 500.8
2010 175.9 367.9 11.8 0.5 556.1
2011 163.0 416.1 10.1 0.0 589.2
2012 163.2 448.1 8.9 0.0 620.3
2013 180.7 469.0 7.5 0.0 657.2
2014 153.0 473.3 6.3 0.0 632.6
2015 135.7 487.9 5.7 0.0 629.2
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
2015 3.8 14.8 1.2 0.5 0.0 0.0 20.3

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

Total market debt

Year Total payable in Canadian dollars Total payable in
foreign currencies
Less: Government's
holdings and consolidation adjustment1
Total market debt Average
interest rate
(%)
1986 187.7 13.8 -0.3 201.2 10.7
1987 217.5 12.0 -0.9 228.6 9.3
1988 240.8 11.3 -1.2 250.8 9.6
1989 269.2 8.3 -1.2 276.3 10.8
1990 290.2 5.7 -1.3 294.6 11.2
1991 320.7 4.5 -1.3 323.9 10.7
1992 349.5 3.4 -1.0 351.8 8.9
1993 378.4 5.4 -1.1 382.7 7.9
1994 404.3 10.7 -1.0 414.0 6.8
1995 425.1 16.9 -1.0 441.0 8.0
1996 453.8 16.8 -1.0 469.5 7.3
1997 454.9 23.0 -1.1 476.8 6.7
1998 440.8 27.2 -1.2 466.8 6.6
1999 425.0 36.0 -3.3 457.7 6.7
2000 424.7 32.6 -3.1 454.2 6.2
2001 414.1 33.7 -2.9 444.9 6.1
2002 416.5 27.5 -3.1 440.9 5.6
2003 419.8 21.6 -2.7 438.6 5.3
2004 417.1 20.8 -1.5 436.4 4.9
2005 416.3 16.5 -1.1 431.7 4.6
2006 413.9 14.3 -1.0 427.2 4.7
2007 408.9 10.6 -0.7 418.9 4.9
2008 384.9 9.7 -0.5 394.1 4.6
2009 500.8 10.6 -0.6 510.8 3.2
2010 556.1 8.2 -0.1 564.2 2.7
2011 589.2 7.7 -0.1 596.8 2.8
2012 620.3 10.7 -0.1 631.0 2.7
2013 657.2 10.8 -0.0 668.0 2.5
2014 632.6 16.0 -0.3 648.7 2.4
2015 629.2 20.3 -0.4 649.5 2.3
1 Because certain comparative figures have been restated to reflect the presentation method used in recent years, the numbers presented in this reference table can differ from numbers presented in other sections of the Debt Management Report. In the reference table, ‘’Government’s holdings and consolidation adjustment’’ is presented separately but in the rest of the report the amount is incorporated into the figures. For more information, please consult table 6.2 and table 6.3 of the Public Accounts of Canada 2015.

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
2014–15 38.4 16.2 20.4 13.3 4.6 92.9 2.2 95.1 0.0 -0.5 -0.5 94.6
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, 2015
Fixed-coupon Bonds

Maturity date Amount
($ millions)
Coupon rate
(%)
1-May-2015 7,575 1.00
1-Jun-2015 3,489 2.50
1-Jun-2015 8,345 4.50
1-Jun-2015 375 11.25
1-Aug-2015 8,967 1.50
1-Nov-2015 7,748 1.00
1-Dec-2015 7,667 3.00
1-Feb-2016 12,243 1.25
1-May-2016 9,910 1.00
1-Jun-2016 9,900 2.00
1-Jun-2016 10,157 4.00
1-Aug-2016 17,100 1.00
1-Sep-2016 10,500 2.75
1-Nov-2016 10,200 1.00
1-Feb-2017 17,100 1.50
1-Mar-2017 10,500 1.50
1-May-2017 6,800 0.25
1-Jun-2017 10,343 4.00
1-Aug-2017 8,100 1.25
1-Sep-2017 10,200 1.50
1-Feb-2018 8,100 1.25
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-Sep-2019 10,200 1.75
1-Mar-2020 10,200 1.50
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 13,800 2.50
1-Jun-2025 10,600 2.25
1-Jun-2025 2,303 9.00
1-Jun-2027 4,430 8.00
1-Jun-2029 11,142 5.75
1-Jun-2033 12,796 5.75
1-Jun-2037 13,587 5.00
1-Jun-2041 15,693 4.00
1-Dec-2045 16,400 3.50
1-Dec-2048 4,600 2.75
1-Dec-2064 3,500 2.75
Fixed-coupon bonds—total 438,361

Reference Table IV
Outstanding Government of Canada Domestic Bonds, as at March 31, 2015
Real Return Bonds

Maturity date Amount
($ millions)
Coupon rate
(%)
Inflation adjustment
($ millions)
Outstanding amount
($ millions)
1-Dec-2021 5,175 4.25 2,568 7,743
1-Dec-2026 5,250 4.25 2,181 7,431
1-Dec-2031 5,800 4.00 2,090 7,890
1-Dec-2036 5,850 3.00 1,211 7,061
1-Dec-2041 6,550 2.00 771 7,321
1-Dec-2044 7,700 1.50 580 8,280
1-Dec-2047 3,300 1.25 27 3,327
Real Return Bonds—total 39,625 9,427 49,052
Note: Outstanding bond amounts reported in this table are in accordance with Bank of Canada reports, which may vary slightly with Government of Canada amounts due to differences in classification methods. Source: Bank of Canada.

Reference Table V
Government of Canada Cross-Currency Swaps Outstanding, as at March 31, 2015
CAD$ millions

Swaps of domestic obligations Swaps of foreign obligations


Maturity date USD EUR JPY GBP USD Total
2015 2,977 1,321 0 0 4,297
2016 2,027 2,560 141 0 4,727
2017 3,517 1,368 0 0 4,885
2018 5,003 1,906 106 0 7,015
2019 2,362 1,362 551 1,820 6,095
2020 7,520 68 0 620 8,208
2021 4,304 3,234 0 0 7,537
2022 4,112 204 0 0 4,316
2023 7,623 340 0 0 7,963
2024 5,377 1,396 0 0 6,773
2025 697 136 0 0 833
Total 45,517 13,894 798 2,440 - 62,649
Note: Outstanding transactions converted to Canadian dollars using Bank of Canada closing exchange rates as at March 31, 2015. Table does not include $442.6 million in foreign exchange swaps and $2,772.6 million in foreign exchange forwards that were outstanding as at March 31, 2015. 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 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Export Development Canada 13,730 15,533 16,743 26,925 23,001 22,033 24,141 26,613 36,393 41,985
Business Development Bank of Canada 7,898 8,256 8,025 2,354 1,488 897 658 648 507 305
Farm Credit Canada 11,133 12,182 9,624 3,949 1,765 1,293 913 691 615 669
Canada Mortgage and Housing Corporation 8,953 9,071 8,907 6,153 4,421 3,039 2,221 1,870 1,465 1,429
Canada Housing Trust1 77,840 96,547 127,566 160,664 180,440 199,238 213,251 212,639 205,113 207,544
Canada Post Corporation 64 61 58 93 90 1,051 1,051 1,051 1,051 1,051
Other 79 132 119 279 248 204 106 106 128 137
Total 119,697 141,782 171,042 200,417 211,453 227,755 242,341 243,617 245,272 253,120
1 Canada Housing Trust has been included in the government reporting entity effective April 1, 2005 as a result of the application of a new accounting standard.

Government's Loans and Advances in Enterprise Crown Corporations
$ millions

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Business Development
Bank of Canada
0 0 1,000 7,284 12,245 13,223 12,561 13,214 14,320 15,676
Canada Mortgage and Housing Corporation1 4,799 4,651 4,393 61,863 72,262 69,569 66,595 63,123 21,173 10,708
Farm Credit Canada 0 0 3,840 11,450 15,931 17,558 19,326 21,174 22,029 22,691
Other 131 98 134 139 132 122 92 90 149 333
Total 4,930 4,749 9,367 80,736 100,570 100,472 98,574 97,602 57,670 49,408
1 Includes outstanding lending related to the Insured Mortgage Purchase Program for 2009 to 2014.
Source: Public Accounts of Canada.

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