Debt Management Report 2019–2020

Table of Contents

Foreword by the Deputy Prime Minister and Minister of Finance

For over a year, the federal government has worked to combat COVID-19 and mitigate its harm, using every tool available. Eight of every ten dollars spent in Canada to fight the virus and support Canadians has been provided by the federal government. We will continue to do whatever it takes, for as long as it takes, to prevent long-term damage to the Canadian economy and to support Canadians through to the other side of the pandemic.

Every year, the federal government provides a report to Parliament and to Canadians that details the government's domestic debt program. I am pleased to be tabling the Debt Management Report for the 2019-20 fiscal year. This report reflects the main activities of the government's borrowing program as set out in Budget 2019 and is guided by the key principles of transparency, prudence, and regularity. In March 2020, changes were made to the debt program to respond to the COVID-19 pandemic. Therefore, this Debt Management Report captures only a fraction of the government's total COVID-19 response to date. The government has consulted dealers and investors as part of the process for developing the debt management strategy as it has done in the past.

This report demonstrates that 2019-20 debt management operations continued to effectively support the administration of the debt management program, contributing to the objective of raising stable and low-cost funding. It also makes clear how stable our debt is, with about 70 per cent domestically held.

Further accounting of the 2020-21 fiscal year will be provided in the next Debt Management Report. We continue to be guided by fiscal prudence and responsibility. Canada's fiscal position remains the strongest in the G7, which means the government has sufficient room to borrow as necessary to continue to meet the challenges of COVID-19.

We will continue to do whatever it takes to help Canadians stay healthy, safe, and solvent. We will continue to invest in every necessary public health measure and we will support Canadians and Canadian businesses in a deliberate, responsible, and effective way.

The Honourable Chrystia Freeland, P.C., M.P.
Deputy Prime Minister and Minister of Finance
Ottawa, 2021

Purpose of This Publication

This edition of the Debt Management Report provides a detailed account of the Government of Canada's borrowing and debt management activities for the fiscal year ending March 31, 2020. For the most part, it does not reflect more recent developments or policies implemented under the borrowing program since the onset of the COVID-19 pandemic.

As required under Part IV (Public Debt) of the Financial Administration Act, this publication provides transparency and accountability regarding these activities. It reports on actual borrowing and uses of funds compared to those forecast in the Debt Management Strategy for 2019–20, published on March 19, 2019, in Budget 2019. It also discusses the environment in which the debt was managed, the composition of the debt, changes in the debt during the year, strategic policy initiatives and performance outcomes.

Other Information

The Public Accounts of Canada is tabled annually in Parliament and is available on the Public Services and Procurement Canada website. The Debt Management Strategy and the Report on the Management of Canada's Official International Reserves, which are also tabled annually in Parliament, are available on the Department of Finance Canada website. Additionally, monthly updates on cash balances and foreign exchange assets are available through The Fiscal Monitor, which is also available on the Department of Finance Canada website. Under the Borrowing Authority Act, the Minister of Finance is required to table a report to Parliament every three years on amounts borrowed by the Minister on behalf of Her Majesty in Right of Canada and by agent Crown corporations. The most recent report was tabled in Parliament on November 23, 2020 and is available on the Department of Finance Canada website.

The Extraordinary Borrowing Report to Parliament tabled in Parliament on October 22, 2020, provides a detailed account of amounts borrowed in extraordinary circumstances under section 47 of the Financial Administration Act (as enacted by the COVID-19 Emergency Response Act). This report provides details on extraordinary borrowings that were undertaken between April 1, 2020 and September 30, 2020, and is available on the Department of Finance Canada website.

Executive Summary

Introduction

This publication reports on two major activities: (i) the management of federal market debt (the portion of the debt that is borrowed in financial markets); and (ii) the investment of cash balances in liquid assets for operational purposes and contingency planning.

The government's market debt, including marketable bonds, treasury bills, retail debt and foreign currency debt, stood at $765.2 billion at the end of fiscal year 2019–20 (see boxed area of Chart 1). In addition to market and other types of unmatured debt, other liabilities, including pensions and accounts payable, brought the total liabilities of the Government of Canada to $1,248.6 billion at that time. When financial and non-financial assetsFootnote 1 are subtracted from total liabilities, the federal debt or accumulated deficit of the Government of Canada was $721.4 billion as at March 31, 2020 (see Chart 1).

Domestic funding is conducted through the issuance of marketable securities, which consist of nominal bonds, Real Return Bonds and treasury bills, including cash management bills. These securities are sold predominately via auction, but occasionally through syndication at the government's discretion. Cross-currency swaps of domestic obligations and issuance of foreign currency debt are used to fund foreign reserve assets held in the Exchange Fund Account (see the section entitled "Foreign Currency Debt").

Chart 1
Snapshot of the Federal Balance Sheet, as at March 31, 2020
Chart 1 - Snapshot of the Federal Balance Sheet, as at March 31, 2020

Note: Numbers may not add due to rounding.
Source: Public Accounts of Canada.

Text version

Unmatured Debt

Market debt $765.2 billion (marketable bonds, treasury bills, retail debt, and foreign currency debt)
Market debt value adjustments and capital lease obligations $18.6 billion
Pensions and other liabilities $301.0 billion
Accounts payable and accrued liabilities $163.8 billion

Total Liabilities $1,248.6 billion

Less financial assets $435.7 billion (cash, reserves, loans)
Net debt $812.9 billion
Less non-financial assets $91.5 billion (capital assets)
Federal debt $721.4 billion (accumulated deficit)

Highlights for 2019–20

The Debt Management Report consists of three parts covering the main aspects of the Government of Canada's debt program. "Part I – 2019–20 Debt Management Context" focuses on the state of the federal debt, the year's funding requirements and the sources of borrowings used to raise funds, the federal government's credit ratings and the authorities required to borrow. "Part II – Report on Objectives and Principles" reports on debt management objectives to raise stable and low-cost funding to meet the financial needs of the Government of Canada and to maintain a well-functioning market for Government of Canada securities, and associated principles. "Part III – Report on the 2019–20 Debt Program" reports on the operational aspects of the debt program. This year's debt management operations continue to support the effective execution of the debt management program. The main highlights are as follows:

Strong Demand for Government of Canada Debt Securities

In 2019–20, the relative strength of the Canadian economy and its capital markets continued to support demand for Government of Canada securities in primary and secondary markets. Accordingly, treasury bill and bond auctions remained well-covered and competitively bid, providing an efficient manner for the government to raise funding. The publication of the Quarterly Bond Schedule before each quarter and the Call for Tender before each auction helped maintain transparency. This promoted well-functioning markets for the government's securities to the benefit of a wide array of domestic market participants, contributing to the objective of raising stable and low-cost funding.

Stock of Market Debt

The stock of market debt increased by $44.1 billion in 2019–20, bringing the total stock to $765.2 billion. The change in the stock was mainly comprised of a $27.3 billion increase in marketable bonds payable in Canadian dollars, a $17.6 billion increase in treasury and cash management bills, a $0.7 billion decrease in retail debt outstanding, and a $0.1 billion decrease in marketable debt payable in foreign currencies. Notwithstanding the modest increase in its debt stock, Canada's total government net debt-to-GDP (gross domestic product) ratio remains the lowest among the Group of Seven (G7) nations, according to the International Monetary Fund (IMF).

Consistent with an increased issuance at lower interest rate levels for 2019–20, the weighted average rate of interest on market debt decreased to 2.03 per cent, down from 2.18 per cent in 2018–19.

COVID-19 and Debt Management

Towards the end of 2019–20, changes were made to the debt program to respond to the COVID-19 pandemic. In particular, treasury bill issuances increased towards the end of the year in response to the increased borrowing needs stemming from the circumstances of the COVID-19 pandemic. In addition, in March 2020 the Bank of Canada broadened the scope of the bond buyback program as part of its measures to support the continuous functioning of financial markets through the provision of liquidity. Six bond buybacks on a switch basis were held in 2019–20, even though the Debt Management Strategy for 201920 had initially planned for only two operations. Finally, in response to the extraordinary circumstances caused by the COVID-19 pandemic, on March 31, 2020, the Minister of Finance approved for the first time borrowings under extraordinary circumstances, pursuant to section 47 of the Financial Administration Act. The COVID-19 Emergency Response Act that received Royal Assent on March 25, 2020 enacted these authorities. No monies were borrowed under section 47 of the Financial Administration Act during the 2019–20 fiscal year.

Part I
2019–20 Debt Management Context

Composition of Federal Debt

In 2019–20, total market debt increased by $44.1 billion (or about 6.1 per cent) to $765.2 billion (see Table 1). For additional information on the financial position of the government, see the 2019–20 Annual Financial Report of the Government of Canada.

Table 1
Change in the Composition of Federal Debt, as at March 31
$ billions
  2020 2019 Change
Payable in Canadian currency      
Marketable bonds 596.9 569.5 27.3
Treasury and cash management bills 151.9 134.3 17.6
Retail debt 0.5 1.2 -0.7
Total payable in Canadian currency 749.2 705.1 44.2
Payable in foreign currencies 15.9 16.0 -0.1
Total market debt 765.2 721.1 44.1
Market debt value adjustment, capital lease obligations
and other unmatured debt
18.6 15.8 2.7
Total unmatured debt 783.8 736.9 46.8
Pension and other accounts 301.0 288.5 12.5
Total interest-bearing debt 1,084.8 1,025.5 59.3
Accounts payable, accruals and allowances 163.8 159.7 4.1
Total liabilities 1,248.6 1,185.2 63.4
Total financial assets 435.7 413.0 22.7
Total non-financial assets 91.5 86.7 4.9
Federal debt (accumulated deficit) 721.4 685.5 35.9
Note: Numbers may not add due to rounding.
Source: Public Accounts of Canada.

Sources of Borrowings and Uses of Borrowings

The key reference point for debt management is the financial requirement or financial source, which represents the net cash outflow or inflow for the fiscal year. This measure differs from the budgetary balance (i.e., the deficit or surplus on an accrual basis) by the amount of non-budgetary transactions and the timing of payments on a cash basis, which can be significant. Non-budgetary transactions include changes in federal employee pension liabilities; changes in non-financial assets; investing activities through loans, investments and advances; and changes in other financial assets and liabilities, including foreign exchange activities. Anticipated borrowing and planned uses of borrowings are set out in the Debt Management Strategy, while actual borrowing and uses of borrowings compared to those forecast are reported in this publication (see Table 2).

There was a financial requirement of $47.2 billion in 2019–20, reflecting $39.4 billion in cash outflows due to a budgetary deficit and a cash outflow of $7.8 billion due to non-budgetary transactions. The financial requirement was approximately $15 billion higher than the projection in the Debt Management Strategy for 2019–20. For comparison, the financial requirement in 2018–19 was $12.7 billion.

In 2019–20, loans to the Business Development Bank of Canada, Canada Mortgage and Housing Corporation and Farm Credit Canada under the Crown Borrowing Program were $3.2 billion higher than the planned $7 billion. Since the inception of the program in 2007–08, the consolidated borrowings of these Crown corporations have grown to account for $77 billion of federal market debt.

Table 2
Planned/Actual Borrowings and Uses of Borrowings, Fiscal Year 2019–20
$ billions
  Planned1 Actual Difference
Sources of borrowings      
Payable in Canadian currency
     
Treasury bills
151 152 1
Bonds
119 127 8
Retail debt
0 0 0
Total payable in Canadian currency
270 279 9
Payable in foreign currencies
10 7 -3
Total cash raised through borrowing activities
280 286 6
Uses of borrowings2      
Refinancing needs      
Payable in Canadian currency
     
Treasury bills
131 134 3
Bonds
111 101 -10
Of which:
     
Switch bond buybacks
1 3 2
Cash management bond buybacks
40 31 -9
Retail debt
1 1 0
Total payable in Canadian currency
243 236 -7
Payable in foreign currencies
7 7 0
Total refinancing needs 250 243 -7
Financial source/requirement      
Budgetary balance
20 39 19
Non-budgetary transactions
     
Pension and other accounts
-6 -10 -4
Non-financial assets
3 4.9 2
Loans, investments and advances
8 15 7
Of which:
     
Loans to enterprise Crown corporations
7 10 3.2
Other
1 5 4
Other transactions3
8 -2 -10
Total non-budgetary transactions
12 8 -4
Total financial source/requirement 32 47 15
Adjustment for risk4 -3 0 3
Total uses of borrowings 280 290 10
Change in other unmatured debt transactions5 0 -3 -3
Net increase or decrease (-) in cash 0 0 0
Note: Numbers may not add due to rounding.
1 Planned numbers are from Budget 2019 and the Debt Management Strategy for 2019–20.
2 A negative sign denotes a financial source.
3 Primarily includes the conversion of accrual adjustments into cash, such as tax and other account receivables; provincial and territorial tax collection agreements; and tax payables and other liabilities.
4 The adjustment included in the planned budgetary deficit for prudent fiscal planning purposes is removed to increase the accuracy of borrowing needs. Debt issuance can be altered during the year to adjust for unexpected changes in financial requirements.
5 Includes cross-currency swap revaluation, unamortized discounts on debt issues, obligations related to capital leases and other unmatured debt.

Borrowing Authorities

In order to undertake market borrowing activities, the Minister of Finance (the "Minister") needs authority from Parliament as well as the Governor in Council (the "GIC").

Under the Parliamentary borrowing authority framework enacted on November 23, 2017, Parliamentary authority is granted through the Borrowing Authority Act (the "BAA") and Part IV of the Financial Administration Act (the "FAA"), which together allow the Minister to borrow money up to a maximum overall amount as approved by Parliament. The FAA also authorizes the Minister to borrow in excess of the approved maximum amount under limited circumstances for the specific purposes of refinancing outstanding debt, extinguishing or reducing liabilities, and making payments in extraordinary circumstances, such as natural disasters.

Subject to the noted limited exceptions, Parliament approved in the BAA a maximum stock of borrowings of $1,168,000 million, which also includes amounts borrowed by agent Crown corporations, and Canada Mortgage Bonds guaranteed by Canada Mortgage and Housing Corporation. As of March 31, 2020, $1,075,082 million of the Parliamentary-approved borrowing authority was used.

In addition to the new Parliamentary approval, Part IV of the FAA also requires the Minister to receive annual approval from the GIC to carry out borrowing for the Government of Canada for each fiscal year, including issuing securities in financial markets and undertaking related activities subject to a maximum aggregate amount. On the recommendation of the Minister of Finance, the GIC approved $330 billion to be the maximum aggregate principal amount of money that may be borrowed by the Minister in 2019–20.Footnote 2 The maximum aggregate principal amount is the sum of the following sub-components: (i) the maximum stock of treasury bills anticipated to be outstanding during the year; (ii) the total value of refinanced and anticipated new issuances of marketable bonds; and (iii) amounts to facilitate intra-year management of the debt and foreign exchange accounts.

During 2019–20, $285 billion of the GIC-approved borrowing authority was used, $45 billion below the authorized borrowing authority limit and $5 billion higher than the plan set out in the Debt Management Strategy for 2019–20 (see Table A4.2 in the Debt Management Strategy).

In response to the extraordinary circumstances caused by the COVID-19 pandemic, on March 31, 2020, the Minister of Finance approved for the first time borrowings under extraordinary circumstances, pursuant to section 47 of the Financial Administration Act. The COVID-19 Emergency Response Act that received Royal Assent on March 25, 2020 enacted these authorities. No monies were borrowed under section 47 of the Financial Administration Act during the 2019–20 fiscal year.

Government of Canada Credit Rating Profile

The Government of Canada throughout 2019–20 continued to receive the highest possible credit ratings, with a stable outlook, on Canadian-dollar and foreign-currency-denominated short- and long-term debt from the five rating agencies that evaluate Canada's debt (see Table 3).

Rating agencies indicated that Canada's effective, stable and predictable policymaking and political institutions, economic resilience and diversity, well-regulated financial markets, and the strength of monetary and fiscal flexibility are all reflected in Canada's strong current credit ratings: Moody's (Aaa), S&P (AAA) and Fitch (AA+).

Table 3
Government of Canada Credit Ratings as at March 31, 2020
Rating agency Term Domestic
currency
Foreign
currency
Outlook Previous rating
action
Moody's Investors Service Long-term
Short-term
Aaa
-
Aaa
P-1
Stable May 2002
Standard & Poor's Long-term
Short-term
AAA
A-1+
AAA
A-1+
Stable July 2002
Fitch Ratings Long-term
Short-term
AAA
F1+
AAA
F1+
Stable August 2004
Dominion Bond Rating Service Long-term
Short-term
AAA
R-1 (High)
AAA
R-1 (High)
Stable n/a
Japan Credit Rating Agency Long-term AAA AAA Stable n/a

Part II
Report on Objectives and Principles

Objectives and Principles

The fundamental objectives of debt management as of March 2020 were to raise stable and low-cost funding to meet the financial needs of the Government of Canada and to maintain a well-functioning market for Government of Canada securities. In support of these objectives, the design and implementation of the domestic debt program are guided by the key principles of transparency, regularity, prudence and liquidity. Towards this end, the government publishes strategies and plans, and consults regularly with market participants to ensure the integrity and attractiveness of the market for dealers and investors. The structure of the debt is managed conservatively in a cost-risk framework, preserving access to diversified sources of funding and supporting a broad investor base.

Raising Stable, Low-Cost Funding

In general, achieving stable, low-cost funding involves striking a balance between debt costs and various risks in the debt structure. This selected balance between cost and risk is mostly achieved through the deliberate allocation of issuance among various debt instruments and terms.

Composition of Market Debt

The composition of the stock of market debt is a reflection of past debt issuance choices. The effects of changes in the issuance patterns of short-term instruments become visible relatively quickly, while the full effect of issuance changes in longer-term maturities will take their entire maturity periods to be fully appreciated. A well-distributed maturity profile ensures a diversified exposure to changes in interest rates over time and provides liquidity across different maturity sectors to promote well-functioning markets.

Composition by Remaining Term to Maturity

Relative to 2018–19, the government increased total issuance of both treasury bills and bonds in the Debt Management Strategy for 2019–20. Reflecting this, the composition of market debt by remaining term to maturity shifted to a more even distribution, which helps to reduce debt rollover risk. The increase in the stock of debt with remaining terms to maturity between 2 and 3 years partially reflects the increased issuance in the 3–year sector.The higher stock of treasury bills reflects both the increased issuance of treasury bills as part of the Debt Management Strategy for 2019–20 and increased treasury bill issuance towards the end of the year in response to the increased borrowing needs stemming from the circumstances of the COVID-19 pandemic (see Chart 2).

Chart 2
Composition of Market Debt by Remaining Term to Maturity, as at March 31
Chart 2 - Composition of Market Debt by Remaining Term to Maturity, as at March 31

Data includes Consumer Price Index adjustment.
Sources: Public Accounts of Canada and Bank of Canada.

Text version
Composition of Market Debt by Remaining Term to Maturity, as at March 31
Row Labels Treasury bills Less than 1 year 1-2 years 2-3 years 3-5 years 5-10 years More than 10 years
Five Year Historical Reference
(2014-15)
135.7 56.4 95.4 53.7 69.1 76.5 136.4
2016 138.1 77.191083 91.35 42.12 78.52 78.35 136.59
2016-17 136.7 68.13148 91.36 69.25 90.32 79.91 136.90
2017-18 110.7 64.713981 116.26 74.77 93.49 86.17 140.39
2018-19 134.3 77.742633 110.637361 67.30795025 84.064574 83.225011 146.1918585
2019-20 151.867 92.037289 104.8900493 76.706022 87.531613 92.093847 143.281452

Composition by Original Term of Issuance

In 2019–20, the government increased total issuance of both treasury bills and bonds relative to 2018–19, with treasury bills seeing a larger increase in issuance relative to bonds. In addition, the government decreased Real Return Bond issuance and held 10-year issuance at the same level as 2018–19. As a result, bonds with original terms to maturity of 10 years or more represent 41.2 per cent of the total stock of market debt, compared to 42.6 per cent in 2018–19.

Chart 3
Composition by Original Term of Issuance
Chart 3 - Composition by Original Term of Issuance

Source: Bank of Canada.

Text version
Composition by Original Term of Issuance
  Treasury bills 2-year 3-year 5-year 10-year 30-year Real Return Bonds 50-year
Five Year Historical Reference
(2014-15)
21.8% 11.2% 7.1% 16.6% 21.3% 13.6% 7.9% 0.6%
2018-19 19.1% 13.4% 6.9% 18.0% 19.4% 13.7% 8.8% 0.7%
2019-20 20.3% 13.1% 6.5% 18.8% 18.5% 13.3% 8.7% 0.6%

Cost of Market Debt

Market debt costs are the largest component of public debt charges (public debt charges also include interest expenses on non-market liabilities).Footnote 3 The weighted average rate of interest on outstanding market debt was 2.03 per cent in 2019–20, down from 2.18 per cent in 2018–19. As a result and despite an increase in market debt outstanding, the interest cost of market debt as a share of total government expenses decreased from 4.54 per cent in 2018–19 to 4.37 per cent in 2019–20, reflecting the lower weighted average rate of interest on market debt (see Chart 4).

Chart 4
Cost of Market Debt
Chart 4 - Cost of Market Debt

Source: Public Accounts of Canada.

Text version
Cost of Market Debt
  Market Debt Cost (left scale) Market Debt Cost as % of Total Expenses (left scale) Average Interest Rate (right scale) Total Expenses
2010-11 16.89 6.16 2.83 274.208
2011-12 16.72 6.09 2.65 274.715
2012-13 16.36 5.93 2.45 275.703
2013-14 15.37 5.53 2.37 278.062
2014-15 14.74 5.26 2.27 280.455
2015-16 13.60 4.60 2.03 295.469
2016-17 13.13 4.24 1.89 309.825
2017-18 14.16 4.29 2.01 330.177
2018-19 15.72 4.54 2.18 346.182
2019-20 15.53 4.37 2.03 355.627

Average Term to Maturity and Refixing Share of Market Debt, Net of Financial Assets

The average term to maturity (ATM) of market debt (net of financial assets) declined between 2008–09 and 2011–12, primarily due to a large increase in the issuance of treasury bills and 2-, 3- and 5-year bonds, relative to longer-term bonds following the financial crisis of 2008-2009. In 2014–15, as the Canadian and global financial markets recovered from the crisis and the Insured Mortgage Purchase Program was wound down, the ATM rose steadily to 8.4 years by 2018–19. In 2019–20, the ATM declined to 7.5 years, reflecting the increased issuance of treasury bills in 2019–20 to support a liquid and well-functioning market for Government of Canada treasury bills.

Chart 5
Average Term to Maturity and Refixing Share of Market Debt, Net of Financial Assets
Chart 5 - Average Term to Maturity and Refixing Share of Market Debt, Net of Financial Assets

Source: Bank of Canada.

Text version
Average Term to Maturity and Refixing Share of Market Debt, Net of Financial Assets
  Average Term-to-Maturity Net of Assets
2010-11 7.495649
2011-12 7.368735
2012-13 7.373985
2013-14 7.433324
2014-15 8.094916
2015-16 8.000462463
2016-17 7.997911443
2017-18 8.352715969
2018-19 8.397863876
2019-20 7.542353671

Maintaining debt rollover within acceptable levels: Prudent management of debt refinancing needs promotes investor confidence and strives to minimize the impact of market volatility or disruptions on the funding program. According to a number of measures of rollover (e.g., quarterly maturities as a percentage of GDP, single-day bond maturities plus coupon payments net of buyback operations, net refixing share of market debt and net refixing share of market debt to GDP), risk in the government's debt program has been trending down over recent years.

The amount of debt maturing per quarter as a percentage of GDP rose to an average of 7.1 per cent during 2010–11 due to a higher stock of treasury bills, but has since declined to an average of 4.3 per cent in 2019–20, (see Chart 6). This mainly reflects the decrease in treasury bills as an overall share of market debt, meaning less debt as a share of GDP matures in a given quarter.

Chart 6
Quarterly Maturities of Domestic Market Debt as a Percentage of GDP
Chart 6 - Quarterly Maturities of Domestic Market Debt as a Percentage of GDP

Source: Bank of Canada.

Text version
Quarterly Maturities of Domestic Market Debt as a Percentage of GDP
  fiscal year calendar year Quarterly Rollover as a % of GDP
2010-11 Q1 Q2 7.9567
Q2 Q3 7.1047
Q3 Q4 6.6878
Q4 Q1 6.5771
2011-12 Q1 Q2 6.3750
Q2 Q3 7.1318
Q3 Q4 5.7690
Q4 Q1 6.4641
2012-13 Q1 Q2 6.4232
Q2 Q3 6.8969
Q3 Q4 6.1386
Q4 Q1 6.4181
2013-14 Q1 Q2 6.3542
Q2 Q3 7.4798
Q3 Q4 6.0168
Q4 Q1 6.3018
2014-15 Q1 Q2 5.8622
Q2 Q3 5.8782
Q3 Q4 5.7312
Q4 Q1 4.9394
2015-16 Q1 Q2 6.2039
Q2 Q3 4.8461
Q3 Q4 5.8244
Q4 Q1 4.6406
2016-17 Q1 Q2 5.5905
Q2 Q3 5.7876
Q3 Q4 5.3863
Q4 Q1 4.8199
2017-18 Q1 Q2 5.0901
Q2 Q3 4.5192
Q3 Q4 4.3722
Q4 Q1 3.7047
2018-19 Q1 Q2 4.1377
Q2 Q3 3.7220
Q3 Q4 4.5502
Q4 Q1 4.6873
2019-20 Q1 Q2 4.6212
Q2 Q3 4.1433
Q3 Q4 4.3361
Q4 Q1 3.9205

Single-day cash flow maturities had increased as a result of higher debt issuance since the financial crisis of 2008-2009, but have generally been trending downwards since 2012 as a result of the introduction of four new maturity dates—February 1, May 1, August 1 and November 1—in 2011–12. The four additional maturity dates have allowed the debt program to absorb increases in funding requirements and helped smooth the cash flow profile of upcoming maturities over the medium term. Most large single-day maturity dates are now due to principal and coupon payments on bonds that were issued prior to 2011–12 as well as the principal and coupon payments on 3- and 5-year bonds, which share maturity dates. The smoothing effect of these additional four maturity dates on the government's cash flow profile will become even more apparent over time as bonds issued prior to 2011–12 mature.

The benchmark maturity date profile is as follows:

The refixing share of market debt (net of financial assets) measures the proportion of all market debt that matures or needs to be repriced within one year. The refixing share net of financial assets is used rather than the gross refixing share because the net-of-assets measure better reflects the risk exposure to the government. In 2019–20, the net refixing share of market debt increased by 5.6 percentage points to 35.1 per cent (see Chart 7). The net refixing share of market debt to GDP measures the amount of market debt that matures or needs to be repriced within one year relative to nominal GDP for that year. The net refixing share of market debt to GDP increased to 7.4 per cent in 2019–20, up 1.5 percentage points from 2018–19. The increase in both refixing measures reflects the increase in treasury bill levels in 2019–20, relative to 2018–19.

Chart 7
Net Refixing Share of Market Debt and Market Debt to GDP
Chart 7 - Net Refixing Share of Market Debt and Market Debt to GDP

Source: Bank of Canada.

Text version
Net Refixing Share of Market Debt and Market Debt to GDP
  Net Refixing Share of Market Debt (left axis) Net Refixing Share of Market Debt to GDP (right axis)
2010-11 39.2 8.7
2011-12 41.5 9.3
2012-13 34.4 7.8
2013-14 36.0 8.1
2014-15 33.2 7.1
2015-16 36.8 7.9
2016-17 31.8 6.6
2017-18 23.9 4.9
2018-19 29.5 5.9
2019-20 35.1 7.4

Maintaining a Well-Functioning Government Securities Market

A well-functioning market in Government of Canada securities is important as it benefits the government as a borrower as well as a wide range of market participants. A well-functioning market helps the government to have more certain access to funding markets over time, contributes to lower and less volatile pricing for the government, and provides flexibility to meet changing financial requirements. For market participants, a liquid and transparent secondary market in government debt provides risk-free assets for investment portfolios, stability to other domestic fixed-income markets for which Government of Canada securities serve as benchmarks (e.g., provinces, municipalities and corporations), and a useful tool for hedging interest rate risk. The following actions promoted a well-functioning Government of Canada securities market in 2019–20.

Providing regular and transparent issuance: The Government of Canada conducted treasury bill auctions on a bi-weekly basis, announced the bond auction schedule prior to the start of each quarter and provided details for each operation in a Call for Tender in the week leading up to the auction.Footnote 4 In 2019–20, there were regular auctions for 2-, 3-, 5-, 10- and 30-year nominal and Real Return Bonds. Bond issuance schedules were communicated through the Bank of Canada website on a timely basis.

Concentrating on key benchmarks: All benchmark bonds in 2019–20 continued to reach or exceed minimum benchmark size targets (see Chart 8).Footnote 5 Compared to 2018–19, the benchmark target sizes for the 2-year sector and the 30-year Real Return Bond sector were slightly reduced, the 10-year benchmark target size stayed unchanged, and the benchmark target sizes were increased in the 3-, 5-, and 30-year sectors.

Chart 8
Size of Gross Bond Benchmarks in 2019-20
Chart 8 - Size of Gross Bond Benchmarks in 2019-20

Source: Bank of Canada.

Notes: 3-year bonds are reopenings of older 5-year bonds. Due to the fungible nature of the 3-year and the older 5-year bonds, gross benchmarks are less applicable as a standard of measure.

Text version
Size of Gross Bond Benchmarks in 2019-20
Term   Issues Outstanding Fungible Outstanding Lower Range Upper Range
2-year bonds          
May-21 12.0 0.0 9 15
Aug-21 12.0 0.0 9 15
Nov-21 12.0 0.0 9 15
Feb-22 12.0 0.0 9 15
3-year bonds Sep-22 9.6 15.6 6 12
Mar-23 9.6 15.0 6 12
5-year bonds          
Sep-24 16.2 0.0 12 18
Mar-25 16.8 0.0 12 18
10-year bonds   0.0 0.0 10 16
Jun-29 12.3 0.0 10 16
  0.0 0.0 10 16
30-year bonds   0.0 0.0 12 18
Dec-51 13.3 0.0 12 18
  0.0 0.0 12 18

Ensuring a broad investor base in Government of Canada securities: A diversified investor base supports an active secondary market for Government of Canada securities, thereby helping to keep funding costs low and stable. Diversification of the investor base is pursued by maintaining a domestic debt program that issues securities in a wide range of maturity sectors, which meet the needs of many different types of investors.

As at March 31, 2020, domestic investors (including the Bank of Canada) held about 71 per cent of Government of Canada securities (see Chart 9). Among domestic investors, insurance companies and pension funds held the largest share of Government of Canada securities (29.1 per cent), followed by financial institutions (25.1 per cent) and the Bank of Canada (13.7 per cent). Taken together, these top three categories accounted for more than two-thirds of outstanding Government of Canada securities.

Chart 9
Distribution of Government of Canada Securities
Chart 9 - Distribution of Government of Canada Securities

Source: Statistics Canada.

Text version
Distribution of Government of Canada Securities
    Monthly Monthly Domestic holdings (left scale) Bank of Canada holdings (left scale) Non-Resident holdings (left scale) Non-Resident holdings (% of nominal outstanding) Non-Resident holdings (percentage of nominal outstanding - right scale) Domestic holdings (percentage of nominal outstanding - right scale)
2010-11 Q1 Apr-10 2010-11 360.01 59.30 128.27 23.42% 23.42 76.58
May-10 2010-2011 366.72 57.69 133.36 23.91% 23.91 76.09
Jun-10 2010-2011 356.81 56.76 136.29 24.79% 24.79 75.21
Q2 Jul-10 2010-2011 364.02 57.81 134.85 24.22% 24.22 75.78
Aug-10 2010-2011 371.68 58.34 134.86 23.87% 23.87 76.13
Sep-10 2010-2011 373.18 57.00 134.76 23.85% 23.85 76.15
Q3 Oct-10 2010-2011 375.77 57.12 134.00 23.64% 23.64 76.36
Nov-10 2010-2011 381.77 58.46 137.67 23.82% 23.82 76.18
Dec-10 2010-2011 374.54 60.02 139.51 24.30% 24.30 75.70
Q4 Jan-11 2010-2011 370.65 57.30 143.16 25.07% 25.07 74.93
Feb-11 2010-2011 373.33 56.73 144.20 25.11% 25.11 74.89
Mar-11 2010-2011 370.27 56.09 153.84 26.52% 26.52 73.48
2011-12 Q1 Apr-11 2011-12 374.78 56.81 152.91 26.16% 26.16 73.84
May-11 2011-2012 378.52 60.79 159.58 26.65% 26.65 73.35
Jun-11 2011-2012 364.78 59.27 168.13 28.39% 28.39 71.61
Q2 Jul-11 2011-2012 362.90 59.40 171.02 28.82% 28.82 71.18
Aug-11 2011-2012 365.66 61.82 176.74 29.25% 29.25 70.75
Sep-11 2011-2012 360.69 59.92 181.89 30.19% 30.19 69.81
Q3 Oct-11 2011-2012 355.46 61.04 189.24 31.24% 31.24 68.76
Nov-11 2011-2012 357.54 62.12 197.20 31.97% 31.97 68.03
Dec-11 2011-2012 347.54 62.50 199.83 32.77% 32.77 67.23
Q4 Jan-12 2011-2012 351.61 62.30 196.10 32.15% 32.15 67.85
Feb-12 2011-2012 357.90 63.97 193.81 31.48% 31.48 68.52
Mar-12 2011-2012 353.65 66.06 194.30 31.64% 31.64 68.36
2012-2013 Q1 Apr-12 2012-13 354.87 66.89 196.89 31.83% 31.83 68.17
May-12 2012-2013 362.79 69.18 203.26 32.00% 32.00 68.00
Jun-12 2012-2013 352.35 69.58 204.47 32.64% 32.64 67.36
Q2 Jul-12 2012-2013 362.70 70.21 196.21 31.19% 31.19 68.81
Aug-12 2012-2013 372.27 71.13 197.87 30.86% 30.86 69.14
Sep-12 2012-2013 370.27 71.52 197.69 30.91% 30.91 69.09
Q3 Oct-12 2012-2013 371.83 72.86 192.81 30.24% 30.24 69.76
Nov-12 2012-2013 376.55 73.53 197.20 30.47% 30.47 69.53
Dec-12 2012-2013 361.79 76.10 203.71 31.75% 31.75 68.25
Q4 Jan-13 2012-2013 372.01 75.41 192.60 30.09% 30.09 69.91
Feb-13 2012-2013 380.87 77.69 191.99 29.51% 29.51 70.49
Mar-13 2012-2013 385.36 79.23 187.60 28.76% 28.76 71.24
2013-2014 Q1 Apr-13 2013-14 394.45 81.76 186.16 28.11% 28.11 71.89
May-13 2013-2014 409.15 85.91 182.92 26.98% 26.98 73.02
Jun-13 2013-2014 392.83 86.26 189.03 28.29% 28.29 71.71
Q2 Jul-13 2013-2014 407.69 87.63 182.47 26.92% 26.92 73.08
Aug-13 2013-2014 406.35 86.42 183.65 27.15% 27.15 72.85
Sep-13 2013-2014 400.17 85.95 186.94 27.78% 27.78 72.22
Q3 Oct-13 2013-2014 394.29 87.96 182.14 27.41% 27.41 72.59
Nov-13 2013-2014 384.65 88.23 184.33 28.05% 28.05 71.95
Dec-13 2013-2014 380.76 89.22 182.91 28.02% 28.02 71.98
Q4 Jan-14 2013-2014 383.64 88.15 178.77 27.48% 27.48 72.52
Feb-14 2013-2014 376.51 87.70 179.90 27.93% 27.93 72.07
Mar-14 2013-2014 360.25 86.34 186.48 29.46% 29.46 70.54
2014-2015 Q1 Apr/2014 2014-15 363.26 89.01 192.33 29.84% 29.84 70.16
May/2014 2014-2015 385.92 91.01 174.24 26.76% 26.76 73.24
Jun/2014 2014-2015 384.82 89.99 165.87 25.89% 25.89 74.11
Q2 Jul/2014 2014-2015 391.12 92.08 163.84 25.32% 25.32 74.68
Aug/2014 2014-2015 386.22 90.03 165.28 25.76% 25.76 74.24
Sep/2014 2014-2015 382.48 91.29 165.11 25.84% 25.84 74.16
Q3 Oct/2014 2014-2015 376.39 91.68 171.30 26.79% 26.79 73.21
Nov/2014 2014-2015 378.92 90.80 170.11 26.59% 26.59 73.41
Dec/2014 2014-2015 377.33 91.50 164.36 25.96% 25.96 74.04
Q4 Jan/2015 2014-2015 388.98 92.81 162.23 25.19% 25.19 74.81
Feb/2015 2014-2015 372.60 91.16 170.73 26.91% 26.91 73.09
Mar/2015 2014-2015 369.26 90.43 174.34 27.50% 27.50 72.50
2015-2016 Q1 Apr/2015 2015-16 356.09 92.96 193.32 30.09% 30.09 69.91
May/2015 2015-2016 361.64 93.46 192.32 29.71% 29.71 70.29
Jun/2015 2015-2016 350.58 93.80 194.16 30.41% 30.41 69.59
Q2 Jul/2015 2015-2016 361.52 98.41 195.02 29.78% 29.78 70.22
Aug/2015 2015-2016 357.14 96.01 198.90 30.50% 30.50 69.50
Sep/2015 2015-2016 362.35 95.32 196.84 30.07% 30.07 69.93
Q3 Oct/2015 2015-2016 355.55 97.70 204.97 31.14% 31.14 68.86
Nov/2015 2015-2016 360.69 95.61 206.53 31.16% 31.16 68.84
Dec/2015 2015-2016 362.13 94.08 199.82 30.46% 30.46 69.54
Q4 Jan/2016 2015-2016 370.97 93.20 201.82 30.30% 30.30 69.70
Feb/2016 2015-2016 361.50 90.61 206.41 31.34% 31.34 68.66
Mar/2016 2015-2016 365.23 89.91 199.14 30.44% 30.44 69.56
2016-2017 Q1 Apr/2016 2016-17 365.56 91.92 209.96 31.46% 31.46 68.54
May/2016 2016-2017 362.03 93.61 220.26 32.59% 32.59 67.41
Jun/2016 2016-2017 361.97 95.13 212.30 31.72% 31.72 68.28
Q2 Jul/2016 2016-2017 365.96 97.79 215.98 31.77% 31.77 68.23
Aug/2016 2016-2017 362.64 94.99 219.55 32.42% 32.42 67.58
Sep/2016 2016-2017 361.30 95.71 219.63 32.46% 32.46 67.54
Q3 Oct/2016 2016-2017 362.71 95.74 221.06 32.53% 32.53 67.47
Nov/2016 2016-2017 362.98 94.20 222.94 32.78% 32.78 67.22
Dec/2016 2016-2017 363.14 94.02 221.69 32.66% 32.66 67.34
Q4 Jan/2017 2016-2017 371.48 97.58 213.72 31.30% 31.30 68.70
Feb/2017 2016-2017 374.65 96.26 210.67 30.91% 30.91 69.09
Mar/2017 2016-2017 373.27 94.71 210.53 31.03% 31.03 68.97
2017-2018 Q1 Apr/2017 2017-18 372.04 96.73 221.44 32.08% 32.08 67.92
May/2017 2017-2018 370.19 97.48 231.66 33.13% 33.13 66.87
Jun/2017 2017-2018 380.22 100.85 220.59 31.44% 31.44 68.56
Q2 Jul/2017 2017-2018 371.59 103.14 224.13 32.07% 32.07 67.93
Aug/2017 2017-2018 368.74 100.92 226.53 32.54% 32.54 67.46
Sep/2017 2017-2018 363.18 99.56 232.41 33.43% 33.43 66.57
Q3 Oct/2017 2017-2018 359.16 102.17 237.90 34.02% 34.02 65.98
Nov/2017 2017-2018 351.94 99.21 247.20 35.40% 35.40 64.60
Dec/2017 2017-2018 353.60 99.71 244.81 35.07% 35.07 64.93
Q4 Jan/2018 2017-2018 356.43 100.58 241.59 34.58% 34.58 65.42
Feb/2018 2017-2018 370.46 100.06 230.99 32.93% 32.93 67.07
Mar/2018 2017-2018 373.58 98.58 217.75 31.56% 31.56 68.44
2018-2019 Q1 Apr/2018 2018-19 387.00 100.72 211.37 30.23% 30.23 69.77
May/2018 2018-2019 388.16 102.32 212.61 30.24% 30.24 69.76
Jun/2018 2018-2019 379.87 102.78 212.31 30.55% 30.55 69.45
Q2 Jul/2018 2018-2019 382.03 104.55 216.14 30.76% 30.76 69.24
Aug/2018 2018-2019 385.50 105.16 213.24 30.29% 30.29 69.71
Sep/2018 2018-2019 381.92 104.18 212.56 30.42% 30.42 69.58
Q3 Oct/2018 2018-2019 390.20 105.46 215.02 30.26% 30.26 69.74
Nov/2018 2018-2019 382.23 103.39 220.18 31.20% 31.20 68.80
Dec/2018 2018-2019 388.95 103.22 213.16 30.22% 30.22 69.78
Q4 Jan/2019 2018-2019 387.08 103.91 223.23 31.25% 31.25 68.75
Feb/2019 2018-2019 381.91 102.43 222.06 31.44% 31.44 68.56
Mar/2019 2018-2019 388.55 101.73 215.63 30.55% 30.55 69.45
2019-20 Q1 Apr/2019 2019-20 397.65 103.30 215.96 30.12% 30.12 69.88
May/2019 2019-2020 394.35 103.77 223.44 30.97% 30.97 69.03
Jun/2019 2019-2020 395.37 103.98 213.63 29.96% 29.96 70.04
Q2 Jul/2019 2019-2020 416.37 105.83 202.83 27.98% 27.98 72.02
Aug/2019 2019-2020 418.43 106.49 203.49 27.94% 27.94 72.06
Sep/2019 2019-2020 415.01 102.53 200.44 27.92% 27.92 72.08
Q3 Oct/2019 2019-2020 426.38 103.35 202.09 27.61% 27.61 72.39
Nov/2019 2019-2020 415.83 101.39 206.91 28.57% 28.57 71.43
Dec/2019 2019-2020 415.35 101.66 202.78 28.17% 28.17 71.83
Q4 Jan/2020 2019-2020 416.59 103.15 204.90 28.28% 28.28 71.72
Feb/2020 2019-2020 409.70 104.68 218.83 29.84% 29.84 70.16
Mar/2020 2019-2020 429.79 102.49 216.91 28.95% 28.95 71.05

In 2019–20, non-resident investors held 29 per cent of Government of Canada marketable securities,Footnote 6 down approximately one and a half percentage points from 2018–19. This level of non-resident holdings of Government of Canada debt remains in the mid-range compared to other sovereigns in the G7 (see Chart 10).

Chart 10
Percentage of Total Marketable Debt of G7 Countries Held by Non-Residents
Chart 10 - Percentage of Total Marketable Debt of G7 Countries Held by Non-Residents

Sources: Statistics Canada, L'Agence France Trésor, Bundesbank, Bancaimi (Italy Central Bank), Ministry of Finance Japan, United Kingdom Debt Management Office, United States Department of Treasury.

Text version
Percentage of Total Marketable Debt of G7 Countries Held by Non-Residents
Country 2017-18 2018-19 2019-20 G7 Average
Canada 31.6 30.5 29.0 34.89
France 54.6 52.1 53.6 34.89
Germany 49.4 48.4 47.9 34.89
Italy 33.1 29.6 30.5 34.89
Japan 10.9 12.7 12.8 34.89
United Kingdom 27.8 27.8 30.1 34.89
United States 41.6 40.6 40.5 34.89

Consulting with market participants: Formal consultations with market participants are held at least once a year, in order to obtain their views on the design of the borrowing program and on the liquidity and efficiency of the Government of Canada securities markets. In October 2018, the Bank of Canada and the Department of Finance Canada held over 30 bilateral meetings with organizations in Toronto, Montréal and New York. These consultations sought the views of market participants on issues related to the design and operation of the Government of Canada's domestic debt program for 2019–20 and beyond.

Market participants reported that the Government of Canada bond market continues to function well with dealers and investors generally able to source desired allocations with minimal impact on price. Participants also noted a desire for more long-duration nominal issuance to satiate ongoing robust investor demand in that sector. Market participants indicated that the treasury bill market functioned well, and that issues related to decreased treasury bill supply experienced in 2018 had dissipated. More details on these discussions are available on the Bank of Canada website.Footnote 7

Maintaining a well-functioning securities distribution system: As the government's fiscal agent, the Bank of Canada distributes Government of Canada marketable bills and bonds by auction to government securities distributors (GSDs) and customers. GSDs that maintain a certain threshold of activity in the primary and secondary market for Government of Canada securities may become primary dealers, which form the core group of distributors for Government of Canada securities. To maintain a well-functioning securities distribution system, government securities auctions are monitored to ensure that GSDs abide by the terms and conditions.Footnote 8

Quick turnaround times enhance the efficiency of the auction and buyback processes, and reduce market risk for participants. In 2019–20, the turnaround time for treasury bill and bond auctions averaged 2 minutes 6 seconds, while buyback operations averaged 4 minutes 47 seconds. The average turnaround times in 2018–19 were 2 minutes 2 seconds and 2 minutes 30 seconds, respectively.Footnote 9

Monitoring secondary market trading in Government of Canada securities: Two measures of liquidity and efficiency in the secondary market for Government of Canada securities are trading volume and turnover ratio.

Trading volume represents the amount of securities traded during a specific period (e.g., daily). Large trading volumes typically indicate that participants can buy or sell in the marketplace without a substantial impact on the price of the securities and generally imply lower bid-offer spreads.

Turnover ratio, which is the ratio of securities traded relative to the amount of securities outstanding, measures market depth. High turnover implies that a large amount of securities changes hands over a given period of time, which is an indication of a liquid market.

The average daily trading volume in the secondary market for Government of Canada bonds during 2019–20 was $39.5 billion, an increase of $2.8 billion from 2018–19 (see Chart 11).

Chart 11
Government of Canada Bond Average Daily Trading Volumes
Chart 11 - Government of Canada Bond Average Daily Trading Volumes

Source: Bank of Canada.

Text version
Government of Canada Bond Average Daily Trading Volumes
Fiscal Year 0-3 years 3-10 years 10+ years (including Real Return Bonds) Total
2010-11 11.1 12.4 2.4 25.9
2011-12 12.6 12.6 2.4 27.6
2012-13 13.3 14.3 2.5 30.1
2013-14 12.3 17.8 3.6 33.7
2014-15 10.7 16 3.6 30.3
2015-16 10 14.1 3 27.1
2016-17 13 16.2 2.8 32
2017-18 14.9 20.4 3.1 38.4
2018-19 14.8 18.8 3.1 36.7
2019-20 15.6 20.4 3.5 39.5

The annual debt stock turnover ratio in the Government of Canada secondary bond market was 18.9x in 2019–20, an increase from 18.1x in 2018–19. The sectors with the highest turnover are medium-term bonds with maturities between 3 and 10 years at 29.2x, while Real Return Bonds have the lowest turnover at 0.6x (see Chart 12).

Chart 12
Government of Canada Bond Turnover Ratio by Term to Maturity
Annualized Monthly Trading Volume / Total Bond Stock
Chart 12 - Government of Canada Bond Turnover Ratio by Term to Maturity - Annualized Monthly Trading Volume - Total Bond Stock

Text version
Government of Canada Bond Turnover Ratio by Term to Maturity
Annualized Monthly Trading Volume / Total Bond Stock
Monthly 3Y and under Over 3Y to 10Y Over 10Y RRB
2010-11 18.26585 22.7991 7.860443 0.473178
2011-12 17.03132 24.11323 7.794334 0.67428
2012-13 17.02333 26.80865 7.363014 0.714209
2013-14 15.71883 34.48752 10.1497 0.707092
2014-15 13.55417 30.20384 9.935236 0.511081
2015-16 12.58005 25.10173 8.258998 0.555326
2016-17 14.72092 27.23979 7.217686 0.579975
2017-18 15.1238 32.34929 7.959483 0.572472
2018-19 17.1441 32.88127 8.057459 0.563944
2019-20 16.80455 33.45012 9.747845 0.585525

Supporting secondary market liquidity: The Bank of Canada operates a securities-lending program to support the liquidity of Government of Canada securities by providing a secondary and temporary source of securities to the market. The program is triggered when market pricing for Government of Canada bonds and bills in repurchase transactions moves beyond a specified point.Footnote 10

The Bank of Canada conducted five securities-lending operations in 2019–20, compared to three operations in 2018–19. Securities-lending operations are generally conducted to alleviate tightness in markets for Government of Canada bonds. A bond is considered "tight", or trading "on special", when the repo rate (i.e., the rate of interest to be paid on the loan in a repurchase agreement between two parties) is below the general collateral rate (i.e., the repo rate on general collateral, or in this case, the Canadian Overnight Repo Rate Average).

Using the regular bond buyback program: Bond buyback operations on a cash basis and on a switch basis involve the purchase of bonds with a remaining term to maturity of 12 months to 25 years. Bond buyback operations on a cash basis involve the exchange of a bond for cash. Bond buyback operations on a switch basis, on the other hand, involve the exchange of one bond for another (e.g., an off-the-run bond for the building-to-benchmark bond), on a duration-neutral basis.Footnote 11

In 2019–20, there were six regular bond buybacks on a switch basis. Three operations involved the exchange of an off-the-run bond for the 30-year building-to-benchmark bond, while single operations were held in each of the 10-year, 5-year and 3-year sectors. The Debt Management Strategy for 201920 had initially planned for two bond buyback operations on a switch basis in the 30-year sector. However, in March 2020 the Bank of Canada broadened the scope of the bond buyback program as part of its measures to support the continuous functioning of financial markets through the provision of liquidity.Footnote 12 Switch operations amounted to $3,284 million at par value issued, which was $2,399 million higher than the switch operations that occurred in 2018–19. There were no regular bond buybacks on a cash basis in 2019–20.

Part III
Report on the 2019–20 Debt Program

In 2019–20, treasury bill and bond auctions continued to perform well. Demand for Government of Canada securities remained strong throughout the fiscal year as a result of persistent demand for high-quality sovereign debt securities, and Canada's strong fiscal and economic position.

Domestic Marketable Bonds

Bond Program

In 2019–20, gross bond issuance was $127.0 billion (including issuance through switch buybacks), $27.3 billion higher than the $99.7 billion issued in 2018–19. Gross issuance consisted of $125.2 billion in nominal bonds (including switch operations) and $1.8 billion in Real Return Bonds (see Table 4).

Table 4
Annual Bond Program Operations
$ billions
  2015–16 2016–17 2017–18 2018–19 2019–20
Nominal (auction) 89.8 130.4 134.21 96.7 122.4
Nominal (switch) 0.4 0.8 0.8 0.8 2.8
Real Return Bonds 2.2 2.2 2.2 2.2 1.8
Total gross issuance 92.4 133.4 137.2 99.7 127.0
Cash buyback 0.0 0.0 0.0 0.0 0.0
Switch buyback -0.4 -0.8 -0.8 -0.8 -2.8
Total buyback -0.4 -0.8 -0.8 -0.8 -2.8
Net issuance 92.0 132.6 136.4 98.9 124.2
Note: Numbers may not add due to rounding.
1 This table includes ultra-long bond auctions of $1.25 billion that took place in fiscal year 2017–18, resulting in nominal issuance for the fiscal year of $134.15 billion (number has been rounded up to $134.2 billion). Excluding ultra-long issuance would result in nominal issuance of $132.9 billion for the fiscal year.
Source: Bank of Canada.

Auction Result Indicators for Domestic Bonds

The auction tail represents the number of basis points between the highest yield accepted and the average yield of an auction. A small auction tail is preferable as it is generally indicative of better transparency in the pricing of securities. Excluding the 30-year sector, average auction tails were above the 5-year average across all maturities in 2019–20.Footnote 13 A total of 40 nominal bond auctions were conducted in 2019–20, four more than in 2018–19. This increase in nominal bond auctions was largely the result of a planned increase of the number of 3-year auctions from four to eight as part of the Debt Management Strategy for 2019–20.

Auction coverage is defined as the total amount of bids received, including bids from the Bank of Canada, divided by the amount auctioned. All else being equal, a higher auction coverage level typically reflects strong demand and therefore should result in a lower average auction yield. Bond auctions in 2019–20 continued to be well-covered, with ratios above the 5-year average in all sectors except for the 5- and 10-year sectors.

Table 5
Performance at Domestic Bond Auctions
  Nominal Bonds Real Return
Bonds
2-year 3-year 5-year 10-year 30-year 30-year
Tail (basis points) 2019–20 0.21 0.25 0.45 0.54 0.28 n/a
5-year average 0.16 0.21 0.29 0.41 0.32 n/a
Coverage 2019–20 2.69 2.60 2.46 2.31 2.58 2.37
5-year average 2.64 2.58 2.48 2.35 2.54 2.33
Notes: Tail represents the number of basis points between the highest yield accepted and the average yield of an auction. Coverage is defined as the total amount of bids received, including bids from the Bank of Canada, divided by the amount auctioned.
Source: Bank of Canada.

Participation at Domestic Bond Auctions

In 2019–20, primary dealers (PDs) were allotted 61 per cent of auctioned nominal bonds, and customers were allotted 39 per cent (see Table 6), excluding the Bank of Canada's allotment.Footnote 14 In aggregate, the 10 most active participants were in total allotted 80 per cent of these securities. Primary dealers' share of the Real Return Bond allotments decreased from 40 per cent in 2018–19 to 38 per cent in 2019–20, with customer allocations increasing from 60 per cent to 62 per cent.

Table 6
Historical Share of Bonds Allotted by Participant Category1
Nominal Bonds
Participant type 2015–16 2016–17 2017–18 2018–19 2019–20
($ billions) (%) ($ billions) (%) ($ billions) (%) ($ billions) (%) ($ billions) (%)
PDs 66 73 96 74 94 70 61 63 75 61
Non-PD GSDs 0 0 0 0 0 0 0 0 0 0
Customers 24 27 34 26 40 30 36 37 47 39
Top 5 participants 51 57 72 55 75 56 46 48 68 55
Top 10 participants 77 86 111 85 114 85 74 77 98 80
Total nominal bonds issued 90   130 134 97 122

 

Real Return Bonds
  2015–16 2016–17 2017–18 2018–19 2019–20
  ($ billions) (%) ($ billions) (%) ($ billions) (%) ($ billions) (%) ($ billions) (%)
PDs 1 23 1 38 1 54 1 40 1 38
Non-PD GSDs 0 0 0 0 0 0 0 0 0 0
Customers 2 77 1 62 1 46 1 60 1 62
Top 5 participants 1 52 1 66 1 59 1 46 1 40
Top 10 participants 2 75 2 87 2 82 1 68 1 65
Total Real Return Bonds issued 2   2 2   2   2  
Note: Numbers may not add due to rounding.
1 Not including Bank of Canada allotment.
Source: Bank of Canada.

Treasury Bills and Cash Management Bills

During 2019–20, $276 billion in 3-, 6- and 12-month treasury bills were issued, an increase of $4.0 billion from the previous year. There were also 24 cash management bill operations for a total of $67.6 billion in 2019–20, compared to 24 operations and a total of $68.4 billion in 2018–19. Together, treasury bill and cash management bill issuance totaled $343.6 billion. As at March 31, 2020, the combined treasury and cash management bill stock totaled $151.9 billion, an increase of $17.6 billion from the end of 2018–19 (see Chart 13).

Chart 13
Treasury Bills Outstanding and as a Share of Marketable Domestic Debt
Chart 13 - Treasury Bills Outstanding and as a Share of Marketable Domestic Debt

Source: Bank of Canada.

Text version
Treasury Bills Outstanding and as a Share of Marketable Domestic Debt
Domestic, Non-Inflation Adjusted, Marketable Debt     Bond Stock Amount outstanding, weekly (left scale) Treasury bill share of marketable domestic debt, weekly (right scale)
537.869211 2010-11 Apr/2010   175.900 32.70
529.664211       168.400 31.79
533.064211       168.800 31.67
538.784211       171.700 31.87
540.284211       173.200 32.06
538.184211       168.600 31.33
539.184211       166.600 30.90
540.579211       165.800 30.67
547.379211       171.200 31.28
538.373146       171.200 31.80
535.973146       165.800 30.93
537.023146       163.600 30.46
539.123146       162.700 30.18
541.323146       164.900 30.46
541.323146       164.900 30.46
539.523146       161.100 29.86
544.023146       162.600 29.89
547.523146       166.500 30.41
547.486987       166.500 30.41
545.327987       161.900 29.69
547.827987       161.900 29.55
550.427987       162.000 29.43
550.850103       167.400 30.39
548.394494       163.500 29.81
547.894494       163.500 29.84
550.794494       164.400 29.85
556.618708       170.900 30.70
549.69729       164.700 29.96
552.19729       164.700 29.83
554.49729       165.000 29.76
556.851126       168.000 30.17
555.122937       167.000 30.08
557.922937       166.800 29.90
560.688137       166.800 29.75
566.542917       171.600 30.29
563.4845       174.800 31.02
561.676869       172.300 30.68
561.185919       169.200 30.15
566.685919       172.200 30.39
566.185919       172.700 30.50
566.185919       172.700 30.50
558.504138       165.300 29.60
561.204138       165.300 29.45
559.302973       163.800 29.29
563.254973       165.000 29.29
560.056153       159.200 28.43
562.756153       159.200 28.29
563.804706       161.100 28.57
563.247532       160.800 28.55
559.463739       154.400 27.60
562.162739       154.400 27.47
563.708341       157.000 27.85
572.511659 2011-12 Apr/2011   163.000 28.47
      408.938 156.500 27.68
      411.938 156.500 27.53
      410.938 159.900 28.01
      413.938 162.900 28.24
      416.299 154.500 27.07
      417.860 154.500 26.99
      420.374 156.800 27.17
      423.674 159.800 27.39
      414.614 164.200 28.37
      414.814 159.700 27.80
      414.714 159.300 27.75
      417.714 163.700 28.16
      416.714 167.400 28.66
      416.214 165.000 28.39
      418.714 158.000 27.40
      421.714 163.500 27.94
      420.968 164.900 28.15
      422.468 161.900 27.71
      422.030 157.800 27.21
      424.530 157.800 27.10
      427.030 159.900 27.24
      426.338 170.000 28.51
      417.214 169.500 28.89
      416.879 169.500 28.91
      419.818 169.800 28.80
      419.318 172.500 29.15
      418.336 171.700 29.10
      419.883 170.800 28.92
      422.383 171.300 28.85
      425.383 172.800 28.89
      424.575 171.600 28.78
      427.210 170.300 28.50
      430.446 169.600 28.26
      431.333 171.100 28.40
      433.833 174.600 28.70
      429.555 171.600 28.55
      432.255 170.200 28.25
      434.755 170.200 28.13
      433.709 167.800 27.90
      433.709 167.800 27.90
      432.858 160.600 27.06
      435.858 163.300 27.25
      435.573 163.900 27.34
      438.073 163.900 27.23
      439.091 156.600 26.29
      442.091 158.400 26.38
      444.591 160.300 26.50
      444.491 160.300 26.51
      442.038 154.600 25.91
      441.538 154.600 25.93
      440.426 161.700 26.85
  2012-13 Apr/2012 440.846 163.300 27.03
      439.846 160.000 26.67
      439.346 162.200 26.96
      441.646 161.800 26.81
      441.146 165.600 27.29
      443.046 162.500 26.84
      445.146 159.700 26.40
      447.690 162.700 26.66
      450.490 164.800 26.78
      450.490 173.400 27.79
      436.287 171.300 28.19
      437.887 170.200 27.99
      440.287 173.000 28.21
      442.587 173.200 28.13
      442.087 170.800 27.87
      441.087 166.300 27.38
      443.987 168.300 27.49
      442.845 173.500 28.15
      444.945 173.500 28.05
      447.245 169.000 27.42
      446.745 175.200 28.17
      449.145 174.400 27.97
      448.645 176.800 28.27
      443.143 179.200 28.79
      443.021 176.200 28.46
      442.421 183.400 29.31
      443.321 185.400 29.49
      445.621 176.700 28.39
      445.121 176.800 28.43
      446.821 177.600 28.44
      449.221 177.600 28.33
      448.435 178.300 28.45
      447.935 176.200 28.23
      450.335 176.800 28.19
      453.135 178.800 28.29
      452.135 181.400 28.63
      445.945 184.400 29.25
      446.267 182.500 29.03
      448.467 181.800 28.84
      450.767 180.000 28.54
      450.767 180.000 28.54
      450.230 175.000 27.99
      453.259 174.600 27.81
      455.685 174.100 27.64
      455.259 174.100 27.66
      456.961 171.300 27.27
      459.161 171.300 27.17
      462.201 172.000 27.12
      462.101 178.400 27.85
      457.301 173.700 27.53
      457.020 173.700 27.54
      457.744 179.400 28.16
  2013-14 Apr/2013 460.621 181.400 28.25
      463.306 175.100 27.43
      463.113 174.300 27.34
      465.421 177.900 27.65
      465.378 181.100 28.01
      468.416 182.600 28.05
      470.816 178.200 27.46
      473.336 181.100 27.67
      475.536 181.100 27.58
      475.936 188.300 28.35
      462.818 190.700 29.18
      462.518 188.400 28.94
      465.318 194.800 29.51
      464.328 192.800 29.34
      466.628 190.000 28.94
      465.628 188.100 28.77
      468.528 188.300 28.67
      467.544 193.700 29.29
      470.344 196.200 29.44
      462.457 192.800 29.42
      464.857 195.800 29.64
      466.657 196.800 29.66
      469.457 198.300 29.70
      465.226 195.400 29.58
      464.726 195.700 29.63
      464.126 194.900 29.57
      466.926 196.900 29.66
      465.926 193.400 29.33
      468.226 189.100 28.77
      470.850 180.900 27.76
      473.650 180.900 27.64
      472.650 178.700 27.44
      464.696 180.400 27.96
      466.672 176.000 27.39
      467.328 180.700 27.88
      470.027 176.200 27.27
      469.977 174.500 27.08
      469.527 172.900 26.91
      471.477 172.900 26.83
      469.977 171.100 26.69
      469.977 171.100 26.69
      469.297 167.600 26.32
      471.263 165.100 25.94
      473.524 163.700 25.69
      472.774 163.700 25.72
      468.472 159.400 25.39
      470.422 161.400 25.55
      470.322 157.400 25.07
      472.972 157.400 24.97
      465.381 152.800 24.72
      464.583 152.800 24.75
      462.696 154.200 25.00
  2014-15 Apr/2014 465.246 154.200 24.89
      463.968 150.700 24.52
      463.468 149.200 24.35
      466.125 153.100 24.72
      466.070 155.800 25.05
      468.695 159.900 25.44
      465.621 155.200 25.00
      468.021 152.700 24.60
      470.221 154.700 24.76
      472.221 160.400 25.35
      460.397 162.900 26.14
      459.518 159.700 25.79
      459.718 161.700 26.02
      461.718 162.900 26.08
      464.418 160.400 25.67
      463.565 157.300 25.34
      467.065 157.300 25.19
      466.584 161.200 25.68
      468.784 165.400 26.08
      460.400 160.000 25.79
      463.784 157.200 25.31
      466.584 159.300 25.45
      466.484 161.100 25.67
      468.862 153.900 24.71
      467.848 151.900 24.51
      470.257 149.900 24.17
      469.757 155.400 24.86
      471.595 150.400 24.18
      474.495 147.700 23.74
      476.895 144.900 23.30
      478.995 144.900 23.23
      477.995 144.500 23.21
      473.082 144.500 23.40
      474.800 144.300 23.31
      475.700 144.300 23.27
      478.700 147.100 23.51
      474.124 147.100 23.68
      473.356 142.200 23.10
      473.556 146.900 23.68
      472.556 146.100 23.62
      472.120 146.500 23.68
      472.120 142.000 23.12
      474.523 139.800 22.76
      476.523 141.700 22.92
      479.061 146.200 23.38
      467.718 144.200 23.57
      468.703 144.700 23.59
      471.603 147.900 23.87
      474.503 147.900 23.76
      473.503 138.900 22.68
      475.846 138.900 22.59
      475.871 137.700 22.44
    3/25/2015 475.371 137.700 22.46
  2015-16 Apr/2015 477.986 135.700 22.11
      477.986 135.700 22.11
      480.667 136.300 22.09
      482.742 136.300 22.02
      485.686 137.100 22.01
      478.111 137.100 22.29
      480.311 138.900 22.43
      483.511 138.900 22.32
      483.911 141.500 22.63
      472.515 141.200 23.01
      473.116 140.100 22.85
      476.732 140.100 22.71
      476.732 140.900 22.81
      476.232 140.900 22.83
      476.232 140.000 22.72
      479.682 143.300 23.00
      481.913 145.100 23.14
      484.713 146.900 23.26
      476.828 146.900 23.55
      479.628 144.600 23.16
      479.318 145.700 23.31
      478.562 148.200 23.65
      481.108 144.300 23.07
      481.008 140.100 22.56
      480.008 143.500 23.01
      479.508 148.700 23.67
      481.908 149.300 23.65
      484.608 143.400 22.83
      487.266 139.400 22.24
      490.066 142.000 22.47
      492.278 140.500 22.20
      484.530 142.500 22.73
      486.730 137.800 22.06
      486.230 141.100 22.49
      488.930 147.600 23.19
      482.663 149.200 23.61
      482.702 143.300 22.89
      486.322 146.800 23.19
      485.470 148.500 23.42
      484.970 148.500 23.44
      484.875 142.000 22.65
      488.525 142.000 22.52
      492.025 143.400 22.57
      494.025 145.800 22.79
      483.668 145.400 23.11
      486.868 144.200 22.85
      486.540 145.900 23.07
      489.840 147.600 23.16
      492.540 139.300 22.05
      492.440 139.300 22.05
      491.451 137.100 21.81
      490.951 139.300 22.10
      493.651 138.100 21.86
  2016-17 Apr/2016 493.151 138.900 21.98
      495.951 141.500 22.20
      499.351 141.500 22.08
      501.907 142.900 22.16
      493.928 140.900 22.19
      496.828 140.100 22.00
      500.039 143.100 22.25
      501.407 147.300 22.71
      491.041 147.300 23.08
      491.741 145.200 22.80
      491.241 148.000 23.15
      491.174 151.900 23.62
      493.674 153.200 23.68
      496.574 144.700 22.56
      499.874 147.700 22.81
      502.131 149.900 22.99
      505.531 149.900 22.87
      495.356 151.200 23.39
      494.856 148.200 23.05
      497.953 146.900 22.78
      501.153 146.900 22.67
      503.453 150.100 22.97
      499.436 144.700 22.46
      498.966 146.100 22.65
      498.866 151.900 23.34
      501.793 152.000 23.25
      501.174 146.600 22.63
      503.974 145.000 22.34
      507.374 146.200 22.37
      509.574 143.700 22.00
      504.201 143.700 22.18
      507.101 136.300 21.18
      510.301 142.600 21.84
      512.634 140.400 21.50
      513.884 142.400 21.70
      516.784 135.400 20.76
      516.984 140.800 21.41
      515.984 138.100 21.11
      519.384 138.100 21.00
      518.634 134.500 20.59
      518.134 131.700 20.27
      521.282 130.400 20.01
      523.738 131.900 20.12
      516.756 133.200 20.49
      520.656 131.700 20.19
      520.263 135.800 20.70
      523.433 135.800 20.60
      518.778 136.500 20.83
      521.778 128.900 19.81
      523.078 128.800 19.76
      522.078 134.600 20.50
      521.078 139.500 21.12
  2017-18 Apr/2017 524.178 136.700 20.68
      527.078 140.900 21.09
      526.101 142.400 21.30
      529.127 142.800 21.25
      524.187 139.300 21.00
      526.978 137.300 20.67
      530.178 143.100 21.25
      530.612 147.100 21.71
      533.705 147.100 21.61
      526.410 145.200 21.62
      528.592 147.700 21.84
      529.892 149.200 21.97
      530.892 151.700 22.22
      533.483 148.000 21.72
      535.608 145.500 21.36
      537.469 142.000 20.90
      540.680 142.000 20.80
      534.572 141.300 20.91
      534.422 141.300 20.91
      538.176 139.800 20.62
      539.126 142.300 20.88
      541.988 137.000 20.18
      538.670 137.000 20.28
      541.414 130.400 19.41
      540.697 136.200 20.12
      544.597 134.200 19.77
      543.838 131.200 19.44
      547.496 125.800 18.68
      550.499 125.800 18.60
      553.174 125.000 18.43
      545.343 130.300 19.29
      548.407 124.500 18.50
      552.007 124.500 18.40
      554.228 122.300 18.08
      555.828 127.300 18.63
      556.403 118.700 17.58
      555.115 122.500 18.08
      558.338 121.400 17.86
      558.438 121.400 17.86
      557.738 120.300 17.74
      557.538 114.300 17.01
      561.088 113.600 16.84
      564.537 113.600 16.75
      566.462 112.600 16.58
      557.860 112.600 16.79
      560.510 111.200 16.55
      563.912 111.200 16.47
      566.197 114.900 16.87
      561.162 110.400 16.44
      560.229 109.000 16.29
      561.655 113.800 16.85
      560.135 113.200 16.81
  2018-19 Apr/2018 561.915 110.700 16.46
      563.715 110.500 16.39
      563.915 110.500 16.38
      565.915 112.900 16.63
      559.352 112.900 16.79
      558.520 112.200 16.73
      560.320 112.200 16.68
      563.195 123.100 17.94
      563.320 123.100 17.93
      555.585 123.900 18.23
      557.990 117.900 17.44
      558.264 118.800 17.55
      559.889 118.800 17.50
      562.064 119.300 17.51
      563.064 119.300 17.48
      562.289 119.700 17.55
      564.564 119.700 17.49
      557.565 119.700 17.67
      557.265 118.200 17.50
      559.265 119.500 17.61
      559.265 119.500 17.61
      561.265 127.000 18.45
      555.798 127.000 18.60
      555.248 122.700 18.10
      553.889 122.700 18.14
      555.106 126.900 18.61
      556.226 125.900 18.46
      558.176 123.500 18.12
      560.936 123.500 18.04
      562.567 126.300 18.33
      561.067 133.000 19.16
      552.577 123.300 18.24
      554.077 123.300 18.20
      555.577 130.500 19.02
      557.577 130.500 18.97
      557.077 129.200 18.83
      555.077 132.900 19.32
      557.160 129.200 18.82
      558.890 131.800 19.08
      558.890 129.900 18.86
      558.890 122.500 17.98
      561.758 120.100 17.61
      562.705 120.100 17.59
      565.359 127.000 18.34
      556.219 123.500 18.17
      559.219 126.800 18.48
      560.219 126.800 18.46
      560.619 129.800 18.80
      553.627 127.600 18.73
      552.777 125.000 18.44
      551.777 125.000 18.47
      553.587 134.300 19.52
  2019-20 Apr/2019 555.587 131.800 19.17
      558.592 129.100 18.77
      560.092 131.700 19.04
      562.242 135.600 19.43
      554.873 137.100 19.81
      557.803 131.100 19.03
      560.703 131.100 18.95
      563.103 136.200 19.48
      563.633 138.600 19.74
      555.699 137.900 19.88
      558.399 135.500 19.53
      560.754 137.300 19.67
      559.754 137.300 19.70
      562.704 134.900 19.34
      566.179 134.900 19.24
      565.964 133.800 19.12
      567.550 133.800 19.08
      570.400 138.900 19.58
      564.336 135.400 19.35
      567.336 132.000 18.88
      568.561 135.000 19.19
      572.561 135.500 19.14
      566.101 136.800 19.46
      566.001 130.900 18.78
      564.901 133.400 19.10
      566.401 134.200 19.15
      568.022 131.700 18.82
      571.157 129.000 18.42
      575.017 129.000 18.32
      578.017 134.700 18.90
      579.587 136.200 19.03
      569.152 131.700 18.79
      572.597 130.200 18.53
      576.139 128.100 18.19
      578.689 133.600 18.76
      578.909 127.100 18.00
      578.559 124.400 17.70
      578.079 125.600 17.85
      580.094 125.600 17.80
      580.094 124.800 17.70
      580.094 122.300 17.41
      581.594 121.200 17.25
      583.274 121.200 17.20
      585.263 124.800 17.58
      580.376 124.800 17.70
      582.626 124.800 17.64
      584.213 124.800 17.60
      588.363 127.100 17.76
      576.732 128.600 18.23
      576.732 128.600 18.23
      579.149 136.867 19.12
      578.073 146.867 20.26

In 2019–20, all treasury bill and cash management bill auctions were fully covered. Auction tails were higher than the 5-year average across treasury bill maturity sectors. Coverage ratios for treasury bill auctions in 2019–20 were lower than the 5-year average for all treasury bill maturity sectors (see Table 7).

Table 7
Performance at Treasury Bill and Cash Management Bill Auctions
    3-month 6-month 12-month Cash
management
bills
Tail 2019–20 0.90 1.02 0.91 5.00
  5-year average 0.60 0.70 0.59 2.35
Coverage 2019–20 2.04 2.21 2.25 2.19
  5-year average 2.08 2.25 2.28 2.53
Notes: Tail represents the number of basis points between the highest yield accepted and the average yield of an auction. Coverage is defined as the total amount of bids received, including bids from the Bank of Canada, divided by the amount auctioned. Tail and coverage ratio were calculated as the weighted averages, where the weight assigned to each auction equals the percentage total allotment in the auction's issuance sector.
Source: Bank of Canada.

Participation at Treasury Bill Auctions

In 2019–20, the share of treasury bills allotted to primary dealers decreased by 4 percentage points to 84 per cent from 88 per cent in 2018–19, while the share allotted to customers increased by 4 percentage points to 16 per cent (see Table 8). The 10 most active participants were in total allotted 85 per cent of these securities.

Table 8
Historical Share of Amount Allotted to Participants by Type of Auction1
Treasury Bills
Participant type 2015–16 2016–17 2017–18 2018–19 2019–20
($ billions) (%) ($ billions) (%) ($ billions) (%) ($ billions) (%) ($ billions) (%)
PDs 255 85 253 87 230 91 239 88 246 84
Non-PD GSDs 0 0 0 0 0 0 0 0 0 0
Customers 45 15 38 13 23 9 33 12 45 16
Top 5 participants 216 72 198 68 174 69 190 70 190 65
Top 10 participants 261 87 262 90 235 93 242 89 246 85
Total treasury bills issued 300   291   253   272   291  
Note: Numbers may not add due to rounding.
1 Net of Bank of Canada allotment.
Source: Bank of Canada.

Foreign Currency Debt

Foreign currency debt is used to fund the Exchange Fund Account (EFA), which represents the largest component of the official international reserves. The primary objectives of the international reserves are to provide the Government of Canada with liquidity and the ability to intervene in the foreign exchange market to support the Canadian dollar.

The EFA is primarily made up of liquid foreign currency securities and special drawing rights (SDRs). Liquid foreign currency securities are composed primarily of debt securities of highly rated sovereigns, their agencies that borrow in public markets and are supported by a comprehensive government guarantee, and highly rated supranational organizations. SDRs are international reserve assets created by the IMF whose value is based on a basket of international currencies. The official international reserves also include Canada's reserve position at the IMF. This position, which represents Canada's investment in the activities of the IMF, fluctuates according to drawdowns and repayments from the IMF. The Report on the Management of Canada's Official International Reserves provides information on the objectives, composition and performance of the reserves portfolio.

The market value of Canada's official international reserves increased to US$86.1 billion as at March 31, 2020 from US$83.4 billion as at March 29, 2019. The change reflects a US$427 million increase in the IMF reserve position, and a US$2,272 million increase in EFA assets. EFA assets, which totaled $83.0 billion as at March 31, 2020, were held at a level that is consistent with the government's commitment to maintain holdings of liquid foreign currency securities at or above 3 per cent of nominal GDP.

The EFA is funded by liabilities of the Government of Canada denominated in, or converted to, foreign currencies. Funding requirements are primarily met through an ongoing program of cross-currency swaps funded by domestic issuances. As at March 31, 2020, Government of Canada cross-currency swaps outstanding stood at US$62.8 billion (par value).

In addition to cross-currency swaps funded by domestic issuances, the EFA is funded through a short-term US-dollar paper program (Canada bills), medium-term note (MTN) issuance in various markets (Canada notes, euro medium-term notes (EMTNs)) and international bond issues (global bonds). The funding method of choice depends on funding needs, costs, market conditions and funding diversification objectives (see Table 9).

Table 9
Outstanding Foreign Currency Issues
par value in millions of US dollars
March 31, 2020 March 29, 2019 Change
Swapped domestic issues 62,806 59,275 3,531
Global bonds 9,000 8,244 756
Canada bills 1,534 2,020 -486
Medium-term notes      
Euro medium-term notes
290 568 -278
Canada notes
500 1,150 -650
Total 74,130 71,257 2,873
Note: Liabilities are stated at the exchange rates prevailing on March 31, 2020.

As at March 31, 2020, the Government of Canada had three global bonds outstanding.

Table 10
Government of Canada Global Bonds Outstanding, as at March 31, 2020
Year of issuance Market Amount in original currency Yield
(%)
Term to maturity
(years)
Coupon
(%)
Benchmark
interest rate—government bonds
Spread from
benchmark at
issuance (basis points)
Spread over swap curve in relevant currency on issuance date (basis points)
2017 Global US$3 billion 2.066 5 2.000 US 9.0 LIBOR + 1.5
2019 Global US$3 billion 2.633 3 2.625 US 10.0 LIBOR - 4.7
2020 Global US$3 billion 1.690 5 1.625 US 6.0 LIBOR - 6.5
Note: LIBOR = London Interbank Offered Rate.
Source: Department of Finance Canada.
The MTN program provides the government with additional flexibility to raise foreign currency. The program allows for issuance in a number of currencies, including the US dollar, euro and British pound sterling, using either a US MTN or EMTN prospectus. During 2019–20, no medium-term notes were issued.
Table 11
Government of Canada Medium-Term Notes Outstanding, as at March 31, 2020
Date of
issuance
Date of
maturity
Market Amount Yield Term to
maturity
(years)
Fixed /
floating
Interest
rate
basis
Index maturity Spread over swap curve in relevant currency on issuance date (basis points)
20-Dec-2013 20-Dec-2020 Canada notes US$50,000,000 2.30% 7 Fixed LIBOR + 0
08-May-2014 08-May-2020 EMTN US$125,000,000 6 Floating US$ LIBOR 3 month LIBOR + 0
10-Jun-2014 10-Jun-2020 Canada notes US$100,000,000 6 Floating US$ LIBOR 3 month LIBOR - 2
10-Sep-2014 10-Sep-2020 Canada notes US$250,000,000 6 Floating US$ LIBOR 3 month LIBOR - 2
15-Sep-2014 15-Sep-2020 Canada notes US$50,000,000 6 Floating US$ LIBOR 3 month LIBOR - 3
15-Jan-2015 15-Jan-2021 EMTN €;150,000,000 0.15% 6 Fixed 6 month EURIBOR -27.5
24-Aug-2015 24-Aug-2021 Canada notes US$50,000,000 6 Floating US$ LIBOR 3 month LIBOR + 0
Notes: LIBOR = London Interbank Offered Rate. EURIBOR = Euro Interbank Offered Rate.
Source: Department of Finance Canada.

Retail Debt

In 2019–20, the level of outstanding Canada Savings Bonds and Canada Premium Bonds held by retail investors decreased from $1.2 billion to $0.5 billion. Retail debt represented around 0.1 per cent of total market debt as at March 31, 2020 (see Chart 14).

In Budget 2017, the Government of Canada announced the discontinuation of the Canada Savings Bonds and Canada Premium Bonds program, given that retail debt is no longer a cost-effective source of funds or a preferred investment by Canadians. Following the announcement, Canadians were reassured that all remaining funds in the Payroll Savings Program, the Canada Retirement Savings Plan and the Canada Retirement Income Fund, along with any unredeemed certificated bonds, remain safe and guaranteed by the Government of Canada. The Canada Savings Bonds Program will continue to be wound down until all outstanding bonds have matured by December 1, 2021.

Chart 14
Evolution of Retail Debt Stock, as at March 31
Chart 14 - Evolution of Retail Debt Stock, as at March 31

Source: Bank of Canada.

Text version
Evolution of Retail Debt Stock, as at March 31
Year Retail Debt (left scale) Market Debt Retail Debt as percentage of Market Debt (right scale)
2011 10.4 597.6 1.7
2012 8.9 631.0 1.4
2013 7.5 668.0 1.1
2014 6.3 648.7 1.0
2015 5.7 649.5 0.9
2016 5.1 669.7 0.8
2017 4.5 686.4 0.7
2018 2.6 695.9 0.4
2019 1.2 721.1 0.2
2020 0.5 765.2 0.1

In 2019–20, the stock of retail debt declined by $0.7 billion (see Table 12).

Table 12
Retail Debt Gross Sales and Redemptions, 2019–20
$ billions
  Gross sales Redemptions Net change
Payroll 0.0 0.4 -0.4
Cash 0.0 0.3 -0.3
Total 0.0 0.7 -0.7
Note: Numbers may not add due to rounding.
Source: Bank of Canada.

Cash Management

The Bank of Canada, as the government's fiscal agent, manages the Receiver General (RG) Consolidated Revenue Fund, from which the balances required for the government's day-to-day operations are drawn. The core objective of cash management is to ensure that the government has sufficient cash available, at all times, to meet its operating requirements.

Cash consists of money on deposit to the credit of the Receiver General for Canada with the Bank of Canada, chartered banks and other financial institutions. Cash with the Bank of Canada includes RG operating balances and a $20 billion callable demand deposit held for the prudential liquidity plan.

The year-end daily liquidity position increased by $1.8 billion to $33.8 billion by the end of 2019–20 (see Table 13 and Chart 15). The amount of RG balances increased significantly near the end of March as the government began to borrow in preparation to fund its COVID-19 response.

Table 13
Year-End Daily Liquidity Position
$ billions
  March 31, 2019 March 31, 2020 Annual average Net change
Callable deposits with the Bank of Canada 20.0 20.0 20.0 0.0
RG balances with the Bank of Canada 3.5 10.4 7.0 6.9
RG balances with financial institutions 8.4 3.4 5.9 -5.1
Total 32.0 33.8 32.9 1.8
Note: Numbers may not add due to rounding.
Source: Bank of Canada.
Chart 15
Daily Liquidity Position for 2019–20
Chart 15 - Daily Liquidity Position for 2019-20

Source: Bank of Canada.

Text version
Daily Liquidity Position for 2019-20
Date Callable Deposit @ Bank of Canada RG @ Bank of Canada RG @ Financial Institutions Total
4-Apr-14 20.00 1.42 9.35 30.77
7-Apr-14 20.00 1.96 8.31 30.26
8-Apr-14 20.00 1.91 7.36 29.27
9-Apr-14 20.00 1.90 6.07 27.97
10-Apr-14 20.00 2.05 5.85 27.90
11-Apr-14 20.00 2.12 6.17 28.28
14-Apr-14 20.00 2.73 10.38 33.11
15-Apr-14 20.00 2.07 13.06 35.13
16-Apr-14 20.00 2.25 10.26 32.51
17-Apr-14 20.00 2.28 8.43 30.71
21-Apr-14 20.00 2.38 12.53 34.91
22-Apr-14 20.00 2.18 7.89 30.06
23-Apr-14 20.00 2.21 8.38 30.58
24-Apr-14 20.00 3.57 10.43 34.00
25-Apr-14 20.00 3.63 11.54 35.17
28-Apr-14 20.00 4.15 10.22 34.37
29-Apr-14 20.00 4.02 9.84 33.86
30-Apr-14 20.00 3.94 11.73 35.67
1-May-14 20.00 1.62 9.03 30.66
2-May-14 20.00 2.39 12.42 34.81
5-May-14 20.00 2.41 16.88 39.30
6-May-14 20.00 2.40 16.67 39.07
7-May-14 20.00 2.39 17.04 39.43
8-May-14 20.00 2.90 10.95 33.85
9-May-14 20.00 2.93 10.15 33.08
12-May-14 20.00 3.64 13.00 36.64
13-May-14 20.00 3.48 13.49 36.97
14-May-14 20.00 3.46 13.52 36.98
15-May-14 20.00 3.32 16.08 39.40
16-May-14 20.00 3.24 13.60 36.84
20-May-14 20.00 3.85 15.08 38.93
21-May-14 20.00 3.81 10.20 34.02
22-May-14 20.00 4.77 11.36 36.13
23-May-14 20.00 5.60 14.26 39.86
26-May-14 20.00 5.60 16.79 42.39
27-May-14 20.00 5.43 17.56 43.00
28-May-14 20.00 5.45 13.35 38.80
29-May-14 20.00 5.16 15.51 40.67
30-May-14 20.00 5.26 14.58 39.84
2-Jun-14 20.00 2.24 4.58 26.82
6-Jun-14 20.00 2.16 5.24 27.41
9-Jun-14 20.00 2.17 7.52 29.69
10-Jun-14 20.00 2.21 7.45 29.66
11-Jun-14 20.00 2.17 8.11 30.28
12-Jun-14 20.00 2.07 7.39 29.45
13-Jun-14 20.00 2.21 9.50 31.70
16-Jun-14 20.00 2.26 10.09 32.34
17-Jun-14 20.00 2.26 10.86 33.12
18-Jun-14 20.00 2.23 8.16 30.39
19-Jun-14 20.00 2.57 7.91 30.47
20-Jun-14 20.00 3.14 9.23 32.37
23-Jun-14 20.00 2.94 9.15 32.09
24-Jun-14 20.00 2.76 8.44 31.20
25-Jun-14 20.00 2.55 9.28 31.83
26-Jun-14 20.00 2.16 6.40 28.57
27-Jun-14 20.00 1.95 5.07 27.03
30-Jun-14 20.00 2.36 6.57 28.92
2-Jul-14 20.00 2.32 7.17 29.49
3-Jul-14 20.00 2.79 4.09 26.87
4-Jul-14 20.00 2.93 7.45 30.38
7-Jul-14 20.00 3.12 8.64 31.76
8-Jul-14 20.00 3.19 8.65 31.85
9-Jul-14 20.00 3.24 7.71 30.95
10-Jul-14 20.00 3.32 6.40 29.71
11-Jul-14 20.00 3.99 9.34 33.33
14-Jul-14 20.00 4.10 9.15 33.25
15-Jul-14 20.00 4.05 13.76 37.81
16-Jul-14 20.00 4.16 10.85 35.01
17-Jul-14 20.00 4.80 10.90 35.69
18-Jul-14 20.00 4.89 6.77 31.66
21-Jul-14 20.00 4.82 5.68 30.50
22-Jul-14 20.00 4.88 8.89 33.77
23-Jul-14 20.00 4.84 8.81 33.65
24-Jul-14 20.00 4.78 10.08 34.86
25-Jul-14 20.00 4.80 10.83 35.62
28-Jul-14 20.00 5.26 13.35 38.61
29-Jul-14 20.00 5.08 11.22 36.30
30-Jul-14 20.00 4.85 11.05 35.90
31-Jul-14 20.00 4.49 8.99 33.48
1-Aug-14 20.00 3.09 4.54 27.63
4-Aug-14 20.00 3.12 4.17 27.29
5-Aug-14 20.00 1.72 12.61 34.33
6-Aug-14 20.00 1.46 10.40 31.86
7-Aug-14 20.00 1.87 7.38 29.25
8-Aug-14 20.00 1.96 8.61 30.57
11-Aug-14 20.00 2.78 10.52 33.30
12-Aug-14 20.00 2.83 10.97 33.80
13-Aug-14 20.00 2.84 11.12 33.96
14-Aug-14 20.00 2.09 10.44 32.53
15-Aug-14 20.00 2.95 14.79 37.73
18-Aug-14 20.00 3.02 12.36 35.38
19-Aug-14 20.00 3.02 12.67 35.69
20-Aug-14 20.00 3.01 11.28 34.29
21-Aug-14 20.00 2.97 9.05 32.02
22-Aug-14 20.00 3.02 9.78 32.81
25-Aug-14 20.00 2.96 10.15 33.11
26-Aug-14 20.00 2.84 11.29 34.12
27-Aug-14 20.00 2.57 9.76 32.33
28-Aug-14 20.00 1.64 4.72 26.36
29-Aug-14 20.00 2.04 7.81 29.85
2-Sep-14 20.00 1.98 7.49 29.47
8-Sep-14 20.00 2.44 10.03 32.47
9-Sep-14 20.00 2.48 9.90 32.37
10-Sep-14 20.00 2.65 9.44 32.09
11-Sep-14 20.00 2.37 6.19 28.57
12-Sep-14 20.00 3.15 8.81 31.96
15-Sep-14 20.00 3.26 10.21 33.48
16-Sep-14 20.00 3.24 8.67 31.91
17-Sep-14 20.00 3.30 9.55 32.85
18-Sep-14 20.00 3.34 9.44 32.78
19-Sep-14 20.00 3.43 8.47 31.90
22-Sep-14 20.00 3.43 10.54 33.97
23-Sep-14 20.00 3.38 10.57 33.95
24-Sep-14 20.00 3.16 10.52 33.67
25-Sep-14 20.00 2.96 8.23 31.19
26-Sep-14 20.00 3.48 6.67 30.15
29-Sep-14 20.00 3.41 6.29 29.70
30-Sep-14 20.00 3.93 6.01 29.94
1-Oct-14 20.00 3.79 5.99 29.78
2-Oct-14 20.00 3.21 7.56 30.77
3-Oct-14 20.00 3.89 10.79 34.68
6-Oct-14 20.00 3.86 11.94 35.79
7-Oct-14 20.00 3.85 12.15 35.99
8-Oct-14 20.00 3.79 12.24 36.03
9-Oct-14 20.00 2.88 8.04 30.92
10-Oct-14 20.00 2.74 8.48 31.22
14-Oct-14 20.00 3.41 11.75 35.16
15-Oct-14 20.00 3.54 13.34 36.88
16-Oct-14 20.00 3.70 11.10 34.80
17-Oct-14 20.00 3.92 11.41 35.33
20-Oct-14 20.00 4.55 9.70 34.25
21-Oct-14 20.00 4.59 8.16 32.75
22-Oct-14 20.00 4.59 8.42 33.01
23-Oct-14 20.00 4.24 6.81 31.04
24-Oct-14 20.00 3.67 7.22 30.88
27-Oct-14 20.00 3.68 8.21 31.89
28-Oct-14 20.00 3.58 8.50 32.09
29-Oct-14 20.00 3.48 6.42 29.90
30-Oct-14 20.00 3.19 5.25 28.44
31-Oct-14 20.00 3.80 8.39 32.18
3-Nov-14 20.00 2.79 3.38 26.16
4-Nov-14 20.00 1.93 6.75 28.68
5-Nov-14 20.00 1.88 11.10 32.98
6-Nov-14 20.00 1.48 8.38 29.85
7-Nov-14 20.00 1.44 8.78 30.22
10-Nov-14 20.00 1.89 12.10 33.99
12-Nov-14 20.00 1.88 14.62 36.50
13-Nov-14 20.00 2.03 14.58 36.62
14-Nov-14 20.00 2.18 14.52 36.70
17-Nov-14 20.00 3.31 12.91 36.22
18-Nov-14 20.00 2.64 14.75 37.39
19-Nov-14 20.00 2.67 11.60 34.27
20-Nov-14 20.00 2.23 10.18 32.41
21-Nov-14 20.00 2.95 10.67 33.62
24-Nov-14 20.00 2.90 11.21 34.11
25-Nov-14 20.00 2.75 15.25 38.01
26-Nov-14 20.00 2.62 12.08 34.70
27-Nov-14 20.00 2.46 11.07 33.53
28-Nov-14 20.00 2.86 10.75 33.61
1-Dec-14 20.00 1.89 3.87 25.77
10-Dec-14 20.00 1.71 6.67 28.38
11-Dec-14 20.00 1.55 8.89 30.44
12-Dec-14 20.00 1.43 8.11 29.54
15-Dec-14 20.00 3.01 11.87 34.88
16-Dec-14 20.00 2.71 10.23 32.95
17-Dec-14 20.00 2.50 11.19 33.69
18-Dec-14 20.00 2.91 5.50 28.41
19-Dec-14 20.00 3.74 1.70 25.44
22-Dec-14 20.00 3.37 1.55 24.92
23-Dec-14 20.00 2.79 2.70 25.49
24-Dec-14 20.00 2.09 3.73 25.81
29-Dec-14 20.00 2.13 4.66 26.79
30-Dec-14 20.00 1.15 5.26 26.41
31-Dec-14 20.00 1.53 6.50 28.03
2-Jan-15 20.00 1.77 6.35 28.12
5-Jan-15 20.00 2.30 5.88 28.18
6-Jan-15 20.00 2.67 10.69 33.37
7-Jan-15 20.00 3.10 9.14 32.25
8-Jan-15 20.00 1.87 7.44 29.31
9-Jan-15 20.00 2.28 7.54 29.81
12-Jan-15 20.00 1.70 12.08 33.78
13-Jan-15 20.00 1.81 12.04 33.85
14-Jan-15 20.00 1.95 11.48 33.43
15-Jan-15 20.00 2.23 11.66 33.89
16-Jan-15 20.00 3.48 11.29 34.77
19-Jan-15 20.00 3.57 12.19 35.76
20-Jan-15 20.00 3.63 8.14 31.77
21-Jan-15 20.00 3.69 6.53 30.21
22-Jan-15 20.00 3.69 6.54 30.23
23-Jan-15 20.00 3.71 9.22 32.93
26-Jan-15 20.00 3.58 10.28 33.86
27-Jan-15 20.00 4.21 12.94 37.15
28-Jan-15 20.00 4.11 10.71 34.82
29-Jan-15 20.00 4.76 10.11 34.87
30-Jan-15 20.00 4.72 11.89 36.61
2-Feb-15 20.00 1.50 4.08 25.58
3-Feb-15 20.00 2.27 2.80 25.07
4-Feb-15 20.00 1.39 6.93 28.31
5-Feb-15 20.00 1.30 5.34 26.63
6-Feb-15 20.00 1.29 5.64 26.93
9-Feb-15 20.00 1.73 9.31 31.04
10-Feb-15 20.00 1.72 9.39 31.11
11-Feb-15 20.00 1.61 9.94 31.54
12-Feb-15 20.00 1.16 10.70 31.86
13-Feb-15 20.00 1.81 13.65 35.46
16-Feb-15 20.00 1.76 11.78 33.54
17-Feb-15 20.00 2.53 11.89 34.42
18-Feb-15 20.00 1.99 11.65 33.64
19-Feb-15 20.00 2.00 10.70 32.70
20-Feb-15 20.00 2.13 10.30 32.43
23-Feb-15 20.00 2.78 13.36 36.14
24-Feb-15 20.00 2.78 12.78 35.56
25-Feb-15 20.00 2.71 9.46 32.17
26-Feb-15 20.00 2.60 4.65 27.25
27-Feb-15 20.00 2.60 5.45 28.05
2-Mar-15 20.00 3.17 3.41 26.58
3-Mar-15 20.00 3.15 4.41 27.55
4-Mar-15 20.00 2.11 10.90 33.01
5-Mar-15 20.00 2.04 12.16 34.20
6-Mar-15 20.00 2.29 12.58 34.87
9-Mar-15 20.00 2.91 14.01 36.92
10-Mar-15 20.00 2.91 14.12 37.04
11-Mar-15 20.00 2.92 14.95 37.86
12-Mar-15 20.00 2.01 12.87 34.88
13-Mar-15 20.00 2.15 12.64 34.79
16-Mar-15 20.00 2.11 13.80 35.90
17-Mar-15 20.00 1.98 14.49 36.47
18-Mar-15 20.00 2.01 12.80 34.82
19-Mar-15 20.00 2.09 11.62 33.71
20-Mar-15 20.00 2.12 11.20 33.33
23-Mar-15 20.00 2.09 10.77 32.86
24-Mar-15 20.00 1.98 9.89 31.87
25-Mar-15 20.00 1.83 10.39 32.22
26-Mar-15 20.00 0.96 7.39 28.36
27-Mar-15 20.00 1.74 6.27 28.01
30-Mar-15 20.00 1.78 5.47 27.24
31-Mar-15 20.00 1.46 6.15 27.62
1-Apr-15 20.00 2.16 6.34 28.50
2-Apr-15 20.00 2.05 5.55 27.60
6-Apr-15 20.00 0.96 10.05 31.01
7-Apr-15 20.00 1.40 11.08 32.48
8-Apr-15 20.00 1.50 11.22 32.71
9-Apr-15 20.00 1.62 10.55 32.16
10-Apr-15 20.00 1.78 9.06 30.84
13-Apr-15 20.00 2.49 11.94 34.43
14-Apr-15 20.00 2.48 11.71 34.19
15-Apr-15 20.00 2.26 14.00 36.26
16-Apr-15 20.00 2.36 9.93 32.29
17-Apr-15 20.00 2.65 10.35 33.01
20-Apr-15 20.00 2.63 6.13 28.76
21-Apr-15 20.00 3.09 8.51 31.60
22-Apr-15 20.00 2.98 9.46 32.44
23-Apr-15 20.00 3.59 7.42 31.01
24-Apr-15 20.00 4.27 11.13 35.40
27-Apr-15 20.00 4.17 12.00 36.17
28-Apr-15 20.00 4.03 9.33 33.36
29-Apr-15 20.00 3.86 10.37 34.23
30-Apr-15 20.00 3.51 12.58 36.09
1-May-15 20.00 1.59 8.60 30.18
4-May-15 20.00 1.56 11.87 33.42
5-May-15 20.00 1.50 18.00 39.50
6-May-15 20.00 1.59 19.58 41.17
7-May-15 20.00 1.42 16.57 37.99
8-May-15 20.00 1.51 16.61 38.12
11-May-15 20.00 2.11 20.82 42.93
12-May-15 20.00 2.05 21.38 43.43
13-May-15 20.00 1.91 22.04 43.96
14-May-15 20.00 1.71 19.79 41.50
15-May-15 20.00 2.41 24.62 47.03
19-May-15 20.00 2.33 22.00 44.33
20-May-15 20.00 2.22 21.10 43.32
21-May-15 20.00 3.35 16.19 39.54
22-May-15 20.00 3.57 15.67 39.24
25-May-15 20.00 3.92 17.82 41.74
26-May-15 20.00 3.88 18.45 42.33
27-May-15 20.00 3.77 13.93 37.70
28-May-15 20.00 3.60 12.79 36.39
29-May-15 20.00 3.63 16.09 39.72
1-Jun-15 20.00 1.28 3.50 24.78
2-Jun-15 20.00 2.89 5.15 28.04
3-Jun-15 20.00 1.52 8.89 30.41
4-Jun-15 20.00 1.63 8.19 29.83
5-Jun-15 20.00 1.68 8.70 30.38
8-Jun-15 20.00 1.68 9.37 31.04
9-Jun-15 20.00 1.68 8.42 30.10
10-Jun-15 20.00 1.66 9.06 30.72
11-Jun-15 20.00 1.69 8.43 30.11
12-Jun-15 20.00 2.47 11.82 34.29
15-Jun-15 20.00 2.53 14.64 37.17
16-Jun-15 20.00 2.46 12.71 35.16
17-Jun-15 20.00 2.41 13.49 35.90
18-Jun-15 20.00 3.09 8.13 31.23
19-Jun-15 20.00 3.08 6.78 29.87
22-Jun-15 20.00 2.84 6.54 29.39
23-Jun-15 20.00 2.64 7.51 30.15
24-Jun-15 20.00 2.60 8.15 30.75
25-Jun-15 20.00 2.33 8.02 30.35
26-Jun-15 20.00 2.35 4.30 26.65
29-Jun-15 20.00 2.00 4.46 26.45
30-Jun-15 20.00 1.81 4.44 26.25
2-Jul-15 20.00 2.58 4.00 26.58
3-Jul-15 20.00 1.77 6.23 28.00
6-Jul-15 20.00 1.96 10.06 32.02
7-Jul-15 20.00 1.98 10.85 32.84
8-Jul-15 20.00 2.05 11.07 33.12
9-Jul-15 20.00 2.08 8.33 30.40
10-Jul-15 20.00 2.87 13.98 36.85
13-Jul-15 20.00 3.01 14.74 37.75
14-Jul-15 20.00 2.92 14.85 37.77
15-Jul-15 20.00 2.87 16.44 39.31
16-Jul-15 20.00 3.67 13.62 37.29
17-Jul-15 20.00 3.81 13.95 37.76
20-Jul-15 20.00 3.83 7.03 30.86
21-Jul-15 20.00 4.22 7.32 31.54
22-Jul-15 20.00 4.20 8.24 32.44
23-Jul-15 20.00 4.10 8.42 32.51
24-Jul-15 20.00 4.08 8.54 32.62
27-Jul-15 20.00 4.64 12.03 36.67
28-Jul-15 20.00 4.45 12.37 36.82
29-Jul-15 20.00 4.27 8.98 33.25
30-Jul-15 20.00 4.91 6.85 31.76
31-Jul-15 20.00 6.23 5.85 32.08
3-Aug-15 20.00 6.38 5.85 32.23
4-Aug-15 20.00 1.62 4.97 26.59
5-Aug-15 20.00 1.17 10.62 31.78
6-Aug-15 20.00 1.31 7.24 28.55
7-Aug-15 20.00 2.19 8.46 30.64
10-Aug-15 20.00 2.26 10.75 33.01
11-Aug-15 20.00 2.24 10.50 32.73
12-Aug-15 20.00 2.39 13.43 35.82
13-Aug-15 20.00 3.23 11.40 34.63
14-Aug-15 20.00 2.81 11.96 34.77
17-Aug-15 20.00 3.90 9.65 33.55
18-Aug-15 20.00 2.88 12.55 35.43
19-Aug-15 20.00 2.93 10.09 33.02
20-Aug-15 20.00 2.92 8.67 31.59
21-Aug-15 20.00 3.01 9.62 32.63
24-Aug-15 20.00 3.01 9.54 32.55
25-Aug-15 20.00 2.86 9.33 32.20
26-Aug-15 20.00 2.67 9.31 31.98
27-Aug-15 20.00 2.59 3.20 25.79
28-Aug-15 20.00 3.27 4.35 27.62
31-Aug-15 20.00 3.59 5.90 29.49
1-Sep-15 20.00 2.38 7.97 30.36
2-Sep-15 20.00 2.22 7.66 29.87
3-Sep-15 20.00 1.90 9.77 31.66
4-Sep-15 20.00 1.84 7.28 29.12
8-Sep-15 20.00 1.88 8.04 29.92
9-Sep-15 20.00 1.88 6.86 28.74
10-Sep-15 20.00 1.80 6.02 27.82
11-Sep-15 20.00 2.01 9.31 31.33
14-Sep-15 20.00 2.16 9.81 31.97
15-Sep-15 20.00 2.24 12.27 34.52
16-Sep-15 20.00 2.41 10.02 32.43
17-Sep-15 20.00 2.50 12.67 35.17
18-Sep-15 20.00 2.59 8.38 30.97
21-Sep-15 20.00 2.61 9.62 32.23
22-Sep-15 20.00 2.47 10.30 32.77
23-Sep-15 20.00 2.26 10.14 32.39
24-Sep-15 20.00 2.03 9.10 31.14
25-Sep-15 20.00 2.70 11.95 34.65
28-Sep-15 20.00 2.67 8.50 31.17
29-Sep-15 20.00 2.53 7.75 30.28
30-Sep-15 20.00 2.43 8.00 30.43
1-Oct-15 20.00 2.36 8.76 31.12
2-Oct-15 20.00 2.20 11.13 33.32
5-Oct-15 20.00 2.93 14.73 37.66
6-Oct-15 20.00 2.83 12.86 35.69
7-Oct-15 20.00 2.76 13.14 35.90
8-Oct-15 20.00 2.34 8.37 30.71
9-Oct-15 20.00 2.82 9.99 32.81
13-Oct-15 20.00 2.89 10.68 33.57
14-Oct-15 20.00 2.95 11.00 33.95
15-Oct-15 20.00 3.71 12.80 36.52
16-Oct-15 20.00 3.85 11.29 35.14
19-Oct-15 20.00 4.46 15.06 39.52
20-Oct-15 20.00 4.48 10.47 34.96
21-Oct-15 20.00 4.53 8.22 32.75
22-Oct-15 20.00 3.87 7.69 31.56
23-Oct-15 20.00 3.94 7.18 31.13
26-Oct-15 20.00 4.00 8.04 32.04
27-Oct-15 20.00 4.21 10.25 34.46
28-Oct-15 20.00 4.04 6.93 30.97
29-Oct-15 20.00 4.91 5.16 30.07
30-Oct-15 20.00 5.34 6.40 31.74
2-Nov-15 20.00 2.92 2.75 25.67
3-Nov-15 20.00 2.89 5.50 28.39
4-Nov-15 20.00 2.90 10.02 32.93
5-Nov-15 20.00 1.99 6.61 28.60
6-Nov-15 20.00 1.97 6.57 28.54
9-Nov-15 20.00 2.24 10.34 32.57
10-Nov-15 20.00 2.05 9.76 31.82
12-Nov-15 20.00 2.49 8.90 31.39
13-Nov-15 20.00 2.70 8.77 31.47
16-Nov-15 20.00 2.84 10.19 33.04
17-Nov-15 20.00 2.87 11.20 34.08
18-Nov-15 20.00 2.94 8.14 31.08
19-Nov-15 20.00 2.34 11.59 33.92
20-Nov-15 20.00 2.98 13.25 36.23
23-Nov-15 20.00 2.97 12.82 35.79
24-Nov-15 20.00 2.84 12.02 34.86
25-Nov-15 20.00 2.70 15.75 38.45
26-Nov-15 20.00 3.36 11.57 34.93
27-Nov-15 20.00 3.35 11.58 34.93
30-Nov-15 20.00 4.66 13.55 38.21
1-Dec-15 20.00 3.47 3.70 27.17
2-Dec-15 20.00 2.25 7.18 29.42
3-Dec-15 20.00 1.59 9.83 31.42
4-Dec-15 20.00 1.65 7.51 29.16
7-Dec-15 20.00 1.69 5.47 27.16
8-Dec-15 20.00 1.64 6.66 28.30
9-Dec-15 20.00 1.60 5.02 26.62
10-Dec-15 20.00 1.44 4.65 26.09
11-Dec-15 20.00 2.20 6.63 28.84
14-Dec-15 20.00 2.56 9.29 31.85
15-Dec-15 20.00 4.56 9.10 33.66
16-Dec-15 20.00 4.14 7.00 31.14
17-Dec-15 20.00 3.68 8.90 32.58
18-Dec-15 20.00 3.75 5.55 29.30
21-Dec-15 20.00 3.37 4.70 28.07
22-Dec-15 20.00 1.99 4.08 26.07
23-Dec-15 20.00 3.12 2.40 25.52
24-Dec-15 20.00 3.38 2.30 25.68
29-Dec-15 20.00 3.69 3.00 26.69
30-Dec-15 20.00 3.19 2.35 25.54
31-Dec-15 20.00 2.62 4.42 27.04
4-Jan-16 20.00 3.56 3.50 27.06
5-Jan-16 20.00 4.03 3.20 27.23
6-Jan-16 20.00 1.67 7.44 29.11
7-Jan-16 20.00 2.28 7.90 30.18
8-Jan-16 20.00 3.19 10.56 33.76
11-Jan-16 20.00 3.47 11.66 35.13
12-Jan-16 20.00 3.59 11.76 35.35
13-Jan-16 20.00 3.70 11.08 34.78
14-Jan-16 20.00 3.57 11.50 35.07
15-Jan-16 20.00 4.68 10.80 35.48
18-Jan-16 20.00 4.25 12.92 37.18
19-Jan-16 20.00 4.28 13.81 38.09
20-Jan-16 20.00 5.49 8.15 33.64
21-Jan-16 20.00 4.72 6.25 30.97
22-Jan-16 20.00 5.19 9.30 34.49
25-Jan-16 20.00 5.06 10.10 35.16
26-Jan-16 20.00 5.41 13.97 39.39
27-Jan-16 20.00 5.34 9.40 34.74
28-Jan-16 20.00 5.28 9.10 34.38
29-Jan-16 20.00 4.50 12.53 37.03
1-Feb-16 20.00 1.42 4.00 25.42
2-Feb-16 20.00 1.46 7.08 28.54
3-Feb-16 20.00 1.29 10.24 31.52
4-Feb-16 20.00 1.61 8.29 29.90
5-Feb-16 20.00 2.20 12.34 34.54
8-Feb-16 20.00 2.25 12.43 34.68
9-Feb-16 20.00 2.21 11.19 33.40
10-Feb-16 20.00 2.17 11.17 33.33
11-Feb-16 20.00 2.25 8.90 31.15
12-Feb-16 20.00 1.69 9.70 31.39
15-Feb-16 20.00 1.44 9.57 31.01
16-Feb-16 20.00 1.74 8.55 30.29
17-Feb-16 20.00 1.86 13.00 34.86
18-Feb-16 20.00 2.50 8.43 30.93
19-Feb-16 20.00 2.64 9.66 32.30
22-Feb-16 20.00 3.28 13.26 36.54
23-Feb-16 20.00 3.22 13.35 36.57
24-Feb-16 20.00 3.17 13.78 36.94
25-Feb-16 20.00 3.04 5.30 28.34
26-Feb-16 20.00 3.00 6.11 29.11
29-Feb-16 20.00 2.90 9.38 32.28
1-Mar-16 20.00 2.56 9.82 32.38
2-Mar-16 20.00 2.42 10.40 32.82
3-Mar-16 20.00 2.87 14.80 37.67
4-Mar-16 20.00 3.21 16.32 39.53
7-Mar-16 20.00 1.22 18.50 39.72
8-Mar-16 20.00 3.00 17.02 40.02
9-Mar-16 20.00 3.02 16.37 39.39
10-Mar-16 20.00 2.69 12.47 35.16
11-Mar-16 20.00 2.78 13.77 36.55
14-Mar-16 20.00 2.81 12.74 35.55
15-Mar-16 20.00 2.76 15.57 38.34
16-Mar-16 20.00 2.78 13.20 35.99
17-Mar-16 20.00 3.08 11.56 34.64
18-Mar-16 20.00 3.11 8.05 31.16
21-Mar-16 20.00 3.01 9.32 32.33
22-Mar-16 20.00 2.51 10.38 32.89
23-Mar-16 20.00 2.25 9.95 32.20
24-Mar-16 20.00 1.53 7.62 29.15
28-Mar-16 20.00 2.15 10.66 32.81
29-Mar-16 20.00 2.32 7.44 29.76
30-Mar-16 20.00 2.29 6.75 29.04
31-Mar-16 20.00 2.45 6.23 28.69
1-Apr-16 20.00 2.73 6.18 28.91
4-Apr-16 20.00 2.78 6.72 29.50
5-Apr-16 20.00 4.26 6.20 30.46
6-Apr-16 20.00 3.05 10.80 33.85
7-Apr-16 20.00 2.55 9.05 31.61
8-Apr-16 20.00 2.72 10.93 33.65
11-Apr-16 20.00 3.31 13.14 36.45
12-Apr-16 20.00 3.33 14.17 37.49
13-Apr-16 20.00 3.30 14.94 38.24
14-Apr-16 20.00 3.25 13.19 36.43
15-Apr-16 20.00 3.34 14.83 38.17
18-Apr-16 20.00 3.91 14.68 38.59
19-Apr-16 20.00 3.95 15.24 39.20
20-Apr-16 20.00 3.75 11.08 34.83
21-Apr-16 20.00 4.12 9.67 33.79
22-Apr-16 20.00 4.21 10.29 34.50
25-Apr-16 20.00 4.62 12.12 36.74
26-Apr-16 20.00 4.35 13.94 38.29
27-Apr-16 20.00 4.24 10.29 34.53
28-Apr-16 20.00 4.19 9.49 33.67
29-Apr-16 20.00 4.17 12.49 36.66
2-May-16 20.00 2.53 7.65 30.17
3-May-16 20.00 1.78 13.90 35.68
4-May-16 20.00 1.75 17.99 39.74
5-May-16 20.00 2.10 15.70 37.80
6-May-16 20.00 2.67 19.06 41.74
9-May-16 20.00 2.73 18.00 40.73
10-May-16 20.00 2.66 17.60 40.27
11-May-16 20.00 2.68 18.20 40.88
12-May-16 20.00 2.60 16.80 39.40
13-May-16 20.00 2.67 20.23 42.89
16-May-16 20.00 3.29 22.05 45.34
17-May-16 20.00 3.12 22.07 45.18
18-May-16 20.00 2.96 19.32 42.28
19-May-16 20.00 3.96 20.38 44.34
20-May-16 20.00 3.96 18.67 42.63
24-May-16 20.00 4.12 19.48 43.59
25-May-16 20.00 4.03 19.34 43.37
26-May-16 20.00 4.06 18.47 42.53
27-May-16 20.00 4.10 15.18 39.29
30-May-16 20.00 4.63 17.16 41.79
31-May-16 20.00 4.67 18.36 43.03
1-Jun-16 20.00 2.99 3.70 26.69
2-Jun-16 20.00 2.52 3.80 26.32
3-Jun-16 20.00 2.23 8.73 30.96
6-Jun-16 20.00 2.29 8.69 30.98
7-Jun-16 20.00 2.23 9.39 31.62
8-Jun-16 20.00 2.46 9.20 31.66
9-Jun-16 20.00 2.34 7.36 29.70
10-Jun-16 20.00 2.50 8.35 30.86
13-Jun-16 20.00 2.63 11.51 34.14
14-Jun-16 20.00 2.54 11.58 34.12
15-Jun-16 20.00 2.62 13.51 36.13
16-Jun-16 20.00 4.27 8.90 33.17
17-Jun-16 20.00 4.40 9.30 33.70
20-Jun-16 20.00 3.69 5.58 29.27
21-Jun-16 20.00 3.43 8.05 31.48
22-Jun-16 20.00 3.31 9.28 32.59
23-Jun-16 20.00 3.37 9.05 32.42
24-Jun-16 20.00 3.30 9.23 32.53
27-Jun-16 20.00 3.59 13.13 36.73
28-Jun-16 20.00 3.18 9.34 32.53
29-Jun-16 20.00 2.73 8.63 31.36
30-Jun-16 20.00 3.19 6.30 29.49
4-Jul-16 20.00 3.59 8.62 32.21
5-Jul-16 20.00 4.63 6.78 31.40
6-Jul-16 20.00 3.67 10.32 33.99
7-Jul-16 20.00 4.08 10.06 34.14
8-Jul-16 20.00 4.09 13.26 37.36
11-Jul-16 20.00 4.69 17.01 41.70
12-Jul-16 20.00 4.74 17.18 41.92
13-Jul-16 20.00 4.76 16.56 41.32
14-Jul-16 20.00 5.26 13.51 38.77
15-Jul-16 20.00 6.00 13.90 39.90
18-Jul-16 20.00 6.17 13.45 39.62
19-Jul-16 20.00 6.51 16.85 43.36
20-Jul-16 20.00 6.87 12.50 39.36
21-Jul-16 20.00 6.50 9.80 36.30
22-Jul-16 20.00 7.22 13.65 40.87
25-Jul-16 20.00 7.50 13.15 40.65
26-Jul-16 20.00 7.27 14.15 41.42
27-Jul-16 20.00 6.29 9.85 36.14
28-Jul-16 20.00 5.54 10.50 36.04
29-Jul-16 20.00 5.94 11.45 37.39
1-Aug-16 20.00 5.43 11.45 36.88
2-Aug-16 20.00 2.53 3.45 25.98
3-Aug-16 20.00 3.00 11.85 34.85
4-Aug-16 20.00 1.94 10.30 32.24
5-Aug-16 20.00 2.57 10.79 33.37
8-Aug-16 20.00 2.22 13.64 35.86
9-Aug-16 20.00 2.28 11.89 34.18
10-Aug-16 20.00 2.65 11.75 34.39
11-Aug-16 20.00 2.82 9.47 32.30
12-Aug-16 20.00 3.55 12.84 36.39
15-Aug-16 20.00 4.08 11.70 35.78
16-Aug-16 20.00 3.61 9.53 33.15
17-Aug-16 20.00 3.55 13.04 36.59
18-Aug-16 20.00 3.58 8.78 32.36
19-Aug-16 20.00 3.62 7.04 30.66
22-Aug-16 20.00 4.18 9.78 33.95
23-Aug-16 20.00 4.23 9.33 33.57
24-Aug-16 20.00 4.03 8.94 32.96
25-Aug-16 20.00 4.25 8.89 33.14
26-Aug-16 20.00 4.23 8.87 33.10
29-Aug-16 20.00 4.57 9.27 33.84
30-Aug-16 20.00 4.41 9.50 33.91
31-Aug-16 20.00 4.14 10.32 34.46
1-Sep-16 20.00 2.11 3.01 25.12
2-Sep-16 20.00 2.60 5.12 27.72
6-Sep-16 20.00 2.58 7.57 30.15
7-Sep-16 20.00 2.72 8.39 31.10
8-Sep-16 20.00 2.97 6.66 29.62
9-Sep-16 20.00 3.18 5.76 28.94
12-Sep-16 20.00 3.28 6.49 29.77
13-Sep-16 20.00 3.45 8.75 32.20
14-Sep-16 20.00 3.45 8.91 32.37
15-Sep-16 20.00 3.57 12.12 35.70
16-Sep-16 20.00 3.76 9.70 33.46
19-Sep-16 20.00 3.81 11.22 35.04
20-Sep-16 20.00 3.66 6.94 30.61
21-Sep-16 20.00 3.86 8.07 31.93
22-Sep-16 20.00 3.09 8.27 31.36
23-Sep-16 20.00 3.23 8.64 31.88
26-Sep-16 20.00 3.67 13.31 36.98
27-Sep-16 20.00 3.48 13.86 37.34
28-Sep-16 20.00 3.32 9.79 33.11
29-Sep-16 20.00 3.20 8.67 31.88
30-Sep-16 20.00 3.26 8.85 32.11
3-Oct-16 20.00 3.12 6.79 29.91
4-Oct-16 20.00 2.97 6.53 29.50
5-Oct-16 20.00 2.92 10.60 33.52
6-Oct-16 20.00 2.48 6.26 28.74
7-Oct-16 20.00 2.44 9.15 31.59
11-Oct-16 20.00 2.99 13.51 36.50
12-Oct-16 20.00 2.97 13.35 36.32
13-Oct-16 20.00 3.13 13.19 36.32
14-Oct-16 20.00 3.84 17.87 41.71
17-Oct-16 20.00 3.99 15.91 39.90
18-Oct-16 20.00 4.04 17.90 41.94
19-Oct-16 20.00 4.17 14.51 38.68
20-Oct-16 20.00 3.92 9.81 33.73
21-Oct-16 20.00 3.99 8.16 32.16
24-Oct-16 20.00 3.98 8.13 32.11
25-Oct-16 20.00 4.36 10.56 34.92
26-Oct-16 20.00 4.21 10.87 35.08
27-Oct-16 20.00 4.17 6.61 30.78
28-Oct-16 20.00 4.15 4.86 29.01
31-Oct-16 20.00 4.54 8.86 33.40
1-Nov-16 20.00 2.45 3.01 25.47
2-Nov-16 20.00 2.54 5.56 28.10
3-Nov-16 20.00 1.40 4.12 25.52
4-Nov-16 20.00 1.47 3.41 24.89
7-Nov-16 20.00 1.95 7.21 29.16
8-Nov-16 20.00 1.82 7.30 29.12
9-Nov-16 20.00 1.55 6.99 28.54
10-Nov-16 20.00 1.57 10.29 31.86
14-Nov-16 20.00 1.71 10.28 31.99
15-Nov-16 20.00 2.31 13.30 35.62
16-Nov-16 20.00 2.30 13.94 36.24
17-Nov-16 20.00 2.16 11.74 33.90
18-Nov-16 20.00 2.16 6.72 28.88
21-Nov-16 20.00 2.76 8.41 31.16
22-Nov-16 20.00 2.60 9.03 31.63
23-Nov-16 20.00 2.55 9.23 31.78
24-Nov-16 20.00 2.48 8.50 30.98
25-Nov-16 20.00 2.57 8.91 31.48
28-Nov-16 20.00 2.82 8.74 31.56
29-Nov-16 20.00 2.61 8.09 30.71
30-Nov-16 20.00 2.55 8.90 31.45
1-Dec-16 20.00 2.82 2.70 25.52
2-Dec-16 20.00 2.21 9.60 31.81
5-Dec-16 20.00 2.21 12.31 34.53
6-Dec-16 20.00 2.14 10.24 32.39
7-Dec-16 20.00 2.16 10.58 32.73
8-Dec-16 20.00 2.12 10.17 32.29
9-Dec-16 20.00 2.13 9.64 31.78
12-Dec-16 20.00 2.05 13.87 35.93
13-Dec-16 20.00 1.94 13.42 35.36
14-Dec-16 20.00 1.66 16.46 38.12
15-Dec-16 20.00 2.41 13.95 36.36
16-Dec-16 20.00 1.62 11.79 33.41
19-Dec-16 20.00 2.51 11.18 33.68
20-Dec-16 20.00 2.18 8.68 30.86
21-Dec-16 20.00 1.95 4.09 26.04
22-Dec-16 20.00 1.56 4.46 26.02
23-Dec-16 20.00 1.78 8.30 30.08
28-Dec-16 20.00 1.65 7.76 29.41
29-Dec-16 20.00 1.54 5.91 27.44
30-Dec-16 20.00 0.23 8.13 28.36
3-Jan-17 20.00 3.13 7.10 30.23
4-Jan-17 20.00 2.61 8.29 30.90
5-Jan-17 20.00 2.92 9.08 32.01
6-Jan-17 20.00 2.12 12.98 35.10
9-Jan-17 20.00 2.50 12.60 35.10
10-Jan-17 20.00 1.25 15.29 36.54
11-Jan-17 20.00 2.94 14.20 37.14
12-Jan-17 20.00 3.65 10.88 34.53
13-Jan-17 20.00 4.43 14.36 38.79
16-Jan-17 20.00 4.45 13.69 38.14
17-Jan-17 20.00 4.11 14.09 38.19
18-Jan-17 20.00 4.67 11.88 36.55
19-Jan-17 20.00 4.73 10.87 35.60
20-Jan-17 20.00 4.83 9.64 34.47
23-Jan-17 20.00 4.88 9.04 33.91
24-Jan-17 20.00 5.35 11.06 36.40
25-Jan-17 20.00 5.21 11.70 36.91
26-Jan-17 20.00 5.12 10.08 35.20
27-Jan-17 20.00 5.20 6.09 31.29
30-Jan-17 20.00 5.63 11.41 37.04
31-Jan-17 20.00 5.54 11.54 37.08
1-Feb-17 20.00 1.92 5.59 27.51
2-Feb-17 20.00 1.97 6.92 28.89
3-Feb-17 20.00 0.74 13.83 34.57
6-Feb-17 20.00 2.50 16.80 39.30
7-Feb-17 20.00 2.64 15.21 37.85
8-Feb-17 20.00 2.66 14.38 37.04
9-Feb-17 20.00 3.62 8.46 32.08
10-Feb-17 20.00 3.68 12.08 35.76
13-Feb-17 20.00 3.71 13.02 36.72
14-Feb-17 20.00 3.69 13.31 37.00
15-Feb-17 20.00 3.72 18.41 42.13
16-Feb-17 20.00 3.66 13.70 37.36
17-Feb-17 20.00 4.66 13.60 38.27
20-Feb-17 20.00 3.65 11.03 34.68
21-Feb-17 20.00 4.08 11.38 35.46
22-Feb-17 20.00 4.14 11.99 36.13
23-Feb-17 20.00 3.63 9.67 33.31
24-Feb-17 20.00 4.12 10.87 35.00
27-Feb-17 20.00 4.22 10.44 34.66
28-Feb-17 20.00 4.17 11.74 35.91
1-Mar-17 20.00 1.98 7.33 29.31
2-Mar-17 20.00 2.06 8.01 30.07
3-Mar-17 20.00 2.21 15.56 37.76
6-Mar-17 20.00 2.15 12.36 34.51
7-Mar-17 20.00 2.57 12.11 34.69
8-Mar-17 20.00 2.61 12.64 35.25
9-Mar-17 20.00 2.31 8.37 30.69
10-Mar-17 20.00 3.38 11.64 35.03
13-Mar-17 20.00 3.28 11.66 34.94
14-Mar-17 20.00 3.33 11.97 35.31
15-Mar-17 20.00 3.31 14.41 37.73
16-Mar-17 20.00 3.37 11.34 34.71
17-Mar-17 20.00 3.47 13.04 36.51
20-Mar-17 20.00 3.13 8.11 31.24
21-Mar-17 20.00 3.06 6.25 29.30
22-Mar-17 20.00 2.92 10.03 32.94
23-Mar-17 20.00 2.69 8.82 31.51
24-Mar-17 20.00 2.70 9.49 32.18
27-Mar-17 20.00 2.50 9.90 32.40
28-Mar-17 20.00 2.28 13.22 35.50
29-Mar-17 20.00 1.45 11.57 33.02
30-Mar-17 20.00 2.01 7.86 29.87
31-Mar-17 20.00 2.51 6.33 28.83
3-Apr-17 20.00 2.52 4.95 27.47
4-Apr-17 20.00 3.24 4.80 28.04
5-Apr-17 20.00 2.27 8.89 31.16
6-Apr-17 20.00 2.42 7.80 30.22
7-Apr-17 20.00 2.45 11.33 33.78
10-Apr-17 20.00 2.98 14.71 37.68
11-Apr-17 20.00 2.73 14.71 37.45
12-Apr-17 20.00 2.35 15.87 38.22
13-Apr-17 20.00 2.45 13.39 35.83
17-Apr-17 20.00 2.31 13.35 35.66
18-Apr-17 20.00 2.48 12.44 34.92
19-Apr-17 20.00 2.56 14.19 36.74
20-Apr-17 20.00 3.25 9.28 32.53
21-Apr-17 20.00 3.93 11.00 34.93
24-Apr-17 20.00 3.96 9.36 33.33
25-Apr-17 20.00 3.80 9.12 32.92
26-Apr-17 20.00 3.57 5.57 29.13
27-Apr-17 20.00 3.40 3.73 27.13
28-Apr-17 20.00 3.46 3.85 27.30
1-May-17 20.00 2.43 1.00 23.43
2-May-17 20.00 1.56 2.54 24.10
3-May-17 20.00 1.33 9.51 30.84
4-May-17 20.00 1.34 7.80 29.14
5-May-17 20.00 1.34 8.51 29.84
8-May-17 20.00 1.32 8.40 29.72
9-May-17 20.00 1.66 8.38 30.03
10-May-17 20.00 1.66 9.11 30.76
11-May-17 20.00 1.69 10.17 31.86
12-May-17 20.00 2.36 13.88 36.25
15-May-17 20.00 2.38 15.67 38.05
16-May-17 20.00 2.28 12.43 34.71
17-May-17 20.00 2.17 16.08 38.25
18-May-17 20.00 2.37 14.34 36.71
19-May-17 20.00 2.20 12.13 34.33
23-May-17 20.00 2.26 13.90 36.16
24-May-17 20.00 2.13 13.53 35.65
25-May-17 20.00 2.07 14.04 36.11
26-May-17 20.00 2.16 15.06 37.22
29-May-17 20.00 2.12 10.61 32.73
30-May-17 20.00 2.64 13.15 35.79
31-May-17 20.00 2.47 13.89 36.36
1-Jun-17 20.00 2.84 4.40 27.24
2-Jun-17 20.00 2.21 6.65 28.86
5-Jun-17 20.00 1.72 10.61 32.33
6-Jun-17 20.00 1.71 8.54 30.26
7-Jun-17 20.00 1.71 9.15 30.87
8-Jun-17 20.00 1.75 6.73 28.48
9-Jun-17 20.00 2.39 8.85 31.24
12-Jun-17 20.00 2.43 10.03 32.45
13-Jun-17 20.00 2.35 11.16 33.51
14-Jun-17 20.00 2.23 14.22 36.46
15-Jun-17 20.00 2.82 14.55 37.37
16-Jun-17 20.00 2.96 11.90 34.86
19-Jun-17 20.00 2.71 13.27 35.98
20-Jun-17 20.00 3.07 11.43 34.50
21-Jun-17 20.00 2.93 10.46 33.39
22-Jun-17 20.00 3.00 10.84 33.84
23-Jun-17 20.00 2.84 10.72 33.56
26-Jun-17 20.00 3.21 14.10 37.31
27-Jun-17 20.00 2.92 14.99 37.91
28-Jun-17 20.00 2.65 10.29 32.94
29-Jun-17 20.00 3.68 6.50 30.18
30-Jun-17 20.00 3.40 11.54 34.93
4-Jul-17 20.00 3.41 11.33 34.74
5-Jul-17 20.00 3.34 10.15 33.49
6-Jul-17 20.00 3.26 14.77 38.03
7-Jul-17 20.00 3.66 16.47 40.13
10-Jul-17 20.00 4.37 17.17 41.53
11-Jul-17 20.00 4.49 18.36 42.85
12-Jul-17 20.00 4.45 18.68 43.12
13-Jul-17 20.00 4.65 12.44 37.09
14-Jul-17 20.00 4.80 13.19 37.99
17-Jul-17 20.00 4.81 12.01 36.82
18-Jul-17 20.00 5.28 15.30 40.58
19-Jul-17 20.00 5.33 12.47 37.80
20-Jul-17 20.00 5.92 11.07 36.99
21-Jul-17 20.00 6.50 13.14 39.64
24-Jul-17 20.00 6.53 13.77 40.31
25-Jul-17 20.00 6.47 14.17 40.65
26-Jul-17 20.00 6.35 14.80 41.15
27-Jul-17 20.00 6.75 8.87 35.62
28-Jul-17 20.00 6.79 7.66 34.44
31-Jul-17 20.00 6.72 9.29 36.02
1-Aug-17 20.00 3.10 7.76 30.86
2-Aug-17 20.00 2.90 10.44 33.34
3-Aug-17 20.00 2.78 15.53 38.31
4-Aug-17 20.00 2.81 15.90 38.71
7-Aug-17 20.00 2.83 15.48 38.31
8-Aug-17 20.00 2.89 17.58 40.47
9-Aug-17 20.00 2.90 16.02 38.92
10-Aug-17 20.00 3.76 13.92 37.68
11-Aug-17 20.00 4.48 17.37 41.85
14-Aug-17 20.00 4.62 17.57 42.19
15-Aug-17 20.00 4.73 19.33 44.07
16-Aug-17 20.00 4.82 15.89 40.71
17-Aug-17 20.00 4.38 16.16 40.55
18-Aug-17 20.00 4.41 11.99 36.40
21-Aug-17 20.00 4.62 14.92 39.54
22-Aug-17 20.00 4.63 16.01 40.64
23-Aug-17 20.00 4.63 15.47 40.10
24-Aug-17 20.00 3.86 9.47 33.33
25-Aug-17 20.00 3.94 10.22 34.16
28-Aug-17 20.00 4.30 14.09 38.39
29-Aug-17 20.00 4.12 10.39 34.51
30-Aug-17 20.00 3.86 8.76 32.63
31-Aug-17 20.00 3.61 8.78 32.39
1-Sep-17 20.00 3.18 5.70 28.88
5-Sep-17 20.00 3.04 8.45 31.49
6-Sep-17 20.00 1.94 14.34 36.27
7-Sep-17 20.00 1.87 8.01 29.88
8-Sep-17 20.00 2.22 8.71 30.93
11-Sep-17 20.00 2.80 12.16 34.97
12-Sep-17 20.00 2.88 12.43 35.32
13-Sep-17 20.00 2.94 13.39 36.33
14-Sep-17 20.00 2.98 14.24 37.22
15-Sep-17 20.00 3.03 17.13 40.16
18-Sep-17 20.00 3.08 17.63 40.71
19-Sep-17 20.00 3.17 18.34 41.51
20-Sep-17 20.00 3.18 12.98 36.16
21-Sep-17 20.00 3.63 8.42 32.05
22-Sep-17 20.00 3.77 8.82 32.59
25-Sep-17 20.00 4.28 11.99 36.27
26-Sep-17 20.00 2.66 14.50 37.16
27-Sep-17 20.00 3.29 9.36 32.65
28-Sep-17 20.00 3.87 6.74 30.61
29-Sep-17 20.00 2.52 8.78 31.30
2-Oct-17 20.00 3.45 7.80 31.25
3-Oct-17 20.00 3.57 10.13 33.70
4-Oct-17 20.00 3.52 11.43 34.95
5-Oct-17 20.00 2.90 7.62 30.52
6-Oct-17 20.00 3.45 11.45 34.89
10-Oct-17 20.00 2.03 12.93 34.97
11-Oct-17 20.00 3.37 11.66 35.04
12-Oct-17 20.00 3.32 10.96 34.28
13-Oct-17 20.00 3.95 14.92 38.88
16-Oct-17 20.00 4.14 12.95 37.09
17-Oct-17 20.00 4.13 14.46 38.59
18-Oct-17 20.00 4.16 11.08 35.24
19-Oct-17 20.00 4.18 9.97 34.15
20-Oct-17 20.00 4.69 11.62 36.31
23-Oct-17 20.00 4.68 11.24 35.91
24-Oct-17 20.00 4.76 9.43 34.19
25-Oct-17 20.00 4.77 10.12 34.89
26-Oct-17 20.00 4.81 7.99 32.80
27-Oct-17 20.00 5.30 5.88 31.18
30-Oct-17 20.00 5.70 8.14 33.84
31-Oct-17 20.00 5.74 9.13 34.86
1-Nov-17 20.00 3.16 6.04 29.20
2-Nov-17 20.00 2.12 4.71 26.82
3-Nov-17 20.00 2.21 10.35 32.55
6-Nov-17 20.00 2.85 12.15 35.00
7-Nov-17 20.00 2.77 12.71 35.47
8-Nov-17 20.00 2.68 13.54 36.21
9-Nov-17 20.00 2.86 11.84 34.70
10-Nov-17 20.00 3.33 16.19 39.52
14-Nov-17 20.00 3.33 17.13 40.46
15-Nov-17 20.00 3.40 16.95 40.35
16-Nov-17 20.00 2.81 11.81 34.62
17-Nov-17 20.00 3.44 14.36 37.81
20-Nov-17 20.00 3.49 10.35 33.84
21-Nov-17 20.00 3.48 8.63 32.11
22-Nov-17 20.00 3.46 9.30 32.76
23-Nov-17 20.00 3.58 9.61 33.20
24-Nov-17 20.00 4.12 13.14 37.26
27-Nov-17 20.00 4.10 16.49 40.59
28-Nov-17 20.00 3.98 12.45 36.42
29-Nov-17 20.00 3.88 11.67 35.54
30-Nov-17 20.00 3.06 7.00 30.06
1-Dec-17 20.00 2.67 3.65 26.32
4-Dec-17 20.00 2.39 5.64 28.02
5-Dec-17 20.00 2.55 10.12 32.67
6-Dec-17 20.00 2.98 10.98 33.96
7-Dec-17 20.00 2.41 10.24 32.65
8-Dec-17 20.00 2.50 8.20 30.70
11-Dec-17 20.00 2.45 11.24 33.69
12-Dec-17 20.00 2.30 12.31 34.61
13-Dec-17 20.00 2.10 13.34 35.44
14-Dec-17 20.00 1.76 12.04 33.81
15-Dec-17 20.00 1.58 14.84 36.42
18-Dec-17 20.00 1.83 16.35 38.18
19-Dec-17 20.00 3.00 15.52 38.52
20-Dec-17 20.00 2.83 9.45 32.27
21-Dec-17 20.00 2.40 6.68 29.08
22-Dec-17 20.00 1.91 11.08 32.99
27-Dec-17 20.00 1.86 10.50 32.36
28-Dec-17 20.00 1.38 9.13 30.51
29-Dec-17 20.00 1.45 11.10 32.56
2-Jan-18 20.00 3.02 9.90 32.92
3-Jan-18 20.00 2.16 15.66 37.83
4-Jan-18 20.00 2.66 16.19 38.85
5-Jan-18 20.00 1.44 19.47 40.91
8-Jan-18 20.00 1.69 17.45 39.14
9-Jan-18 20.00 0.60 19.06 39.66
10-Jan-18 20.00 2.48 17.82 40.30
11-Jan-18 20.00 2.66 16.55 39.20
12-Jan-18 20.00 3.31 19.22 42.53
15-Jan-18 20.00 3.57 21.14 44.71
16-Jan-18 20.00 3.25 18.65 41.90
17-Jan-18 20.00 3.89 19.36 43.25
18-Jan-18 20.00 4.10 15.18 39.28
19-Jan-18 20.00 5.11 12.27 37.38
22-Jan-18 20.00 5.58 16.26 41.84
23-Jan-18 20.00 5.62 15.69 41.31
24-Jan-18 20.00 4.08 17.35 41.43
25-Jan-18 20.00 5.27 14.22 39.49
26-Jan-18 20.00 5.65 17.36 43.02
29-Jan-18 20.00 5.52 14.27 39.79
30-Jan-18 20.00 5.35 13.05 38.40
31-Jan-18 20.00 5.26 13.86 39.12
1-Feb-18 20.00 2.84 6.25 29.09
2-Feb-18 20.00 1.96 10.13 32.10
5-Feb-18 20.00 1.94 16.57 38.52
6-Feb-18 20.00 1.91 17.39 39.29
7-Feb-18 20.00 1.85 16.30 38.16
8-Feb-18 20.00 1.97 12.52 34.50
9-Feb-18 20.00 2.34 14.55 36.89
12-Feb-18 20.00 2.34 15.71 38.05
13-Feb-18 20.00 2.33 16.10 38.43
14-Feb-18 20.00 2.26 16.19 38.45
15-Feb-18 20.00 1.75 16.63 38.38
16-Feb-18 20.00 2.16 17.37 39.52
19-Feb-18 20.00 2.19 17.06 39.25
20-Feb-18 20.00 2.17 13.51 35.68
21-Feb-18 20.00 2.26 11.65 33.91
22-Feb-18 20.00 2.41 12.31 34.72
23-Feb-18 20.00 2.23 15.29 37.52
26-Feb-18 20.00 3.68 10.24 33.92
27-Feb-18 20.00 3.60 9.93 33.53
28-Feb-18 20.00 3.61 13.12 36.73
1-Mar-18 20.00 1.91 5.74 27.65
2-Mar-18 20.00 1.86 9.46 31.32
5-Mar-18 20.00 1.78 17.86 39.64
6-Mar-18 20.00 1.81 18.83 40.63
7-Mar-18 20.00 1.87 18.46 40.34
8-Mar-18 20.00 2.84 13.92 36.76
9-Mar-18 20.00 2.91 12.29 35.21
12-Mar-18 20.00 3.16 12.92 36.08
13-Mar-18 20.00 1.77 14.90 36.67
14-Mar-18 20.00 2.60 14.91 37.52
15-Mar-18 20.00 1.87 14.23 36.10
16-Mar-18 20.00 2.92 16.46 39.38
19-Mar-18 20.00 2.85 16.48 39.33
20-Mar-18 20.00 2.82 12.58 35.40
21-Mar-18 20.00 3.10 12.98 36.08
22-Mar-18 20.00 2.69 11.26 33.94
23-Mar-18 20.00 2.83 11.84 34.67
26-Mar-18 20.00 2.58 12.40 34.97
27-Mar-18 20.00 2.35 8.67 31.02
28-Mar-18 20.00 1.94 7.35 29.28
29-Mar-18 20.00 1.83 6.55 28.38
2-Apr-18 20.00 0.35 8.25 28.60
3-Apr-18 20.00 2.28 5.85 28.13
4-Apr-18 20.00 2.02 10.61 32.63
5-Apr-18 20.00 3.57 5.82 29.39
6-Apr-18 20.00 2.57 14.69 37.26
9-Apr-18 20.00 2.36 16.90 39.26
10-Apr-18 20.00 2.62 12.65 35.26
11-Apr-18 20.00 2.62 13.92 36.55
12-Apr-18 20.00 3.10 10.61 33.71
13-Apr-18 20.00 3.40 12.10 35.50
16-Apr-18 20.00 3.52 10.05 33.57
17-Apr-18 20.00 3.46 10.86 34.32
18-Apr-18 20.00 3.49 7.87 31.36
19-Apr-18 20.00 4.19 7.81 32.01
20-Apr-18 20.00 4.26 6.72 30.98
23-Apr-18 20.00 4.59 8.37 32.97
24-Apr-18 20.00 4.46 7.96 32.41
25-Apr-18 20.00 4.46 9.16 33.62
26-Apr-18 20.00 5.49 5.90 31.39
27-Apr-18 20.00 4.56 8.62 33.19
30-Apr-18 20.00 4.52 12.68 37.20
1-May-18 20.00 3.54 10.01 33.55
2-May-18 20.00 2.10 12.72 34.81
3-May-18 20.00 2.76 14.87 37.63
4-May-18 20.00 2.79 16.02 38.81
7-May-18 20.00 2.80 15.47 38.26
8-May-18 20.00 2.67 15.03 37.70
9-May-18 20.00 2.67 14.60 37.26
10-May-18 20.00 2.21 12.33 34.54
11-May-18 20.00 2.66 15.99 38.65
14-May-18 20.00 2.56 16.77 39.32
15-May-18 20.00 2.31 19.29 41.59
16-May-18 20.00 2.10 16.11 38.21
17-May-18 20.00 2.99 18.79 41.78
18-May-18 20.00 2.77 17.36 40.13
22-May-18 20.00 3.05 19.91 42.96
23-May-18 20.00 3.04 23.76 46.79
24-May-18 20.00 3.40 21.90 45.29
25-May-18 20.00 3.57 23.46 47.02
28-May-18 20.00 3.60 23.97 47.56
29-May-18 20.00 3.53 20.61 44.14
30-May-18 20.00 3.43 18.44 41.88
31-May-18 20.00 3.87 19.35 43.22
1-Jun-18 20.00 3.50 8.30 31.80
4-Jun-18 20.00 2.33 10.65 32.98
5-Jun-18 20.00 1.84 16.92 38.76
6-Jun-18 20.00 1.98 18.11 40.09
7-Jun-18 20.00 2.07 13.28 35.35
8-Jun-18 20.00 2.60 15.46 38.06
11-Jun-18 20.00 2.55 12.31 34.86
12-Jun-18 20.00 3.00 13.10 36.10
13-Jun-18 20.00 2.40 13.79 36.19
14-Jun-18 20.00 2.79 12.73 35.52
15-Jun-18 20.00 2.88 15.09 37.97
18-Jun-18 20.00 2.82 13.23 36.05
19-Jun-18 20.00 2.71 13.92 36.63
20-Jun-18 20.00 2.86 10.21 33.07
21-Jun-18 20.00 2.35 7.62 29.97
22-Jun-18 20.00 2.47 9.80 32.27
25-Jun-18 20.00 2.40 9.73 32.13
26-Jun-18 20.00 2.15 11.08 33.24
27-Jun-18 20.00 1.99 5.79 27.77
28-Jun-18 20.00 2.24 3.78 26.02
29-Jun-18 20.00 2.03 5.36 27.39
3-Jul-18 20.00 2.48 7.71 30.19
4-Jul-18 20.00 2.47 10.34 32.81
5-Jul-18 20.00 2.58 11.86 34.44
6-Jul-18 20.00 2.80 15.14 37.94
9-Jul-18 20.00 3.30 17.75 41.05
10-Jul-18 20.00 3.40 17.70 41.10
11-Jul-18 20.00 3.50 17.96 41.46
12-Jul-18 20.00 3.81 16.95 40.76
13-Jul-18 20.00 3.95 16.91 40.86
16-Jul-18 20.00 4.10 15.34 39.44
17-Jul-18 20.00 4.19 15.66 39.85
18-Jul-18 20.00 4.06 12.02 36.08
19-Jul-18 20.00 5.02 10.15 35.16
20-Jul-18 20.00 5.44 12.01 37.45
23-Jul-18 20.00 5.49 11.97 37.46
24-Jul-18 20.00 5.34 11.60 36.93
25-Jul-18 20.00 5.21 12.24 37.45
26-Jul-18 20.00 4.74 10.19 34.93
27-Jul-18 20.00 5.36 9.97 35.33
30-Jul-18 20.00 4.90 10.27 35.18
31-Jul-18 20.00 4.67 11.40 36.07
1-Aug-18 20.00 3.49 5.56 29.05
2-Aug-18 20.00 1.86 10.89 32.75
3-Aug-18 20.00 1.95 12.45 34.41
6-Aug-18 20.00 2.59 11.69 34.28
7-Aug-18 20.00 1.88 13.84 35.72
8-Aug-18 20.00 0.20 16.95 37.14
9-Aug-18 20.00 0.78 14.49 35.27
10-Aug-18 20.00 2.72 16.33 39.05
13-Aug-18 20.00 2.68 17.01 39.69
14-Aug-18 20.00 2.66 16.29 38.95
15-Aug-18 20.00 2.72 18.38 41.10
16-Aug-18 20.00 2.12 14.76 36.88
17-Aug-18 20.00 2.29 15.82 38.12
20-Aug-18 20.00 2.27 11.80 34.07
21-Aug-18 20.00 2.29 10.48 32.77
22-Aug-18 20.00 2.31 11.37 33.68
23-Aug-18 20.00 3.53 13.00 36.53
24-Aug-18 20.00 3.83 16.17 39.99
27-Aug-18 20.00 3.69 16.71 40.40
28-Aug-18 20.00 3.83 19.42 43.25
29-Aug-18 20.00 3.62 16.91 40.53
30-Aug-18 20.00 3.81 9.37 33.19
31-Aug-18 20.00 3.55 9.79 33.34
4-Sep-18 20.00 1.65 7.01 28.66
5-Sep-18 20.00 1.51 8.17 29.68
6-Sep-18 20.00 1.70 12.84 34.54
7-Sep-18 20.00 1.79 13.69 35.48
10-Sep-18 20.00 1.52 11.30 32.82
11-Sep-18 20.00 1.17 10.43 31.60
12-Sep-18 20.00 1.23 11.15 32.38
13-Sep-18 20.00 1.46 9.67 31.13
14-Sep-18 20.00 1.69 10.19 31.88
17-Sep-18 20.00 1.79 10.07 31.86
18-Sep-18 20.00 1.90 10.92 32.81
19-Sep-18 20.00 1.96 7.50 29.46
20-Sep-18 20.00 2.28 6.40 28.68
21-Sep-18 20.00 2.68 7.45 30.13
24-Sep-18 20.00 2.60 7.90 30.50
25-Sep-18 20.00 2.51 10.86 33.37
26-Sep-18 20.00 2.62 5.71 28.33
27-Sep-18 20.00 2.33 5.42 27.76
28-Sep-18 20.00 2.37 5.22 27.59
1-Oct-18 20.00 2.72 8.26 30.98
2-Oct-18 20.00 2.67 9.44 32.11
3-Oct-18 20.00 2.80 13.71 36.51
4-Oct-18 20.00 2.79 12.57 35.36
5-Oct-18 20.00 3.19 14.22 37.41
9-Oct-18 20.00 3.23 13.56 36.79
10-Oct-18 20.00 3.20 13.19 36.40
11-Oct-18 20.00 3.03 13.58 36.61
12-Oct-18 20.00 3.58 15.96 39.54
15-Oct-18 20.00 3.85 17.14 40.99
16-Oct-18 20.00 4.00 15.21 39.21
17-Oct-18 20.00 4.16 15.71 39.87
18-Oct-18 20.00 4.23 10.60 34.84
19-Oct-18 20.00 4.83 12.57 37.39
22-Oct-18 20.00 4.93 11.79 36.73
23-Oct-18 20.00 4.86 11.48 36.33
24-Oct-18 20.00 4.86 11.75 36.62
25-Oct-18 20.00 5.02 10.55 35.56
26-Oct-18 20.00 5.02 14.49 39.50
29-Oct-18 20.00 4.95 11.29 36.24
30-Oct-18 20.00 4.76 9.51 34.27
31-Oct-18 20.00 5.04 12.39 37.43
1-Nov-18 20.00 1.83 5.98 27.81
2-Nov-18 20.00 2.02 6.49 28.51
5-Nov-18 20.00 2.13 9.27 31.40
6-Nov-18 20.00 2.06 6.94 29.00
7-Nov-18 20.00 2.02 7.17 29.20
8-Nov-18 20.00 1.86 6.13 27.99
9-Nov-18 20.00 2.20 7.82 30.02
13-Nov-18 20.00 2.19 8.69 30.87
14-Nov-18 20.00 2.25 8.50 30.76
15-Nov-18 20.00 2.14 7.05 29.19
16-Nov-18 20.00 2.66 7.29 29.95
19-Nov-18 20.00 2.76 11.59 34.35
20-Nov-18 20.00 2.66 6.98 29.64
21-Nov-18 20.00 2.60 9.47 32.07
22-Nov-18 20.00 2.63 9.02 31.65
23-Nov-18 20.00 3.16 11.12 34.28
26-Nov-18 20.00 3.04 12.17 35.21
27-Nov-18 20.00 2.96 12.70 35.66
28-Nov-18 20.00 2.87 7.60 30.46
29-Nov-18 20.00 2.75 7.38 30.13
30-Nov-18 20.00 2.79 8.73 31.52
3-Dec-18 20.00 2.16 6.53 28.69
4-Dec-18 20.00 2.08 8.13 30.21
5-Dec-18 20.00 2.08 11.19 33.27
6-Dec-18 20.00 1.68 6.26 27.94
7-Dec-18 20.00 2.15 5.63 27.77
10-Dec-18 20.00 2.13 9.64 31.76
11-Dec-18 20.00 2.26 9.82 32.08
12-Dec-18 20.00 2.17 13.37 35.55
13-Dec-18 20.00 1.82 7.61 29.42
14-Dec-18 20.00 2.20 10.22 32.42
17-Dec-18 20.00 4.07 8.11 32.18
18-Dec-18 20.00 3.60 9.78 33.38
19-Dec-18 20.00 3.31 7.39 30.70
20-Dec-18 20.00 3.74 6.25 29.99
21-Dec-18 20.00 2.55 6.10 28.65
24-Dec-18 20.00 3.44 8.70 32.14
27-Dec-18 20.00 2.15 6.00 28.15
28-Dec-18 20.00 2.04 6.25 28.29
31-Dec-18 20.00 1.73 8.32 30.05
2-Jan-19 20.00 3.39 6.75 30.14
3-Jan-19 20.00 2.18 8.38 30.57
4-Jan-19 20.00 2.86 9.37 32.23
7-Jan-19 20.00 3.26 10.76 34.02
8-Jan-19 20.00 3.56 10.73 34.29
9-Jan-19 20.00 3.87 10.25 34.12
10-Jan-19 20.00 4.39 7.58 31.97
11-Jan-19 20.00 2.32 10.14 32.46
14-Jan-19 20.00 2.75 13.15 35.91
15-Jan-19 20.00 2.63 15.13 37.76
16-Jan-19 20.00 3.30 12.24 35.54
17-Jan-19 20.00 4.15 9.64 33.79
18-Jan-19 20.00 4.62 7.31 31.93
21-Jan-19 20.00 4.66 6.25 30.91
22-Jan-19 20.00 4.86 7.03 31.89
23-Jan-19 20.00 5.06 6.39 31.45
24-Jan-19 20.00 4.54 5.62 30.16
25-Jan-19 20.00 4.97 12.48 37.45
28-Jan-19 20.00 4.96 12.58 37.53
29-Jan-19 20.00 4.93 12.93 37.85
30-Jan-19 20.00 4.90 11.48 36.38
31-Jan-19 20.00 4.89 12.74 37.63
1-Feb-19 20.00 2.44 7.53 29.98
4-Feb-19 20.00 2.45 10.15 32.60
5-Feb-19 20.00 2.41 14.73 37.14
6-Feb-19 20.00 2.42 12.20 34.62
7-Feb-19 20.00 2.46 14.29 36.75
8-Feb-19 20.00 2.55 13.73 36.27
11-Feb-19 20.00 3.02 15.42 38.43
12-Feb-19 20.00 2.93 16.51 39.44
13-Feb-19 20.00 2.91 16.98 39.89
14-Feb-19 20.00 3.21 13.87 37.08
15-Feb-19 20.00 4.20 18.15 42.36
18-Feb-19 20.00 3.65 17.32 40.97
19-Feb-19 20.00 3.50 15.85 39.34
20-Feb-19 20.00 3.58 10.87 34.44
21-Feb-19 20.00 3.70 11.29 34.98
22-Feb-19 20.00 3.77 13.23 37.00
25-Feb-19 20.00 3.81 13.38 37.18
26-Feb-19 20.00 3.78 9.55 33.33
27-Feb-19 20.00 3.72 8.86 32.58
28-Feb-19 20.00 3.73 7.93 31.66
1-Mar-19 20.00 1.84 5.63 27.46
4-Mar-19 20.00 1.84 8.81 30.65
5-Mar-19 20.00 1.90 16.16 38.06
6-Mar-19 20.00 1.97 17.93 39.90
7-Mar-19 20.00 2.05 12.67 34.72
8-Mar-19 20.00 2.01 12.04 34.05
11-Mar-19 20.00 2.02 11.22 33.25
12-Mar-19 20.00 1.89 12.37 34.26
13-Mar-19 20.00 1.93 12.98 34.91
14-Mar-19 20.00 2.27 10.18 32.45
15-Mar-19 20.00 2.55 12.89 35.44
18-Mar-19 20.00 2.62 10.76 33.38
19-Mar-19 20.00 2.58 12.04 34.62
20-Mar-19 20.00 2.85 6.98 29.83
21-Mar-19 20.00 3.29 8.82 32.11
22-Mar-19 20.00 3.25 10.14 33.39
25-Mar-19 20.00 3.61 11.84 35.45
26-Mar-19 20.00 3.52 16.35 39.87
27-Mar-19 20.00 3.37 10.23 33.60
28-Mar-19 20.00 3.38 8.41 31.78
29-Mar-19 20.00 3.53 8.45 31.97
1-Apr-19 20.00 4.72 3.75 28.47
2-Apr-19 20.00 3.47 8.21 31.68
3-Apr-19 20.00 3.50 10.09 33.59
4-Apr-19 20.00 3.40 7.16 30.56
5-Apr-19 20.00 3.87 9.74 33.60
8-Apr-19 20.00 3.83 8.32 32.15
9-Apr-19 20.00 3.75 6.97 30.72
10-Apr-19 20.00 3.71 7.87 31.57
11-Apr-19 20.00 3.59 4.92 28.51
12-Apr-19 20.00 4.05 8.10 32.14
15-Apr-19 20.00 3.96 12.44 36.41
16-Apr-19 20.00 3.59 9.35 32.95
17-Apr-19 20.00 3.32 9.63 32.95
18-Apr-19 20.00 3.31 4.41 27.72
22-Apr-19 20.00 3.72 7.91 31.64
23-Apr-19 20.00 3.93 8.99 32.92
24-Apr-19 20.00 3.89 7.76 31.64
25-Apr-19 20.00 4.28 7.75 32.03
26-Apr-19 20.00 4.00 7.23 31.23
29-Apr-19 20.00 4.22 9.31 33.53
30-Apr-19 20.00 4.13 13.55 37.68
1-May-19 20.00 1.76 10.25 32.01
2-May-19 20.00 1.89 10.33 32.22
3-May-19 20.00 2.03 12.63 34.66
6-May-19 20.00 2.48 15.55 38.03
7-May-19 20.00 2.33 16.16 38.49
8-May-19 20.00 2.20 15.50 37.69
9-May-19 20.00 2.25 11.55 33.80
10-May-19 20.00 2.86 15.82 38.68
13-May-19 20.00 2.82 15.75 38.57
14-May-19 20.00 2.56 16.10 38.67
15-May-19 20.00 2.46 17.86 40.32
16-May-19 20.00 2.75 13.98 36.73
17-May-19 20.00 3.02 14.92 37.94
21-May-19 20.00 2.83 10.69 33.52
22-May-19 20.00 2.87 13.72 36.60
23-May-19 20.00 3.35 13.19 36.54
24-May-19 20.00 3.52 17.16 40.68
27-May-19 20.00 3.51 19.93 43.44
28-May-19 20.00 3.48 19.43 42.92
29-May-19 20.00 3.34 16.37 39.70
30-May-19 20.00 3.97 16.12 40.08
31-May-19 20.00 4.18 16.73 40.90
3-Jun-19 20.00 2.10 6.20 28.30
4-Jun-19 20.00 2.06 8.04 30.11
5-Jun-19 20.00 2.32 11.56 33.88
6-Jun-19 20.00 2.14 11.34 33.48
7-Jun-19 20.00 2.53 12.03 34.56
10-Jun-19 20.00 2.54 12.40 34.94
11-Jun-19 20.00 2.48 13.05 35.53
12-Jun-19 20.00 2.52 13.67 36.19
13-Jun-19 20.00 1.79 15.75 37.54
14-Jun-19 20.00 3.53 16.46 39.99
17-Jun-19 20.00 3.48 16.01 39.49
18-Jun-19 20.00 3.24 16.77 40.01
19-Jun-19 20.00 3.20 13.99 37.19
20-Jun-19 20.00 3.05 11.98 35.03
21-Jun-19 20.00 3.05 10.84 33.89
24-Jun-19 20.00 2.92 12.71 35.63
25-Jun-19 20.00 2.62 13.25 35.86
26-Jun-19 20.00 2.38 7.97 30.35
27-Jun-19 20.00 1.99 3.89 25.88
28-Jun-19 20.00 2.24 7.43 29.67
2-Jul-19 20.00 2.09 7.84 29.94
3-Jul-19 20.00 2.26 10.36 32.61
4-Jul-19 20.00 2.39 14.28 36.67
5-Jul-19 20.00 3.18 19.83 43.01
8-Jul-19 20.00 3.30 18.34 41.63
9-Jul-19 20.00 3.42 17.15 40.57
10-Jul-19 20.00 3.55 17.24 40.78
11-Jul-19 20.00 3.63 15.21 38.83
12-Jul-19 20.00 3.78 14.10 37.88
15-Jul-19 20.00 3.93 16.41 40.34
16-Jul-19 20.00 4.00 12.98 36.98
17-Jul-19 20.00 4.11 13.71 37.82
18-Jul-19 20.00 3.88 7.90 31.78
19-Jul-19 20.00 4.36 8.40 32.75
22-Jul-19 20.00 4.34 9.53 33.88
23-Jul-19 20.00 4.26 8.36 32.62
24-Jul-19 20.00 4.17 8.29 32.46
25-Jul-19 20.00 4.44 9.82 34.26
26-Jul-19 20.00 4.74 12.22 36.97
29-Jul-19 20.00 5.12 11.80 36.92
30-Jul-19 20.00 4.29 11.26 35.55
31-Jul-19 20.00 4.09 12.93 37.02
1-Aug-19 20.00 2.62 6.60 29.22
2-Aug-19 20.00 1.60 9.10 30.70
5-Aug-19 20.00 1.87 8.64 30.51
6-Aug-19 20.00 1.43 15.31 36.73
7-Aug-19 20.00 1.46 15.04 36.50
8-Aug-19 20.00 2.15 11.41 33.56
9-Aug-19 20.00 2.84 12.25 35.08
12-Aug-19 20.00 3.00 13.31 36.31
13-Aug-19 20.00 3.03 14.00 37.03
14-Aug-19 20.00 3.03 13.91 36.94
15-Aug-19 20.00 3.34 14.73 38.07
16-Aug-19 20.00 3.67 12.09 35.76
19-Aug-19 20.00 3.91 15.71 39.62
20-Aug-19 20.00 3.91 11.42 35.33
21-Aug-19 20.00 3.84 8.83 32.66
22-Aug-19 20.00 4.24 9.28 33.52
23-Aug-19 20.00 4.88 12.57 37.45
26-Aug-19 20.00 4.78 13.57 38.34
27-Aug-19 20.00 4.42 14.52 38.93
28-Aug-19 20.00 4.22 10.14 34.36
29-Aug-19 20.00 4.61 9.41 34.01
30-Aug-19 20.00 5.14 13.17 38.31
3-Sep-19 20.00 1.74 6.10 27.84
4-Sep-19 20.00 1.76 7.34 29.10
5-Sep-19 20.00 1.55 6.90 28.45
6-Sep-19 20.00 1.83 10.02 31.85
9-Sep-19 20.00 1.70 8.41 30.11
10-Sep-19 20.00 1.81 10.44 32.25
11-Sep-19 20.00 1.97 11.34 33.31
12-Sep-19 20.00 2.62 9.10 31.72
13-Sep-19 20.00 2.88 12.62 35.51
16-Sep-19 20.00 3.90 11.15 35.04
17-Sep-19 20.00 3.09 12.21 35.30
18-Sep-19 20.00 3.09 9.51 32.60
19-Sep-19 20.00 1.88 7.45 29.33
20-Sep-19 20.00 1.95 5.78 27.72
23-Sep-19 20.00 2.32 8.07 30.39
24-Sep-19 20.00 1.95 7.20 29.15
25-Sep-19 20.00 2.20 10.18 32.37
26-Sep-19 20.00 2.49 4.59 27.09
27-Sep-19 20.00 2.81 4.55 27.36
30-Sep-19 20.00 2.71 6.95 29.66
1-Oct-19 20.00 2.64 7.94 30.58
2-Oct-19 20.00 2.83 6.77 29.60
3-Oct-19 20.00 2.59 9.15 31.73
4-Oct-19 20.00 3.13 11.14 34.27
7-Oct-19 20.00 3.06 11.33 34.39
8-Oct-19 20.00 2.86 12.20 35.06
9-Oct-19 20.00 2.73 11.57 34.31
10-Oct-19 20.00 2.78 11.34 34.12
11-Oct-19 20.00 3.33 15.52 38.84
15-Oct-19 20.00 3.47 16.32 39.79
16-Oct-19 20.00 3.47 14.87 38.34
17-Oct-19 20.00 3.25 18.16 41.41
18-Oct-19 20.00 3.78 15.24 39.02
21-Oct-19 20.00 3.77 14.68 38.46
22-Oct-19 20.00 3.82 17.95 41.77
23-Oct-19 20.00 3.94 17.91 41.84
24-Oct-19 20.00 4.48 16.32 40.80
25-Oct-19 20.00 4.92 20.76 45.68
28-Oct-19 20.00 4.82 21.44 46.26
29-Oct-19 20.00 4.67 18.25 42.92
30-Oct-19 20.00 4.58 16.68 41.26
31-Oct-19 20.00 4.18 18.46 42.64
1-Nov-19 20.00 3.04 5.75 28.79
4-Nov-19 20.00 2.38 11.24 33.62
5-Nov-19 20.00 2.17 14.96 37.13
6-Nov-19 20.00 2.09 12.98 35.07
7-Nov-19 20.00 2.31 10.15 32.46
8-Nov-19 20.00 2.84 14.77 37.61
12-Nov-19 20.00 2.92 14.87 37.79
13-Nov-19 20.00 3.04 14.63 37.67
14-Nov-19 20.00 2.61 12.00 34.60
15-Nov-19 20.00 3.08 14.79 37.87
18-Nov-19 20.00 3.35 14.14 37.49
19-Nov-19 20.00 3.36 14.42 37.78
20-Nov-19 20.00 3.40 9.52 32.93
21-Nov-19 20.00 3.72 9.46 33.18
22-Nov-19 20.00 4.28 12.20 36.48
25-Nov-19 20.00 4.19 14.77 38.96
26-Nov-19 20.00 4.00 15.98 39.98
27-Nov-19 20.00 3.88 10.43 34.31
28-Nov-19 20.00 2.73 6.25 28.99
29-Nov-19 20.00 2.79 8.92 31.71
2-Dec-19 20.00 1.83 5.51 27.34
3-Dec-19 20.00 1.90 7.86 29.76
4-Dec-19 20.00 1.75 10.23 31.99
5-Dec-19 20.00 1.76 12.12 33.88
6-Dec-19 20.00 2.07 9.37 31.44
9-Dec-19 20.00 2.05 9.66 31.70
10-Dec-19 20.00 1.96 9.79 31.75
11-Dec-19 20.00 1.69 10.09 31.78
12-Dec-19 20.00 3.66 8.74 32.39
13-Dec-19 20.00 3.53 7.58 31.12
16-Dec-19 20.00 3.42 7.32 30.74
17-Dec-19 20.00 3.06 8.42 31.48
18-Dec-19 20.00 2.85 7.00 29.85
19-Dec-19 20.00 2.77 6.54 29.31
20-Dec-19 20.00 2.74 6.82 29.56
23-Dec-19 20.00 2.35 8.34 30.69
24-Dec-19 20.00 1.94 7.50 29.45
27-Dec-19 20.00 1.93 6.70 28.63
30-Dec-19 20.00 1.68 6.59 28.27
31-Dec-19 20.00 1.77 7.71 29.47
2-Jan-20 20.00 2.40 8.07 30.47
3-Jan-20 20.00 2.88 9.98 32.86
6-Jan-20 20.00 3.14 12.67 35.81
7-Jan-20 20.00 3.50 13.29 36.79
8-Jan-20 20.00 3.65 12.67 36.32
9-Jan-20 20.00 1.61 10.86 32.47
10-Jan-20 20.00 2.39 13.38 35.78
13-Jan-20 20.00 2.73 13.96 36.70
14-Jan-20 20.00 2.96 14.04 36.99
15-Jan-20 20.00 2.65 16.04 38.70
16-Jan-20 20.00 3.68 9.58 33.27
17-Jan-20 20.00 4.22 13.82 38.04
20-Jan-20 20.00 4.28 9.16 33.44
21-Jan-20 20.00 4.47 7.52 31.98
22-Jan-20 20.00 4.58 8.21 32.79
23-Jan-20 20.00 4.85 7.57 32.43
24-Jan-20 20.00 4.93 7.82 32.75
27-Jan-20 20.00 5.19 12.05 37.24
28-Jan-20 20.00 5.19 12.57 37.76
29-Jan-20 20.00 5.12 11.56 36.68
30-Jan-20 20.00 4.79 8.19 32.98
31-Jan-20 20.00 4.70 9.39 34.09
3-Feb-20 20.00 2.97 6.75 29.71
4-Feb-20 20.00 2.99 8.71 31.69
5-Feb-20 20.00 3.08 15.19 38.28
6-Feb-20 20.00 3.92 14.10 38.02
7-Feb-20 20.00 3.97 12.48 36.45
10-Feb-20 20.00 4.35 14.77 39.12
11-Feb-20 20.00 4.29 14.88 39.17
12-Feb-20 20.00 4.24 15.33 39.57
13-Feb-20 20.00 5.13 13.42 38.55
14-Feb-20 20.00 5.38 16.56 41.94
17-Feb-20 20.00 5.39 15.43 40.82
18-Feb-20 20.00 5.27 15.96 41.23
19-Feb-20 20.00 5.36 12.78 38.15
20-Feb-20 20.00 5.47 13.13 38.60
21-Feb-20 20.00 6.05 15.37 41.42
24-Feb-20 20.00 5.71 16.91 42.62
25-Feb-20 20.00 5.52 17.21 42.73
26-Feb-20 20.00 5.31 12.38 37.69
27-Feb-20 20.00 5.05 10.35 35.40
28-Feb-20 20.00 5.66 13.68 39.34
2-Mar-20 20.00 1.22 5.51 26.72
3-Mar-20 20.00 1.04 8.60 29.63
4-Mar-20 20.00 1.31 16.78 38.09
5-Mar-20 20.00 1.67 14.01 35.68
6-Mar-20 20.00 1.67 14.72 36.39
9-Mar-20 20.00 1.05 13.62 34.67
10-Mar-20 20.00 1.63 12.27 33.90
11-Mar-20 20.00 1.46 14.15 35.61
12-Mar-20 20.00 0.58 12.42 33.00
13-Mar-20 20.00 2.64 16.45 39.09
16-Mar-20 20.00 3.89 13.11 37.00
17-Mar-20 20.00 4.41 14.05 38.46
18-Mar-20 20.00 2.01 16.25 38.27
19-Mar-20 20.00 6.06 15.81 41.87
20-Mar-20 20.00 16.30 3.85 40.15
23-Mar-20 20.00 12.61 9.62 42.23
24-Mar-20 20.00 11.11 10.32 41.42
25-Mar-20 20.00 9.52 12.00 41.52
26-Mar-20 20.00 8.40 10.00 38.40
27-Mar-20 20.00 9.90 3.73 33.63
30-Mar-20 20.00 16.69 5.17 41.86
31-Mar-20 20.00 10.44 3.35 33.79

Prudential Liquidity Management

The government holds liquid financial assets in the form of domestic cash deposits and foreign exchange reservesFootnote 15 to promote investor confidence and safeguard its ability to meet payment obligations in situations where normal access to funding markets may be disrupted or delayed.

Investment of Receiver General Cash Balances

RG cash balances are invested in a prudent and cost-effective manner via short-term deposits allocated through auctions to chartered banks and other financial institutions. Since February 1999, when Canada's electronic funds transfer system—the Large Value Transfer System—was implemented, RG cash balances have been allocated to bidders twice daily through an auction process administered by the Bank of Canada. Roughly 90 per cent of daily RG cash balances are auctioned off in the morning auction while the remaining 10 per cent are auctioned off in the afternoon auction. These auctions serve two main purposes: first, as a treasury management tool, they are the means by which the government invests its excess short-term Canadian-dollar cash balances; second, the auctions are used by the Bank of Canada in its monetary policy implementation to neutralize the impact of public sector flows on the level of settlement balances available to the financial system.

The balances placed via the morning auction are fully collateralized, which reduces the government's exposure to counterparty credit risk. The balances placed via the afternoon auction for a term of one business day (i.e., overnight) remain uncollateralized as the auction process typically takes place late in the day and, as a result, operational constraints do not allow for collateralization before day's end (see Chart 16).

In March 2020, there were fewer RG auctions conducted, in part reflecting increased cash need stemming from the onset of the COVID-19 pandemic, which resulted in fewer instances where excess cash was available for auction.

Chart 16
Allocation of Cash Balances for Receiver General Auctions (Average of Daily Balances for Each Month of 2019–20 Fiscal Year)
Chart 16 - Allocation of Cash Balances for Receiver General Auctions (Average of Daily Balances for Each Month of 2019-20 Fiscal Year)

Source: Bank of Canada.

Text version
Allocation of Cash Balances for Receiver General Auctions (Average of Daily Balances for Each Month of 2019-20 Fiscal Year)
Year Month Afternoon Auction Average (Uncollateralized) Morning Auction Average (Collateralized)
2015-16 April 0.869 9.068
May 0.843 16.853
June 0.741 7.473
July 0.717 9.455
August 0.561 8.362
September 0.777 8.338
October 0.650 9.357
November 0.700 9.345
December 0.353 5.350
January 0.599 9.148
February 0.523 9.274
March 0.589 11.182
2016-17 April 0.683 10.719
May 0.901 16.986
June 0.518 8.237
July 0.282 12.345
August 0.395 9.711
September 0.613 7.964
October 0.801 9.870
November 0.621 7.650
December 0.711 8.953
January 0.783 10.448
February 0.874 11.247
March 0.704 9.819
2017-18 April 0.723 9.189
May 0.676 10.420
June 0.758 9.739
July 0.895 12.360
August 0.646 13.226
September 0.826 10.780
October 0.681 9.838
November 0.684 11.050
December 0.698 9.955
January 0.816 15.548
February 0.797 13.145
March 0.869 11.993
2018-19 April 0.631 9.245
May 0.834 16.745
June 0.566 10.874
July 0.621 12.481
August 0.700 13.191
September 0.813 8.234
October 0.658 12.023
November 0.697 7.783
December 0.628 7.545
January 0.549 9.402
February 0.824 12.268
March 0.699 10.581
2019-20 April 0.886 7.374
May 0.722 14.266
June 0.877 10.890
July 0.609 12.025
August 0.627 11.418
September 0.561 7.935
October 0.650 14.078
November 0.588 11.525
December 0.742 7.453
January 0.687 10.331
February 0.870 12.900
March 0.623 10.549

A key measure of the cost to the government of maintaining cash balances is the net return on these cash balances—the difference between the return on government cash balances auctioned to financial institutions (typically around the overnight rate) and the weighted average yield paid on treasury bills. A typically upward sloping yield curve results in a cost of carry for the government, as financial institutions pay rates of interest for government deposits that are lower than the rate paid by the government to issue treasury bills. Conversely, under an inverted yield curve, short-term deposit rates are higher than the average of 3- to 12–month treasury bill rates, which can result in a net gain for the government.

In 2019–20, treasury bill yields traded predominantly lower than the overnight rate, resulting in a gain of carrying cash of $0.8 million in 2019–20.

Cash Management Bond Buyback Program

The cash management bond buyback (CMBB) program helps manage cash requirements by reducing the high levels of cash balances needed for key maturity and coupon payment dates. The program also helps smooth variations in treasury bill auction sizes over the year and reduce rollover risk. Securities targeted under this program are Government of Canada bonds with a term to maturity of up to 18 months where the total amount of maturing bonds is greater than $8 billion.

In 2019–20, the total amount of bonds repurchased through the CMBB program was $31.1 billion, compared to $47.7 billion in 2018–19. The maximum amount of CMBBs allowed for 2019–20 decreased to $70.0 billion from $73.7 billion the previous year, mainly due to slightly decreasing the maximum repurchase amount at each operation. A pilot program introduced in January 2017 to increase flexibility in the maximum repurchase amount at each operation was made permanent in November 2018.Footnote 16 The CMBB program had a take-up rate of 43.9 per cent for 2019–20 compared to 64.8 per cent in 2018–19. Overall, the CMBB program, together with the switch buyback program, continued to keep bond maturities at reasonable levels in 2019–20.

Chart 17
Impact of Repurchase Operations on Bond Maturities
Chart 17 - Impact of Repurchase Operations on Bond Maturities

Source: Bank of Canada.

Text version
Impact of Repurchase Operations on Bond Maturities
  Raw Data in billions Raw Data
Maturity Date Outstanding at Maturity Switch Buyback CMBB Cash Buyback Outstanding at Maturity Switch Buyback CMBB Cash Buyback
1-Mar-07 0.193 0.011 0.000 0.121 192,738,000 11,000,000 0 121,262,000
1-Jun-07 7.739 1.003 4.891 1.467 7,739,198,000 1,003,183,000 4,890,619,000 1,467,000,000
1-Sep-07 7.095 0.160 2.630 0.515 7,095,132,000 160,000,000 2,629,868,000 515,000,000
1-Oct-07 0.418 0.063 0.000 0.220 417,580,000 62,671,000 0 219,749,000
1-Dec-07 5.484 0.000 1.524 0.000 5,483,664,000 0 1,523,500,000 0
1-Mar-08 0.579 0.041 0.000 0.131 578,665,000 40,535,000 0 130,800,000
1-Jun-08 7.815 1.745 3.232 2.665 7,814,913,000 1,745,455,000 3,232,134,000 2,665,480,000
1-Sep-08 6.863 0.533 3.280 0.724 6,863,210,000 532,671,000 3,279,939,000 724,180,000
1-Oct-08 0.396 0.022 0.000 0.227 395,547,000 22,331,000 0 226,875,000
1-Dec-08 4.000 0.000 3.300 0.000 4,000,000,000 0 3,300,000,000 0
1-Mar-09 0.140 0.099 0.000 0.162 139,655,000 98,504,000 0 161,841,000
1-Jun-09 7.889 1.008 2.423 2.448 7,888,828,000 1,007,508,000 2,423,421,000 2,447,711,000
1-Sep-09 6.597 0.940 2.013 0.550 6,597,256,000 939,798,000 2,012,946,000 550,000,000
1-Oct-09 0.208 0.190 0.000 0.826 207,790,000 190,368,000 0 825,978,000
1-Dec-09 3.000 0.400 3.674 0.426 3,000,000,000 400,000,000 3,674,000,000 426,000,000
1-Mar-10 0.080 0.054 0.000 0.191 79,534,000 54,361,000 0 191,105,000
1-Jun-10 9.706 2.207 1.346 3.722 9,706,065,000 2,206,556,000 1,345,668,000 3,721,711,000
1-Sep-10 5.378 0.403 2.017 1.661 5,377,884,000 403,150,000 2,017,000,000 1,661,000,000
1-Oct-10 0.097 0.035 0.000 0.193 97,018,000 35,183,000 0 192,799,000
1-Dec-10 6.601 0.000 5.583 0.000 6,601,418,000 0 5,582,884,000 0
1-Mar-11 0.464 0.273 0.000 1.238 463,681,000 273,423,000 0 1,237,896,000
1-Jun-11 12.060 3.485 9.348 1.856 12,060,438,000 3,485,186,000 9,348,082,000 1,856,294,000
1-Sep-11 9.524 0.180 9.243 0.381 9,524,285,000 180,000,000 9,242,577,000 381,000,000
1-Dec-11 4.978 0.000 4.522 0.000 4,978,132,000 0 4,521,868,000 0
1-Mar-12 5.953 0.000 3.047 0.000 5,953,135,000 0 3,046,865,000 0
1-Jun-12 14.903 1.545 10.231 0.745 14,903,108,000 1,544,851,000 10,231,248,000 744,958,000
1-Sep-12 8.403 0.000 9.097 0.000 8,402,503,000 0 9,097,497,000 0
1-Dec-12 7.790 0.000 6.621 0.000 7,790,092,000 0 6,620,987,000 0
1-Mar-13 8.200 0.000 10.790 0.000 8,199,919,000 0 10,790,350,000 0
1-Jun-13 13.118 3.028 8.505 2.413 13,117,659,000 3,027,675,000 8,505,230,000 2,413,060,000
1-Aug-13 7.721 0.000 2.779 0.000 7,720,736,000 0 2,779,264,000 0
1-Sep-13 7.632 0.000 1.568 0.000 7,631,813,000 0 1,568,187,000 0
1-Nov-13 7.954 0.000 3.546 0.000 7,954,016,000 0 3,545,984,000 0
1-Feb-14 7.601 0.000 3.513 0.000 7,601,307,000 0 3,512,550,000 0
1-Mar-14 7.992 0.000 1.608 0.000 7,991,742,000 0 1,608,258,000 0
15-Mar-14 0.710 0.933 0.000 1.507 709,898,000 933,057,000 0 1,507,045,000
1-May-14 7.974 0.000 2.893 0.000 7,973,659,000 0 2,892,977,000 0
1-Jun-14 13.224 3.359 9.595 0.690 13,224,076,000 3,358,662,000 9,594,957,000 689,742,000
1-Aug-14 8.384 0.000 7.216 0.000 8,384,045,000 0 7,215,955,000 0
1-Nov-14 7.913 0.000 1.987 0.000 7,913,174,000 0 1,986,826,000 0
1-Dec-14 7.977 0.000 7.024 0.000 7,975,970,000 0 7,024,030,000 0
1-Feb-15 11.343 0.000 4.257 0.000 11,342,774,000 0 4,257,226,000 0
1-May-15 7.575 0.000 2.325 0.000 7,575,000,000 0 2,325,000,000 0
1-Jun-15 3.243 1.289 8.204 0.761 3,242,787,000 1,289,284,000 8,203,704,000 760,886,000
1-Aug-15 7.885 0.000 7.415 0.000 7,885,436,000 0 7,414,564,000 0
1-Nov-15 7.748 0.000 2.152 0.000 7,747,855,000 0 2,152,145,000 0
1-Dec-15 7.667 0.000 3.674 0.000 7,667,468,000 0 3,674,261,000 0
1-Feb-16 10.357 0.000 4.343 0.000 10,356,826,000 0 4,343,174,000 0
1-May-16 7.979 0.000 2.021 0.000 7,979,309,000 0 2,020,691,000 0
1-Jun-16 13.767 0.013 6.291 0.130 13,766,585,000 12,600,000 6,290,815,000 130,000,000
1-Aug-16 13.175 0.000 3.925 0.000 13,175,400,000 0 3,924,640,000 0
1-Sep-16 7.917 0.000 2.583 0.000 7,916,900,000 0 2,583,082,000 0
1-Nov-16 8.373 0.000 1.827 0.000 8,372,600,000 0 1,827,357,000 0
1-Feb-17 9.304 0.000 7.796 0.000 9,303,700,000 0 7,796,280,000 0
1-Mar-17 7.555 0.000 2.945 0.000 7,554,800,000 0 2,945,165,000 0
1-May-17 7.940 0.000 2.460 0.000 7,940,190,000 0 2,459,810,000 0
1-Jun-17 7.995 0.000 2.347 0.000 7,995,404,000 0 2,347,122,000 0
1-Aug-17 9.108 0.000 9.992 0.000 9,107,898,000 0 9,992,102,000 0
1-Sep-17 7.968 0.000 2.232 0.000 7,968,079,000 0 2,231,921,000 0
1-Nov-17 8.831 0.000 4.569 0.000 8,831,316,000 0 4,568,684,000 0
1-Feb-18 8.162 0.000 11.038 0.000 8,162,233,000 0 11,037,767,000 0
1-Mar-18 7.931 0.000 2.269 0.000 7,930,954,000 0 2,269,046,000 0
1-May-18 7.929 0.000 7.071 0.000 7,928,893,000 0 7,071,107,000 0
1-Jun-18 7.735 0.000 2.888 0.000 7,734,665,000 0 2,888,099,000 0
1-Aug-18 9.322 0.000 6.278 0.000 9,321,748,000 0 6,278,252,000 0
1-Sep-18 7.817 0.000 2.383 0.000 7,816,551,000 0 2,383,449,000 0
1-Nov-18 8.670 0.000 6.930 0.000 8,670,124,000 0 6,929,876,000 0
1-Feb-19 7.940 0.000 7.660 0.000 7,940,287,000 0 7,659,713,000 0
1-Mar-19 7.992 0.000 2.208 0.000 7,992,000,000 0 2,208,000,000 0
1-May-19 7.888 0.000 7.712 0.000 7,888,420,000 0 7,711,580,000 0
1-Jun-19 7.935 0.000 9.715 0.000 7,934,932,000 0 9,715,068,000 0
1-Aug-19 8.154 0.000 7.446 0.000 8,153,511,000 0 7,446,489,000 0
1-Sep-19 9.460 0.000 7.240 0.000 9,459,566,000 0 7,240,434,000 0
1-Nov-19 13.099 0.000 2.501 0.000 13,099,055,000 0 2,500,945,000 0
1-Feb-20 7.744 0.000 6.656 0.000 7,744,436,000 0 6,655,564,000 0
1-Mar-20 13.031 0.000 10.169 0.000 13,030,513,000 0 10,169,487,000 0

Annex 1
Completed Treasury Evaluation Reports

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

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

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

Annex 2
Debt Management Policy Measures
Taken Since 1997

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

Measure Year
Dropped the 3-year bond benchmark 1997
Moved from weekly to bi-weekly treasury bill auctions 1998
Introduced a cash-based bond buyback program 1999
Introduced standardized benchmarks (fixed maturities and increased size) 1999
Started regular cross-currency swap-based funding of foreign assets 1999
Introduced a switch-based bond buyback program 2001
Allowed the reconstitution of bonds beyond the size of the original amount issued 2001
Introduced the cash management bond buyback program 2001
Reduced targeted turnaround times for auctions and buyback operations 2001
Advanced the timing of treasury bill auctions from 12:30 p.m. to 10:30 a.m. 2004
Advanced the timing of bond auctions from 12:30 p.m. to 12:00 p.m. 2005
Reduced the timing between bond auctions and cash buybacks to 20 minutes 2005
Dropped one quarterly 2-year auction 2006
Announced the maintenance of benchmark targets through fungibility (common dates) 2006
Consolidated the borrowings of three Crown corporations 2007
Changed the maturity of the 5-year benchmark and dropped one quarterly 5-year auction 2007
Reintroduced the 3-year bond benchmark 2009
Increased the frequency of cash management bond buyback operations from bi-weekly to weekly 2010
Announced a new framework for the medium-term debt management strategy 2011
Announced plans to increase the level of prudential liquidity by $35 billion over 3 years 2011
Added four new maturity dates—February 1, May 1, August 1 and November 1 2011
Increased benchmark target range sizes in the 2-, 3- and 5-year sectors 2011
Announced a temporary increase in longer-term debt issuance 2012
Announced changes to the Terms and Conditions Governing the Morning Auction of Receiver General Cash Balances 2013
Introduced ultra-long bond issuance 2014
Discontinued 3-year issuance 2015
Increased benchmark target range sizes in the 2- and 5-year sectors 2015
Increased benchmark target range sizes in the 2-, 5- and 10-year sectors 2016
Reintroduced the 3-year bond benchmark 2016
Introduced a pilot program to increase flexibility in the maximum repurchase amount at CMBB operations 2017
Discountinued the sales of new Canada Savings Bonds 2017
Pilot program to increase flexibility of CMBB operations made permanent 2018

Annex 3
Glossary

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Annex 4
Contact Information

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

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail: fin.financepublic-financepublique.fin@canada.ca

Media Enquiries:
613-369-4000

Reference Tables

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

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

III Issuance of Government of Canada Domestic Bonds

IV Outstanding Government of Canada Domestic Bonds, as at March 31, 2020

V Government of Canada Cross-Currency Swaps Outstanding, as at March 31, 2020

VI Crown Corporation Borrowings, as at March 31

Reference Table I
Total Liabilities, Outstanding Market Debt and Debt Charges, as at March 31
$ billions
Liabilities
Year Market debt Market debt value adjustments Accounts payable and accrued liabilities Pension and other liabilities Total liabilities
1986 201.2 -0.4 39.4 79.1 319.4
1987 228.6 -0.4 42.1 84.7 355.0
1988 250.8 -0.9 47.2 90.9 388.0
1989 276.3 -2.2 50.2 97.1 421.4
1990 294.6 -2.9 53.2 104.5 449.3
1991 323.9 -3.2 54.9 112.1 487.7
1992 351.9 -2.2 56.1 118.5 524.2
1993 382.7 -3.0 58.4 125.1 563.2
1994 414.0 -1.8 63.7 131.4 607.3
1995 441.0 -3.4 71.3 139.8 648.7
1996 469.5 -1.7 74.9 148.5 691.3
1997 476.9 0.3 75.9 156.3 709.4
1998 466.8 1.4 81.7 160.9 710.8
1999 457.7 2.6 83.7 168.2 712.2
2000 454.2 -0.2 83.9 175.8 713.6
2001 444.9 1.3 88.5 179.0 713.6
2002 440.9 0.9 83.2 177.9 703.0
2003 438.6 -1.1 83.2 178.3 699.0
2004 436.5 -2.5 85.2 180.9 700.1
2005 431.8 -4.3 97.7 179.8 705.0
2006 427.3 -6.1 101.4 179.9 702.5
2007 418.8 -4.7 106.5 185.1 705.8
2008 394.1 -3.4 110.5 191.2 692.3
2009 510.9 3.1 114.0 200.4 828.4
2010 564.4 -5.3 120.5 208.7 888.3
2011 596.8 -5.7 119.1 217.2 927.5
2012 631.0 -4.7 125.0 226.1 977.5
2013 668.0 4.4 118.7 236.2 1,027.4
2014 648.7 10.3 111.4 245.2 1,015.8
2015 649.5 15.7 123.6 251.4 1,040.2
2016 669.7 18.5 127.9 262.0 1,078.0
2017 695.1 18.5 132.5 270.7 1,116.9
2018 704.3 16.9 154.8 281.4 1,157.4
2019 721.1 15.8 159.7 282.6 1,185.2
2020 765.2 18.6 163.8 301.0 1,248.6
Reference Table I
Total Liabilities, Outstanding Market Debt and Debt Charges, as at March 31
$ billions
Accumulated deficit and debt charges
Year Total liabilities 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 828.4 298.9 529.4 61.5 467.9 28.3
2010 888.3 300.8 587.5 63.4 524.1 26.6
2011 927.5 304.0 623.5 66.6 556.9 28.6
2012 977.5 317.6 659.9 68.0 591.9 29.0
2013 1,027.4 337.8 689.5 68.9 620.6 25.5
2014 1,015.8 318.5 696.4 70.4 626.0 24.7
2015 1,040.2 336.7 703.5 74.6 628.9 24.2
2016 1,078.0 365.8 712.2 77.8 634.4 21.8
2017 1,116.9 382.8 734.1 82.6 651.5 21.2
2018 1,157.4 397.5 752.9 81.6 671.3 21.9
2019 1,185.2 413.0 772.1 86.7 685.5 23.3
2020 1,248.6 435.7 812.9 91.5 721.4 24.5
Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions
Payable in Canadian dollars
Year Treasury bills Marketable bonds1 Retail debt Canada Pension
Plan bonds
Total
1986 62.0 81.1 44.2 0.4 187.7
1987 77.0 94.4 44.3 1.8 217.5
1988 81.1 103.9 53.3 2.5 240.8
1989 102.7 115.7 47.8 3.0 269.2
1990 118.6 127.7 40.9 3.1 290.2
1991 139.2 143.6 34.4 3.5 320.7
1992 152.3 158.1 35.6 3.5 349.5
1993 162.1 178.5 34.4 3.5 378.4
1994 166.0 203.4 31.3 3.5 404.3
1995 164.5 225.7 31.4 3.5 425.1
1996 166.1 252.8 31.4 3.5 453.8
1997 135.4 282.6 33.5 3.5 454.9
1998 112.3 294.6 30.5 3.5 440.8
1999 97.0 295.8 28.2 4.1 425.0
2000 99.9 294.4 26.9 3.6 424.7
2001 88.7 295.5 26.4 3.5 414.1
2002 94.2 294.9 24.0 3.4 416.5
2003 104.6 289.2 22.6 3.4 419.8
2004 113.4 279.0 21.3 3.4 417.1
2005 127.2 266.7 19.1 3.4 416.3
2006 131.6 261.9 17.3 3.1 413.9
2007 134.1 257.9 15.2 1.7 408.9
2008 117.0 253.8 13.1 1.0 384.9
2009 192.5 295.3 12.5 0.5 500.8
2010 175.9 367.9 11.8 0.5 556.1
2011 163.0 416.1 10.1 0.0 589.2
2012 163.2 448.1 8.9 0.0 620.3
2013 180.7 469.0 7.5 0.0 657.2
2014 153.0 473.3 6.3 0.0 632.6
2015 135.7 487.9 5.7 0.0 629.2
2016 138.1 504.1 5.1 0.0 647.2
2017 136.7 536.3 4.5 0.0 677.5
2018 110.7 575.0 2.6 0.0 688.2
2019 134.3 569.5 1.2 0.0 705.1
2020 151.9 596.9 0.5 0.0 749.2
1 Inflation adjusted.
Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions
Payable in foreign currencies
Year Canada bills Marketable bonds Canada notes1 Euro medium-term notes1 Standby
drawings
Term loans Total
1986 0.0 9.3 0.0 0.0 2.2 2.2 13.8
1987 1.0 8.9 0.0 0.0 0.0 2.0 12.0
1988 1.0 7.9 0.0 0.0 0.0 2.3 11.3
1989 1.1 6.3 0.0 0.0 0.0 0.9 8.3
1990 1.4 4.3 0.0 0.0 0.0 0.0 5.7
1991 1.0 3.6 0.0 0.0 0.0 0.0 4.5
1992 0.0 3.4 0.0 0.0 0.0 0.0 3.4
1993 2.6 2.8 0.0 0.0 0.0 0.0 5.4
1994 5.6 5.0 0.0 0.0 0.0 0.0 10.7
1995 9.0 7.9 0.0 0.0 0.0 0.0 16.9
1996 7.0 9.5 0.3 0.0 0.0 0.0 16.8
1997 8.4 12.5 2.1 0.0 0.0 0.0 23.0
1998 9.4 14.6 1.7 1.5 0.0 0.0 27.2
1999 10.2 19.7 1.3 4.9 0.0 0.0 36.0
2000 6.0 21.4 1.1 4.1 0.0 0.0 32.6
2001 7.2 21.2 1.6 3.7 0.0 0.0 33.7
2002 3.4 19.8 1.2 3.2 0.0 0.0 27.5
2003 2.6 14.5 1.2 3.3 0.0 0.0 21.6
2004 3.4 13.2 1.3 3.0 0.0 0.0 20.8
2005 3.9 9.9 1.1 1.7 0.0 0.0 16.5
2006 4.7 7.6 0.5 1.5 0.0 0.0 14.3
2007 1.8 6.7 0.5 1.6 0.0 0.0 10.6
2008 1.5 6.1 0.5 1.6 0.0 0.0 9.7
2009 8.7 0.3 0.0 1.7 0.0 0.0 10.6
2010 2.5 5.8 0.0 0.0 0.0 0.0 8.2
2011 2.0 5.6 0.0 0.0 0.0 0.0 7.7
2012 2.1 8.6 0.0 0.0 0.0 0.0 10.7
2013 2.1 8.7 0.0 0.0 0.0 0.0 10.8
2014 2.3 13.0 0.6 0.1 0.0 0.0 16.0
2015 3.8 14.8 1.2 0.5 0.0 0.0 20.3
2016 4.7 15.3 1.6 0.9 0.0 0.0 22.5
2017 3.5 11.5 1.7 0.9 0.0 0.0 17.6
2018 2.6 10.9 1.7 0.9 0.0 0.0 16.0
2019 2.7 11.0 1.7 0.6 0.0 0.0 16.0
2020 2.2 12.7 0.7 0.4 0.0 0.0 15.9
1 Amounts for 2016 and 2017 and have restated following historical revisions.
Reference Table II
Government of Canada Outstanding Market Debt, as at March 31
$ billions
Total market debt
Year Total payable in Canadian dollars Total payable in
foreign currencies
Less: Government's
holdings and consolidation adjustment1
Total market debt Average
interest rate
(%)
1986 187.7 13.8 -0.3 201.2 10.7
1987 217.5 12.0 -0.9 228.6 9.3
1988 240.8 11.3 -1.2 250.8 9.6
1989 269.2 8.3 -1.2 276.3 10.8
1990 290.2 5.7 -1.3 294.6 11.2
1991 320.7 4.5 -1.3 323.9 10.7
1992 349.5 3.4 -1.0 351.8 8.9
1993 378.4 5.4 -1.1 382.7 7.9
1994 404.3 10.7 -1.0 414.0 6.8
1995 425.1 16.9 -1.0 441.0 8.0
1996 453.8 16.8 -1.0 469.5 7.3
1997 454.9 23.0 -1.1 476.8 6.7
1998 440.8 27.2 -1.2 466.8 6.6
1999 425.0 36.0 -3.3 457.7 6.7
2000 424.7 32.6 -3.1 454.2 6.2
2001 414.1 33.7 -2.9 444.9 6.1
2002 416.5 27.5 -3.1 440.9 5.6
2003 419.8 21.6 -2.7 438.6 5.3
2004 417.1 20.8 -1.5 436.4 4.9
2005 416.3 16.5 -1.1 431.7 4.6
2006 413.9 14.3 -1.0 427.2 4.7
2007 408.9 10.6 -0.7 418.9 4.9
2008 384.9 9.7 -0.5 394.1 4.6
2009 500.8 10.6 -0.6 510.8 3.2
2010 556.1 8.2 -0.1 564.2 2.7
2011 589.2 7.7 -0.1 596.8 2.8
2012 620.3 10.7 -0.1 631.0 2.7
2013 657.2 10.8 -0.0 668.0 2.5
2014 632.6 16.0 -0.3 648.7 2.4
2015 629.2 20.3 -0.4 649.5 2.3
2016 647.2 22.5 0.1 669.7 2.0
2017 677.5 17.6 -0.4 695.1 1.9
2018 688.3 16.0 0.9 704.3 2.0
2019 705.1 16.0 -0.4 721.1 2.2
2020 749.2 15.9 -0.3 765.2 2.0
1 Because certain comparative figures have been restated to reflect the presentation method used in recent years, the numbers presented in this reference table can differ from numbers presented in other sections of the Debt Management Report. In the reference table, "Government's holdings and consolidation adjustment" is presented separately but in the rest of the report the amount is incorporated into the figures. For more information, please consult table 6.2 and table 6.3 of the Public Accounts of Canada 2020.
Reference Table III
Issuance of Government of Canada Domestic Bonds
$ billions
Gross issuance
Nominal1 Real Return Bonds   Buybacks
Fiscal year 2-year 3-year 5-year 10-year 30-year Total 30-year Total Cash Switch Total Net
issuance
1995–96 11.1 5.1 17.0 10.5 5.0 48.7 1.0 49.7 0.0 49.7
1996–97 12.0 11.1 13.3 11.8 5.8 54.0 1.7 55.7 0.0 55.7
1997–98 14.0 9.9 9.3 5.0 38.2 1.7 39.9 0.0 39.9
1998–99 14.0 9.8 9.2 3.3 36.3 1.6 37.9 0.0 37.9
1999–00 14.2 14.0 12.9 3.7 44.8 1.3 46.0 -2.7 0.0 -2.7 43.3
2000–01 14.1 10.5 10.1 3.8 38.5 1.4 39.9 -2.8 0.0 -2.8 37.1
2001–02 14.0 10.0 9.9 6.3 40.2 1.4 41.6 -5.3 -0.4 -5.6 35.9
2002–03 13.9 11.0 12.6 4.8 42.3 1.4 43.7 -7.1 -5.0 -12.1 31.6
2003–04 13.0 10.7 11.5 4.2 39.4 1.4 40.8 -5.2 -5.0 -10.2 30.7
2004–05 12.0 9.6 10.6 3.3 35.5 1.4 36.9 -6.8 -4.7 -11.4 25.5
2005–06 10.0 9.2 10.0 3.2 32.4 1.5 33.9 -5.3 -3.3 -8.6 25.3
2006–07 10.3 7.8 10.4 3.3 31.8 1.6 33.4 -5.1 -4.7 -9.8 23.5
2007–08 11.7 6.3 10.7 3.4 32.0 2.3 34.3 -4.3 -2.4 -6.7 27.6
2008–09 23.2 29.0 15.7 5.1 72.9 2.1 75.0 -3.2 -2.7 -6.0 69.0
2009–10 31.5 20.1 24.0 17.4 7.0 100.0 2.2 102.2 0.0 -2.1 -2.1 100.1
2010–11 36.3 18.8 21.2 12.0 5.0 93.3 2.2 95.5 0.0 -4.4 -4.4 91.2
2011–12 44.0 18.0 21.0 10.0 4.7 97.7 2.2 99.9 -3.0 -3.0 -5.9 94.0
2012–13 35.9 13.9 20.4 16.5 6.7 93.4 2.2 95.6 -0.4 -1.1 -1.5 94.1
2013–14 32.4 13.5 20.4 14.0 5.0 85.3 2.2 87.5 0.0 -1.0 -1.0 86.5
2014–15 38.4 16.2 20.4 13.3 4.6 92.9 2.2 95.1 0.0 -0.5 -0.5 94.6
2015–16 50.2   26.8 10.0 3.2 90.2 2.2 92.4 0.0 -0.4 -0.4 92.0
2016–17 62.4 19.5 30.0 15.0 4.3 131.2 2.2 133.4 0.0 -0.8 -0.8 132.6
2017–18 59.1 24.7 30.6 15.0 4.3 133.7 2.2 135.9 0.0 -0.8 -0.8 135.1
2018–19 48.0 8.2 24.0 13.5 3.8 97.5 2.2 99.7 0.0 -0.8 -0.8 98.9
2019–20 53.0 19.7 33.5 13.5 5.5 125.2 1.8 127.0 0.0 -2.8 -2.8 124.2
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, 2020
Fixed-coupon bonds
Maturity date Amount
($ millions)
Coupon rate
(%)
1-May-2020 7,996 1.75
1-Jun-2020 9,533 3.50
1-Aug-2020 9,208 1.75
1-Sep-2020 20,024 0.75
1-Nov-2020 8,576 2.00
1-Feb-2021 11,706 2.25
1-Mar-2021 24,426 0.75
15-Mar-2021 567 10.50
1-May-2021 10,867 1.75
1-Jun-2021 11,185 3.25
1-Jun-2021 286 9.75
1-Aug-2021 11,967 1.50
1-Sep-2021 19,065 0.75
1-Nov-2021 12,000 1.25
1-Feb-2022 12,000 1.50
1-Mar-2022 19,000 0.50
1-May-2022 14,000 1.50
1-Jun-2022 12,700 2.75
1-Jun-2022 206 9.25
1-Sep-2022 25,200 1.00
1-Mar-2023 24,600 1.75
1-Jun-2023 14,200 1.50
1-Jun-2023 2,359 8.00
1-Sep-2023 12,000 2.00
1-Mar-2024 11,908 2.25
1-Jun-2024 13,700 2.50
1-Sep-2024 16,065 1.50
1-Mar-2025 17,300 1.25
1-Jun-2025 13,100 2.25
1-Jun-2025 2,134 9.00
1-Jun-2026 13,472 1.50
1-Jun-2027 14,915 1.00
1-Jun-2027 3,821 8.00
1-Jun-2028 13,500 2.00
1-Jun-2029 12,300 2.25
1-Jun-2029 10,675 5.75
1-Jun-2030 10,200 1.25
1-Jun-2033 12,059 5.75
1-Jun-2037 11,731 5.00
1-Jun-2041 13,838 4.00
1-Dec-2045 16,300 3.50
1-Dec-2048 14,900 2.75
1-Dec-2051 10,817 2.00
1-Dec-2064 4,750 2.75
Fixed-coupon bonds—total 531,156

 

Real Return Bonds
Maturity date Amount
($ millions)
Coupon rate
(%)
Inflation adjustment
($ millions)
Outstanding
amount
($ millions)
1-Dec-2021 5,175 4.25 3,346 8,521
1-Dec-2026 5,250 4.25 2,927 8,177
1-Dec-2031 5,800 4.00 2,882 8,682
1-Dec-2036 5,850 3.00 1,920 7,770
1-Dec-2041 6,550 2.00 1,506 8,056
1-Dec-2044 7,700 1.50 1,411 9,111
1-Dec-2047 7,700 1.25 843 8,543
1-Dec-2050 6,200 0.50 325 6,525
Real Return Bonds—total 50,225 15,159 65,384
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, 2020
CAD$ millions
Swaps of domestic obligations  
Maturity date USD EUR JPY GBP Total
2020 6,261 1,155 0 0 7,416
2021 4,890 5,704 0 0 10,594
2022 5,655 512 615 0 6,782
2023 7,949 543 2,409 149 11,050
2024 4,710 2,010 1,505 227 8,453
2025 3,589 295 732 4,186 8,803
2026 7,573 660 0 813 9,046
2027 2,991 1,863 0 2,465 7,319
2028 9,466 1,242 0 0 10,708
2029 4,786 2,518 0 0 7,304
2030 0 931 0 0 931
Total 57,870 17,433 5,262 7,840 88,405
Note: Foreign currency swaps converted to Canadian dollars using Bank of Canada closing exchange rates as of March 31, 2020. Includes cross-currency swaps related to IMF transactions. Table does not include $3,237 million in foreign exchange forwards and $1,077 million in foreign exchange swaps that were outstanding as at March 31, 2020. Totals may not add due to rounding.
Source: Department of Finance Canada.
Reference Table VI
Crown Corporation Borrowings, as at March 31
$ millions
Borrowings from the market 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Export Development Canada 22,033 24,141 26,613 36,393 41,985 46,687 49,226 55,470 55,217 63,249
Business Development Bank of Canada 897 658 648 507 305 253 163 139 137 142
Farm Credit Canada 1,293 913 691 615 669 762 815 833 818 833
Canada Mortgage and Housing Corporation 3,039 2,221 1,870 1,465 1,429 282 0 0 0 0
Canada Housing Trust1 199,238 213,251 212,639 205,113 207,544 217,392 225,306 233,981 237,516 244,643
Canada Post Corporation 1,051 1,051 1,051 1,051 1,051 997 997 997 997 997
Other 204 106 106 128 137 109 52 48 49 45
Total 227,755 242,341 243,617 245,272 253,120 266,482 276,559 291,469 294,734 309,909
1 Canada Housing Trust has been included in the government reporting entity effective April 1, 2005 as a result of the application of a new accounting standard.

 

Government's Loans and Advances to Enterprise Crown Corporations
$ millions
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Business Development
Bank of Canada
13,223 12,561 13,214 14,320 15,676 16,942 18,811 20,470 22,235 23,405
Canada Mortgage and Housing Corporation1 69,569 66,595 63,123 21,173 10,708 10,531 9,811 8,687 8,095 14,377
Farm Credit Canada 17,558 19,326 21,174 22,029 22,691 23,438 25,684 28,009 29,862 32,654
Other 122 92 90 149 333 340 455 468 5,2442 6,6872
Total 100,472 98,574 97,602 57,670 49,408 51,251 54,761 57,633 65,436 77,122
1 Includes outstanding lending related to the Insured Mortgage Purchase Program for 2009 to 2014.
2 Includes lending to Canada Development Investment Corporation for the purchase of entities that own and operate the Trans Mountain pipeline.
Source: Public Accounts of Canada.
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