The government's public debt consists largely of outstanding government securities, such as treasury bills and marketable bonds. The Bank sells the securities at auction to financial market distributors and dealers.
Schedules and results
- Quarterly Bond Schedule
- Upcoming Treasury bill ISINs
- Calls for Tenders and Results (including historical auction results)
- Auction Timetable
Rules and terms
- Details on Bond Buyback Operations
- Calculation of the Clean Price of a Bond in a Cash Management Bond Repurchase Operation
- Calculation of the Conversion Ratio in a Duration-Neutral Switch Operation
- Proposed repurchase program for the Bank of Canada's holdings of Government of Canada securities
- Read follow-up comments.
- Standard Terms for Auctions of Government of Canada Securities
- Standard Terms for Auctions of Government of Canada Ultra Long Bonds
- Overview of the Standard Terms for Government of Canada’s Modified Auction for Ultra-Long Bonds
- IIROC Rule 7100
- A code of conduct developed by the Investment Industry Regulatory Organization of Canada to reinforce the integrity of the secondary market for Government of Canada securities
- Rule 7200
Standard terms for auctions
- Standard Terms for Auctions to Primary Dealers Under the Bank of Canada Securities-Lending Program
- Terms and conditions governing the morning auction of Receiver General cash balances
- Terms and conditions governing the afternoon auction of Receiver General cash balances
- Switch operations of Government of Canada Marketable Bonds
- Repurchase Operations of Government of Canada Marketable Bonds
- Terms and Conditions for Term Repo Operations
- Bank of Canada Margin Call Practice for Domestic Operations
Legal Terms and Conditions for Government of Canada Domestic Marketable Debt Securities
Forms and certificates
Certificates of compliance
- Annual Certificate of Compliance
- Certificate of Non-Affiliated Bidder
- Certificate for Separate Bidder Status
- Incumbency Certificate
Forms
Definitions and formulas
Department of Finance Canada
- Description of Government of Canada Market Debt Instruments
- Formulas and Market Conventions for Bonds and Treasury Bills
Bank of Canada
Canadian Debt Strategy Model
- The Canadian Debt Strategy Model (Bank of Canada Review — Summer 2008)
- The Canadian Debt Strategy Model: An Overview of the Principal Elements (Staff Discussion Paper 2011-3)
- Canadian Debt Strategy Model code on GitHub
Distributors and dealers
Government securities distributors
Treasury bills
- Bank of Montreal
- Beacon Securities Limited
- Canaccord Genuity Corp.
- Canadian Imperial Bank of Commerce
- Casgrain & Company Limited
- CTI Capital Securities Inc.
- Desjardins Securities Inc.
- Laurentian Bank Securities Inc.
- Merrill Lynch Canada Inc.
- National Bank Financial Inc.
- Odlum Brown Limited
- RBC Dominion Securities Inc.
- Scotia Capital Inc.
- Sherbrooke Street Capital (SSC) Inc.
- The Toronto-Dominion Bank
Bonds
- Beacon Securities Limited
- BMO Nesbitt Burns Inc.
- Canaccord Genuity Corp.
- Casgrain & Company Limited
- CIBC World Markets Inc.
- CTI Capital Securities Inc.
- Desjardins Securities Inc.
- Laurentian Bank Securities Inc.
- Merrill Lynch Canada Inc.
- National Bank Financial Inc.
- Odlum Brown Limited
- RBC Dominion Securities Inc.
- Scotia Capital Inc.
- Sherbrooke Street Capital (SSC) Inc.
- The Toronto-Dominion Bank
Primary dealers
Treasury bills
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- Desjardins Securities Inc.
- Laurentian Bank Securities Inc.
- Merrill Lynch Canada Inc.
- National Bank Financial Inc.
- RBC Dominion Securities Inc.
- Scotia Capital Inc.
- The Toronto-Dominion Bank
Note: The primary dealers' aggregate competitive bidding limit is 250 percent of auction amount per tranche.
Bonds
- BMO Nesbitt Burns Inc.
- Casgrain & Company Limited
- CIBC World Markets Inc.
- Desjardins Securities Inc.
- Merrill Lynch Canada Inc.
- Laurentian Bank Securities Inc.
- National Bank Financial Inc.
- RBC Dominion Securities Inc.
- Scotia Capital Inc.
- The Toronto-Dominion Bank
Note: The primary dealers' aggregate competitive bidding limit is 236 percent of auction amount.
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