On behalf of the Minister of Finance, the Department of Finance and Bank of Canada are releasing today the Standard Terms for Auctions of Government of Canada Ultra Long-Bonds (UL Terms), as well as an overview of the UL Terms. The documents outline the operational framework for potential future issuance of ultra-long bonds via a modified auction format.

As indicated in the Debt Management Strategy for 2016-17, the Government may consider issuing additional ultra-long bonds in the fiscal year, subject to market conditions. Any future ultra-long bond issuance continues to be a tactical decision, and is not considered to be part of the Government’s regular borrowing program.

Given the tactical nature of ultra-long bond issuance, the timing between the release of the Call for Tenders and the modified auction will be shorter than for a regular bond auction. Should the Government decide to issue additional ultra-long bonds, a Call for Tenders will be released at least one business day prior to the operation.

Please note that for customers that are interested in participating in ultra-long bond auctions, a bidder identification number (BIN) is required ahead of the operation. A “regular BIN” could be obtained in order to participate in all Government of Canada marketable securities auctions (including ultra-long bond auctions) or an “Ultra BIN” could be obtained in order to participate only in ultra-long bond auctions. Please contact the Auction Line at (613) 782-7719 for additional information on the application process.

For further information, please contact:

Wendy Chan
Assistant Director
Funds Management and Banking Department
Bank of Canada
613 782-7913

James Wu
Chief
Funds Management Division
Department of Finance
613 369-3898

Media:

Media Relations
Bank of Canada
613 782-8782