Bank of Canada announces details of its Bankers’ Acceptance Purchase Program operations

The Bank of Canada (Bank) announced today that the next operation under the Bankers’ Acceptance Purchase Program (BAPF) will be as follows:

Amount (billions) Reverse auction date Settlement date End of eligible maturity range
$10 2020-04-13 2020-04-15 2020-08-04

The reserve rate (minimum yield) for the next operation will be 3-month OIS + 20 bps.

Additional details, including the purchase amount and eligible maturity range will be provided following the prior operation.

BAPF operations will continue to be conducted weekly until market conditions improve. The weekly purchase size will be around $10 billion, subject to market conditions. The reserve rate (minimum yield) will be published on the Bank’s website ahead of each operation.

Primary dealers are asked to submit their offers using the Bank provided submission spreadsheet between 8:30 (ET) and 9:00 (ET) on the day of the operation. Offers are to be submitted to operations@bankofcanada.ca. The results will be announced on the Bank’s website as soon as possible following the operation.

BAPF operations until the end of April will be conducted on the following dates:

Reverse auction date Settlement date
2020-04-20 2020-04-22
2020-04-27 2020-04-29
2020-05-04 2020-05-06
2020-05-11 2020-05-13

 

Further details related to these operations are available in the Terms and Conditions for Bankers’ Acceptance Purchase Facility.

Mark de Guzman
Director
Financial Markets Department
Bank of Canada
613 782-7245

Scott Kinnear
Director
Financial Markets Department
Bank of Canada
613 782-7723

Media Relations
Bank of Canada
613 782-8782