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Return to the Government of Canada Treasury Bill Standard Terms for Auctions

The Bank of Canada today announced a return to normal standard terms for auctions of Government of Canada Treasury Bills. This return replaces the temporary measures announced on April 9, 2020 as follows:

BIDDING LIMITS: Primary Dealers (PDs) competitive bidding limit returns to 25 per cent (from 40 per cent). The aggregate bidding limit—which includes bids submitted on behalf of customers— returns to 40 per cent (from 50 per cent).

BIDDING RANGES: The maximum price range within which PDs must meet their minimum level of bidding obligations returns to 10 basis point (from 20 basis points) compared to the highest yield accepted.

The return to standard terms for auction reflects the normalization of the Treasury Bill market.

The temporary measures for Treasury Bond auctions remain in effect until further notice.

Changes effective: November 24, 2020

For further information, please contact:

Funds Management and Banking Department
Bank of Canada

Senior Director
Funds Management Division
Department of Finance Canada


Bank of Canada

Content Type(s): Press, Market notices