Government Securities Auctions

Schedules and Results

• Quarterly Bond Schedule
• Upcoming Treasury bill ISINs
• Calls for Tenders and Results
• Auction Timetable

Government of Canada Historical Auction Results

Updated as of January 31, 2022

• Nominal Bond Results
• RRB Results
• Treasury Bill Results
• Cash Management Bill Results
• Cash Management Bond Buyback Results
• Switch Operation Results
• Ultra Long Bond Results

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

• Legal Terms and Conditions

Forms and Certificates

Certificates of Compliance

• Annual Certificate of Compliance
• Certificate of Non-Affiliated Bidder
• Certificate for Separate Bidder Status
• Incumbency Certificate

Forms

• Form for reporting customer net positions directly to the Bank of Canada
• Customer's Application for Bidder Identification Number
• Application for Ultra Long Bonds Bidder Identification Number

Data

• Bank of Canada Holdings
• Government of Canada Treasury Bills and Bonds Outstanding
• Real Return Bonds - Index Ratio
• Summary of Government of Canada Direct Securities and Loans
• Government of Canada Direct Marketable Bonds: Details of Unmatured Outstanding Issues

Definitions and Formulas

• Description of Government of Canada Market Debt Instruments (Department of Finance)
• Formulas and Market Conventions for Bonds and Treasury Bills (Department of Finance)
• Inclusion of Reconstituted Bonds into the Computation of Net Excess Long Positions

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

• Bank of Montreal (treasury bills only)
• Beacon Securities Limited
• BMO Nesbitt Burns Inc. (marketable bonds only)
• Canaccord Genuity Corp.
• Canadian Imperial Bank of Commerce (treasury bills only)
• Casgrain & Company Limited
• CIBC World Markets Inc. (marketable bonds only)
• CTI Capital Securities Inc.
• Desjardins Securities Inc.
• HSBC Bank Canada (treasury bills only)
• HSBC Securities (Canada) Inc. (marketable bonds only)
• 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.
• HSBC Bank Canada
• 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.
• HSBC Securities (Canada) 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 237 percent of auction amount.