Bankers’ Acceptance Purchase Facility

Program details

To support the continuous functioning of financial markets, the Bank of Canada purchases Bankers’ Acceptances (BAs) in the secondary market through the Bankers’ Acceptance Purchase Facility (BAPF). The BA market is one of Canada’s core funding markets and a key source of financing for small- and medium-size corporate borrowers.

Terms and conditions

Primary dealers who want to participate in the BAPF must contact the Bank and provide key contact information. On the day of the operation, dealers must submit their offers between 8:30 (ET) and 9:00 (ET).

For additional operational details, see the full terms and conditions for this program.

Duration

BAPF operations will continue until October 31, 2020 or financial market conditions improve in the Bank’s judgement.

Reporting

The Bank reports its aggregate holdings of Bankers’ Acceptances acquired through the BAPF every Friday on the Bank’s weekly balance sheet. The first results of this program are reported on March 25, 2020.

Due to confidentiality considerations, the names of individual issuers and securities purchased will not be published.

Operations

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Upcoming operations

Before 16:00 (ET) after each operation, details for the next operation—including the purchase amount and eligible maturity range—will be provided in this table.

Reverse auction date Settlement date Eligible maturity range start date Eligible maturity range end date Amount to be purchased ($M) Reserve rate
2020-08-17 2020-08-19 - - - -
2020-08-04 2020-08-05 - - - -
2020-07-20 2020-07-22 2020-07-23 2020-11-10 10,000 -

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

Results

Shortly after each operation, the results will be announced in this table.

Reverse auction date Settlement date Eligible maturity range start date Eligible maturity range end date Amount purchased ($M) Weighted-average yield (%)
2020-07-06 2020-07-08 2020-07-09 2020-10-27 0 -
2020-06-29 2020-07-02 2020-07-03 2020-10-21 0 -
2020-06-22 2020-06-24 2020-06-25 2020-10-14 0 -
2020-06-15 2020-06-17 2020-06-18 2020-10-06 0 -
2020-06-08 2020-06-10 2020-06-11 2020-09-29 0 -
2020-06-01 2020-06-03 2020-06-02 2020-09-22 0 -
2020-05-25 2020-05-27 2020-05-28 2020-09-15 0 -
2020-05-19 2020-05-20 2020-05-21 2020-09-08 0 -
2020-05-11 2020-05-13 2020-05-14 2020-09-01 0 -
2020-05-04 2020-05-06 2020-05-07 2020-08-25 0 -
2020-04-27 2020-04-29 2020-04-30 2020-08-18 3,630 0.40
2020-04-20 2020-04-22 2020-04-23 2020-08-11 190 0.40
2020-04-13 2020-04-15 2020-04-16 2020-08-04 2,660 0.39
2020-04-06 2020-04-08 2020-04-09 2020-07-28 5,570 0.52
2020-03-30 2020-04-01 2020-04-02 2020-07-21 20,000 1.15
2020-03-23 2020-03-25 2020-03-26 2020-05-04 15,000 1.57

Key contacts


Director
Financial Markets Department
Bank of Canada
613-782-7245


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

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