Canada Mortgage Bond Purchase Program

Learn about the program, access its results and reporting, and find key contacts and related notices.

Program details

The Bank of Canada may purchase Canada Mortgage Bonds (CMBs) to manage its balance sheet or support market functioning.

Purchases for balance-sheet management

In the normal course of business, the Bank purchases CMBs in the primary market as part of the regular management of its balance sheet to offset its liabilities, which consist mainly of bank notes in circulation.

Purchases for the purpose of balance-sheet management are structured to limit adverse impacts on the well-functioning of the CMB market and are consistent with the Bank’s operational guidelines of neutrality, prudence and transparency.

For an overview of the principles governing the acquisition of financial assets, see this statement of policy.

Operational details

Purchases are conducted on a non-competitive basis, directly with the Canada Mortgage and Housing Corporation (CMHC). The Bank directs its purchase request to CMHC which then determines the amount, if any, to be allocated to the Bank.

Purchases to support market functioning

In exceptional circumstances, the Bank purchases CMBs in the secondary market to support the functioning of the CMB market and the ability of financial institutions to finance mortgage lending to Canadian homeowners.

Operational details

Operations are conducted with Primary Dealers, generally on a twice-weekly basis, through a tender process. The Bank will target purchases of up to $500 million per week, but the target amount and frequency of operations may be adjusted to reflect changing market conditions.

Specific operational details are disclosed at the time of the operation.

Duration

Operations will continue for as long as market conditions warrant.

Results

After each operation, the Bank will disclose the securities and amount purchased in the following tables.

Bonds for which FLT is indicated as the coupon rate have a variable coupon rate that changes every quarter.

Purchases for balance-sheet management

ISIN Coupon Rate Maturity Par Value Price Yield Trade Date Settle Date
CA13509PHN65 0.950 2025-06-15 500,000,000 99.934 0.963 2020-03-11 2020-03-18
CA13509PHC01 2.900 2024-06-15 250,000,000 104.350 2.020 2019-03-14 2019-03-21
CA13509PGY30 2.550 2023-12-15 250,000,000 100.387 2.467 2018-12-13 2018-12-20

Purchases to support market functioning

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Trade Date Maturity Coupon Rate Amount Purchased ($) Purchase Yield (%)
2020-08-13 2026-09-15 1.900 0 -
2020-08-13 2030-06-15 1.750 30,000,000 1.001
2020-08-11 2022-12-15 2.400 20,000,000 0.377
2020-08-11 2026-09-15 1.900 45,000,000 0.708
2020-08-06 2022-12-15 2.400 10,000,000 0.361
2020-08-06 2027-06-15 2.350 30,000,000 0.692
2020-08-04 2022-12-15 2.400 10,000,000 0.366
2020-08-04 2027-06-15 2.350 5,000,000 0.694
2020-07-30 2022-12-15 2.400 0 -
2020-07-30 2028-12-15 2.650 45,000,000 0.824
2020-07-28 2022-12-15 2.400 25,000,000 0.395
2020-07-28 2030-06-15 1.750 50,000,000 0.939
2020-07-23 2027-06-15 2.350 30,000,000 0.771
2020-07-23 2030-06-15 1.750 85,000,000 0.962
2020-07-21 2025-06-15 0.950 0 -
2020-07-21 2029-09-15 2.100 15,000,000 0.896
2020-07-16 2025-06-15 0.950 29,000,000 0.626
2020-07-16 2027-06-15 2.350 70,000,000 0.761
2020-07-14 2025-06-15 0.950 0 -
2020-07-14 2028-12-15 2.650 110,000,000 0.876
2020-07-09 2027-06-15 2.350 30,000,000 0.782
2020-07-09 2028-03-15 2.350 65,000,000 0.828
2020-07-07 2025-06-15 0.950 0 -
2020-07-07 2027-06-15 2.350 0 -
2020-07-02 2023-12-15 2.550 20,000,000 0.539
2020-07-02 2028-12-15 2.650 75,000,000 0.917
2020-06-29 2023-12-15 2.550 25,000,000 0.554
2020-06-29 2027-06-15 2.350 25,000,000 0.833
2020-06-25 2023-12-15 2.550 0 -
2020-06-25 2028-12-15 2.650 60,000,000 0.915
2020-06-23 2024-06-15 2.900 35,000,000 0.626
2020-06-23 2027-06-15 2.350 75,000,000 0.866
2020-06-18 2023-12-15 2.550 37,000,000 0.568
2020-06-18 2025-12-15 2.250 98,000,000 0.742
2020-06-15 2022-12-15 2.400 165,000,000 0.447
2020-06-15 2023-12-15 2.550 10,000,000 0.568
2020-06-11 2027-06-15 2.350 85,000,000 0.859
2020-06-11 2028-03-15 2.350 120,000,000 0.894
2020-06-09 2024-06-15 2.900 10,000,000 0.641
2020-06-09 2028-12-15 2.650 150,000,000 1.003
2020-06-04 2024-06-15 2.900 10,000,000 0.686
2020-06-04 2027-06-15 2.350 115,000,000 0.941
2020-06-02 2022-06-15 1.750 25,000,000 0.408
2020-06-02 2023-12-15 2.550 0 -
2020-05-28 2022-06-15 1.750 72,500,000 0.418
2020-05-28 2024-06-15 2.900 112,500,000 0.653
2020-05-26 2023-12-15 2.550 60,000,000 0.594
2020-05-26 2025-06-15 0.950 130,000,000 0.738
2020-05-21 2024-06-15 2.900 140,000,000 0.656
2020-05-21 2027-06-15 2.350 155,000,000 0.871
2020-05-19 2027-06-15 2.350 93,000,000 0.941
2020-05-19 2028-03-15 2.350 40,000,000 1.005
2020-05-14 2028-03-15 2.350 145,000,000 0.950
2020-05-14 2029-09-15 2.100 90,000,000 1.008
2020-05-11 2025-12-15 1.950 102,000,000 0.767
2020-05-11 2028-03-15 2.650 90,000,000 0.952
2020-05-07 2024-06-15 2.900 90,000,000 0.678
2020-05-07 2028-12-15 2.650 90,000,000 0.985
2020-05-05 2025-06-15 0.950 75,000,000 0.798
2020-05-05 2029-09-15 2.100 250,000,000 1.033
2020-04-30 2023-12-15 2.550 30,000,000 0.638
2020-04-30 2024-06-15 2.900 110,000,000 0.699
2020-04-28 2024-06-15 2.900 120,000,000 0.749
2020-04-28 2029-09-15 2.100 181,500,000 1.045
2020-04-23 2028-03-15 2.650 75,000,000 1.002
2020-04-23 2029-09-15 2.100 85,000,000 1.064
2020-04-20 2022-06-15 1.750 100,000,000 0.535
2020-04-20 2023-09-15 3.150 221,000,000 0.708
2020-04-16 2023-09-15 3.150 87,500,000 0.641
2020-04-16 2026-09-15 1.900 152,500,000 0.873
2020-04-14 2026-09-15 1.900 35,000,000 1.036
2020-04-14 2028-12-15 2.650 180,000,000 1.179
2020-04-08 2022-06-15 1.750 72,500,000 0.668
2020-04-08 2027-06-15 2.350 177,500,000 1.239
2020-04-06 2022-12-15 2.400 75,000,000 0.760
2020-04-06 2023-12-15 2.550 190,000,000 0.964
2020-04-02 2023-12-15 2.550 75,000,000 0.910
2020-04-02 2028-12-15 2.650 160,000,000 1.187
2020-03-31 2024-06-15 2.900 70,000,000 0.972
2020-03-31 2028-03-15 2.650 165,000,000 1.224
2020-03-26 2022-12-15 2.400 150,000,000 0.935
2020-03-26 2028-03-15 2.650 110,000,000 1.409
2020-03-24 2028-03-15 2.650 152,000,000 1.413
2020-03-24 2028-12-15 2.650 90,000,000 1.443
2020-03-19 2022-06-15 1.750 0 -
2020-03-19 2022-12-15 2.400 305,000,000 -
2020-03-17 2024-06-15 2.900 46,000,000 -

Reporting

The Bank’s aggregate holdings of CMBs are updated every Friday on the Bank’s weekly balance sheet.

The Bank’s individual holdings of Government of Canada securities and federal government guaranteed debt securities issued by federal Crown corporations, including CMBs, are available at Bank of Canada Holdings.

Key contacts


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


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

Related notices