Notes for Tables - Financial Markets

Corporate and other short-term paper outstanding (formerly F2)

Source: Bank of Canada, Dominion Bond Rating Service (DBRS), Statistics Canada

Corporate and other short-term paper outstanding (formerly F2) was previously named Corporate short-term paper outstanding (F2).

Other short-term paper includes instruments with an original term of one year or less. The data do not include bills and notes placed with parent or affiliated companies. Corporate data exclude notes placed directly with chartered banks. Short-term loans from Canadian and foreign banks are not included in the statistics.

Data for total commercial paper outstanding are produced by the Dominion Bond Rating Service (DBRS) commencing in November 1993. Prior to that date, data were produced through a survey of commercial paper issuers conducted by the Bank of Canada. It is estimated that a high proportion of all paper issued in Canada is covered by the DBRS survey.

Total commercial paper commencing in November 1993 includes only issues placed in Canada by Canadian borrowers. Issues by foreign borrowers in the Canadian market are shown separately as an addendum. The data prior to November 1993 produced from the Bank of Canada survey may include some issues placed outside Canada.

For the period before November 1981, bankers’ acceptances figures refer to the amount outstanding for the last Wednesday of the month. From November 1981 to October 1993, the data are as of the last business day of each period. Since October 1993, they are a monthly average.

Short-term papers issued by consumer loan and sales finance companies and by federal government business enterprises are included in total commercial paper. Asset-backed commercial paper is included in commercial paper issued by financial corporations. Commercial paper issued by non-financial corporations is included in short-term business credit as presented in Selected credit measures (formerly E2). A breakdown between Canadian dollar and U.S. dollar commercial paper outstanding is presented commencing in November 1996 (prior to that date, sufficiently complete information was not available to estimate that split). Data from the discontinued Bank of Canada survey with respect to commercial paper denominated in foreign currency is available on CANSIM.

Total other short-term paper of provincial governments and their enterprises and municipal governments exclude the bills and notes placed in the accounts of the respective provinces and municipalities. The treasury bills and notes issued are largely payable in Canadian dollars; however, the statistics include some short-term notes payable in foreign currencies. Since November 1981, these data have included bills and paper of provincial governments and their enterprises sold directly to chartered banks.

As of December 2017, Treasury bills and other short-term paper is renamed to Other short-term paper issued by and Total treasury bills and short-term paper is renamed to Total short-term paper.

Capital markets activities: Gross new issues, retirements and net new issues of securities (formerly F4 to F10)

Source: Bank of Canada, Statistics Canada, Dominion Bond Rating Service, Canada Mortgage and Housing Corporation, Computershare Trust Company of Canada

Government of Canada direct and guaranteed bonds excludes Treasury Bills and Canada Bills issued in U.S. dollars. Prior to December 31, 1971, Government of Canada issues payable in foreign currencies were converted into Canadian dollars at the following rates: from September 30, 1950 to May 3, 1962, U.S.$1.00 = $1.00, thereafter, U.S.$1.00 = $1.081; from September 30, 1950 to May 3, 1962, £1 = $2.800; from May 3, 1962 to November 18, 1967, £1 = $3.027, thereafter, £1 = $2.595; prior to October 26, 1969, 1DM = $0.270, thereafter, 1DM = $0.295; from May 15, 1968 to June 24, 1970, 1 lira = $0.00173. Since December 31, 1971, Government of Canada issues payable in foreign currencies have been converted into Canadian dollars at the noon spot rate of the day of delivery. Effective March 1, 2017, daily average market rates are used to replace the noon market rates.

Treasury Bills are the total of weekly new issues or retirements in the month.

Effective November 5, 1986, there has been an accounting change in the treatment of Canada Savings Bonds sold on the Payroll Savings Plan. These bonds are now gradually included in outstandings, as payroll deductions are remitted over the contract period. Previously, the total amount of payroll sales was included in outstandings in November. Effective February 5, 1997, data on Canada Savings Bonds outstanding have been combined with data on Canada RRSP Bonds outstanding under the heading retail debt.

Provincial direct and guaranteed bonds include issues purchased by provincial accounts and with Quebec Pension Plan funds.

Municipal direct and guaranteed bonds do not include issues guaranteed by the provinces (already included in provincial bonds) nor issues sold directly to provinces and their agencies. Effective January 2017, the source of bond data for Ontario municipalities has changed from Bank of Canada to Statistic Canada, as is the case for all the other municipalities. As such, the data have been revised back to January 2015 to reflect this new methodology.

Commercial paper produced by the Dominion Bond Rating Service (DBRS) commencing in November 1993. Prior to that date, data were produced through a survey of commercial paper issuers conducted by the Bank of Canada. It is estimated that a high proportion of all paper issued in Canada is covered by the DBRS survey.

Term securitizations National Housing Act (NHA) mortgage-backed securities represent securitization issued under the NHA MBS program, as reported by the program trustee, Computershare Trust Company of Canada. Since January 2000, data have been obtained from Canada Mortgage and Housing Corporation.

Term securitizations other asset-backed securities are securities issued by special purpose corporations. Beginning January 2009, includes approximately $32.1 billion in Master Asset Vehicle long-term notes related to affected trust under the Montreal Proposal; $28.8 billion were asset-backed commercial paper.

Corporate bonds cover all public issues as well as most private placements with an original term to maturity of more than one year. Include all issues of Canadian corporations and issues of federal government business enterprises, with the exception of investment funds and commercial paper with an original term to maturity of one year or less, and issues sold to a parent company, whether this parent is incorporated in Canada or abroad. Effective September 1997, two new components, Canada Notes and Euro Medium-Term Notes (dating March 1996 and July 1997, respectively) were included with existing bond series. As of November 28, 2016, corporate bonds have been revised historically to include Euro Medium Term Notes.

Preferred stocks, common stocks and trust units issued by corporations do not include equity issued by investment funds and issues sold to a parent company whether the parent is incorporated in Canada or abroad. Shown at offering prices, and retirement at the actual amount paid by the corporation. Pursuant to section 91 of the Canadian and British Insurance Companies Act, common stock retirements do not include purchases by life insurance companies of their own stock.  Common stock retirements in 1961 and 1964 reflect the distribution by British Columbia Power Corporation to shareholders of funds received from the Province of British Columbia in payment for the common and preferred shares of British Columbia Electric Company Limited; the data reflect in 1963 the purchase by Quebec Hydro of privately owned hydro-electric companies, and in 1972 the purchase by the Nova Scotia Power Commission of Nova Scotia Light and Power Company Limited.

Other institutions and foreign debtors include issues of Canadian religious and other institutions and issues placed in Canada by foreign borrowers. New issues of foreign borrowers amounted to $20 million in 1961, $5 million in 1964, $32 million in 1965 ($25 million in the first quarter, and $7 million in the fourth quarter of 1965), $20 million in 1966, $20 million in 1967, $15 million in 1968, $25 million in 1971, $20 million in 1972, and $20 million in 1975. Issues by foreign borrowers have been retired throughout the period covered.

Prior to March 1, 2017, all issues other than Government of Canada payable in foreign currencies have been converted into Canadian dollars at the average noon market rate for the month. Effective March 1, 2017, daily average market rates are used to replace the noon market rates.

Financial corporations include financial subsidiaries of companies that engage in activities beyond solely financing parent company operations. This includes financing arms of automobile companies. All other financial subsidiaries that only operate to finance parent company operations are classified with the parent company.

Bonds outstanding by currency of payments and issuers (formerly K8)

Source: Bank of Canada, Statistics Canada

Bonds outstanding by currency of payments and issuers (formerly K8) was previously named Bonds outstanding: Government of Canada, provincial, municipal, corporate and other bonds (K8).

Bonds outstanding are shown at par value. As of March 2017, bonds payable in foreign currencies have been converted into Canadian dollars using the average exchange rate for the last business day of the month. Effective January 2014, Eurodollar classification is no longer reported.

Other currencies of payment are all currencies excluding United States Dollar, European Economic and Monetary Union (EMU) Euro, Swiss Francs, Pound Sterling and Japanese Yen.

Government of Canada and provincial direct and guaranteed bonds do not include treasury bills.

Municipal bonds do not include issues guaranteed by the provinces (already included in provincial securities) and issues sold directly to provinces and their agencies. Effective January 2017, the source of bond data for Ontario municipalities has changed from Bank of Canada to Statistic Canada, as is the case for all the other municipalities. As such, the data have been revised back to January 2015 to reflect this new methodology.

Corporate bonds include all assets of Canadian corporations payable in Canadian dollars or in other currencies with the exception of finance company and commercial paper with an original term to maturity of one year or less and issues sold to a parent company, whether this parent is incorporated in Canada or abroad. As of November 28, 2016, corporate bonds have been revised historically to include Euro Medium Term Notes.

Included under foreign debtors are those issues payable in Canadian dollars of The International Bank for Reconstruction and Development (World Bank) and certain foreign governments and corporations.

Term securitizations include instruments issued under the National Housing Act (insured mortgage-backed securities program, as reported prior to January 2000 by the program trustee, Computershare Trust Company of Canada, and since January 2000 by Canada Mortgage and Housing Corporation), as well as other term securities issued by special purpose corporations.

Other institution bonds include issues of Canadian religious, nursing care homes, hospital and educational institutions.

Net new issues of securities by corporations and federal government enterprises: Industrial classification (formerly K9)

Source: Bank of Canada

Net new issues of securities by corporations and federal government enterprises: Industrial classification (formerly K9) was previously named Net new issues of corporate securities: Industrial classification (K9).

Bond values are shown at par value.

Bonds include issues of Canadian corporations, payable in Canadian and foreign currencies, placed in Canada and abroad. Issues payable in foreign currencies have been converted into Canadian dollars using the average exchange rate for the last business day of the month.

Stocks include common and preferred stocks issued by Canadian corporations in Canada and abroad.

For the years before 1980 several stock issues, generally of less than $1 million, are not classified by industry but are included in the total. For those years, therefore, the components do not add up to the total.

Classification by industry is generally based on the 1980 Standard Industrial Classification published by Statistics Canada.

Most holding companies are classified as financial companies.

Agriculture, fishing, trapping, logging and forestry industries are included in the service and other industry category.

Historical money market trading by type of security (formerly F11)

Source: Primary distributors of Government of Canada marketable debt, Bank of Canada

This is historical data, submitted to the Bank of Canada until 2017 by the distributors of Government of Canada marketable debt.

A trade is reported on a trade-date basis and calculated as follows: purchases + sales + agency transactions (both sides) to a domestic or foreign client. All “when-issued” trades are included in the amounts reported.

Only domestically issued securities and “global” issues denominated in Canadian dollars are reported. (Global issues are offered simultaneously in several markets worldwide.) Money market turnover excludes all securities with an original term to maturity of greater than one year.

Strip bonds are bonds that have been divided into their interest (coupon) and residual principal components. Repos are transactions involving a repurchase or resale agreement. Strip bonds and repo trades are excluded from the overall money market trading numbers and reported separately in their respective categories.

All trades, including stripped coupons and residual principal components of stripped bonds, are reported at par value.

Government of Canada treasury bills allotted to primary distributors at new issue auctions are not included in money market trading.

Pre-auction trades includes all when-issued trading between the announcement date of the forthcoming auction in these securities and the auction.

Provincial securities include money market securities issued by provincial Crown corporations and agencies.

Asset-backed securities include securities backed by mortgages and other financial assets.

In January 2004, Money Market trading introduced Asset-Backed Paper as a new category. The Asset-Backed Paper has been broken out from total corporate. Reporting changes were also made to the category of Total Banks, Trust, and Mortgage Company Paper.

Each sub-component must be reported separately in their components and the sum of the individual components must equal to the total for Bank, Trust and Mortgage Company paper.

Historical bond market trading by type of security (formerly F12)

Source: Primary distributors of Government of Canada marketable debt, Bank of Canada

This is historical data, submitted to the Bank of Canada until 2017 by the distributors of Government of Canada marketable debt.

A trade is reported on a trade-date basis and calculated as follows: purchases + sales + agency transactions (both sides) to a domestic or foreign client. All “when-issued” trades are included in the amounts reported.

Only domestically issued securities and “global” issues denominated in Canadian dollars are reported. (Global issues are offered simultaneously in several markets worldwide.) Bond turnover excludes all securities with an original term to maturity of one year or less.

Strip bonds are bonds that have been divided into their interest (coupon) and residual principal components. Repos are transactions involving a repurchase or resale agreement. Strip bonds and repo trades are excluded from the overall bond market trading numbers and reported separately in their respective categories.

All trades, including stripped coupons and residual principal components of stripped bonds, are reported at par value.

Allotments of all new bond issues (auctions and syndicate offerings) are not included in bond market trading.

Pre-auction trades includes all when-issued trading between the announcement date of the forthcoming auction in these securities and the auction.

Provincial bonds include Canadian dollar bonds issued by provincial Crown corporations and agencies.

Corporate bonds include financial and non-financial corporate debt securities.

Asset-backed securities include securities backed by mortgages and other financial assets.

Historical Government of Canada treasury bill and bond trading with counterparties (formerly F13)

Source: Primary distributors of Government of Canada marketable debt, Bank of Canada

This is historical data, submitted to the Bank of Canada until 2017 by the distributors of Government of Canada marketable debt.

A trade is reported on a trade-date basis and calculated as follows: purchases + sales + agency transactions (both sides) to a domestic or foreign client. All “when-issued” trades are included in the amounts reported.

Only domestically issued securities and “global” issues denominated in Canadian dollars are reported. (Global issues are offered simultaneously in several markets worldwide.) Money market turnover excludes all securities with an original term to maturity of greater than one year. Bond turnover excludes all securities with an original term to maturity of one year or less.

Strip bonds are bonds that have been divided into their interest (coupon) and residual principal components. Repos are transactions involving a repurchase or resale agreement. Strip bonds and repo trades are excluded from the overall money market and bond market trading numbers and reported separately in their respective categories.

All trades, including stripped coupons and residual principal components of stripped bonds, are reported at par value.

Trades with non-residents are defined as direct trades with non-resident individual or institutional clients. Trades with foreign affiliates of the reporting firms are reported in this category. Intrafirm trades with foreign branches are not reported.

Historical strip bond trading and repos by type of security (formerly F14)

Source: Primary distributors of Government of Canada marketable debt, Bank of Canada

This is historical data, submitted to the Bank of Canada until 2017 by the distributors of Government of Canada marketable debt.

A trade is reported on a trade-date basis and calculated as follows: purchases + sales + agency transactions (both sides) to a domestic or foreign client. All “when-issued” trades are included in the amounts reported.

Only domestically issued securities and “global” issues denominated in Canadian dollars are reported. (Global issues are offered simultaneously in several markets worldwide.) Money market turnover excludes all securities with an original term to maturity of greater than one year. Bond turnover excludes all securities with an original term to maturity of one year or less.

Strip bonds are bonds that have been divided into their interest (coupon) and residual principal components. Repos are transactions involving a repurchase or resale agreement. Strip bonds and repo trades are excluded from the overall money market and bond market trading numbers and reported separately in their respective categories.

All trades, including stripped coupons and residual principal components of stripped bonds, are reported at par value.

Government of Canada treasury bills allotted to primary distributors at new issue auctions are not included in money market trading. Allotments of all new bond issues (auctions and syndicate offerings) are not included in bond market trading.

Provincial bonds include Canadian dollar bonds issued by provincial Crown corporations and agencies.