March 17, 2020
Learn about the program, access its results and reporting, and find key contacts and related notices.
Announcement: The Canada Mortgage Bond Purchase Program (CMBP) is discontinued.
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 $500 million per week, but the target amount and frequency of operations may be adjusted to reflect changing market conditions.
Specific operational details are disclosed at the time of the operation.
Duration
Announcement: The Bank will discontinue the CMBP with the last operations scheduled for the week of October 26, 2020.
Results
After each operation, the Bank will disclose the securities and amount purchased in the following tables.
Bonds for which FLT is indicated as the coupon rate have a variable coupon rate that changes every quarter.
Purchases for balance-sheet management
| ISIN | Coupon Rate | Maturity | Par Value | Price | Yield | Trade Date | Settle Date |
|---|---|---|---|---|---|---|---|
| CA13509PHN65 | 0.950 | 2025-06-15 | 500,000,000 | 99.934 | 0.963 | 2020-03-11 | 2020-03-18 |
| CA13509PHC01 | 2.900 | 2024-06-15 | 250,000,000 | 104.350 | 2.020 | 2019-03-14 | 2019-03-21 |
| CA13509PGY30 | 2.550 | 2023-12-15 | 250,000,000 | 100.387 | 2.467 | 2018-12-13 | 2018-12-20 |
Purchases to support market functioning
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| Trade Date | Maturity | Coupon Rate | Amount Purchased ($) | Purchase Yield (%) |
|---|---|---|---|---|
| 2020-10-29 | 2023-09-15 | 2.350 | 10,000,000 | 0.410 |
| 2020-10-29 | 2028-12-15 | 2.650 | 55,000,000 | 0.906 |
| 2020-10-27 | 2021-12-15 | 1.500 | 10,000,000 | 0.208 |
| 2020-10-27 | 2027-06-15 | 2.350 | 30,000,000 | 0.782 |
| 2020-10-22 | 2021-12-15 | 1.500 | 20,000,000 | 0.204 |
| 2020-10-22 | 2027-06-15 | 2.350 | 10,000,000 | 0.777 |
| 2020-10-20 | 2022-12-15 | 2.400 | 0 | - |
| 2020-10-20 | 2023-09-15 | 2.350 | 40,000,000 | 0.374 |
| 2020-10-15 | 2022-12-15 | 2.400 | 15,000,000 | 0.295 |
| 2020-10-15 | 2027-06-15 | 2.350 | 45,000,000 | 0.709 |
| 2020-10-13 | 2023-09-15 | 2.350 | 30,000,000 | 0.355 |
| 2020-10-13 | 2028-03-15 | 2.350 | 25,000,000 | 0.759 |
| 2020-10-08 | 2022-12-15 | 2.400 | 15,000,000 | 0.317 |
| 2020-10-08 | 2023-09-15 | 2.350 | 30,000,000 | 0.367 |
| 2020-10-06 | 2022-12-15 | 2.400 | 25,000,000 | 0.327 |
| 2020-10-06 | 2023-09-15 | 2.350 | 0 | - |
| 2020-10-01 | 2022-12-15 | 2.400 | 53,000,000 | 0.328 |
| 2020-10-01 | 2028-12-15 | 2.650 | 62,000,000 | 0.836 |
| 2020-09-29 | 2023-09-15 | 2.350 | 20,000,000 | 0.382 |
| 2020-09-29 | 2028-03-15 | 2.350 | 35,000,000 | 0.757 |
| 2020-09-24 | 2022-12-15 | 2.400 | 30,000,000 | 0.339 |
| 2020-09-24 | 2023-09-15 | 2.350 | 15,000,000 | 0.395 |
| 2020-09-21 | 2023-09-15 | 2.350 | 15,000,000 | 0.405 |
| 2020-09-21 | 2024-06-15 | 2.900 | 20,000,000 | 0.472 |
| 2020-09-17 | 2023-09-15 | 2.350 | 10,000,000 | 0.412 |
| 2020-09-17 | 2026-09-15 | 1.900 | 20,000,000 | 0.669 |
| 2020-09-16 | 2023-12-15 | 2.550 | 60,000,000 | 0.431 |
| 2020-09-16 | 2026-09-15 | 1.900 | 0 | - |
| 2020-09-10 | 2022-12-15 | 2.400 | 30,000,000 | 0.362 |
| 2020-09-10 | 2023-09-15 | 2.350 | 0 | - |
| 2020-09-08 | 2023-09-15 | 2.350 | 40,000,000 | 0.418 |
| 2020-09-08 | 2030-06-15 | 1.750 | 15,000,000 | 0.949 |
| 2020-09-03 | 2023-09-15 | 2.350 | 40,000,000 | 0.415 |
| 2020-09-03 | 2026-09-15 | 1.900 | 5,000,000 | 0.666 |
| 2020-09-01 | 2026-09-15 | 1.900 | 45,000,000 | 0.714 |
| 2020-09-01 | 2030-06-15 | 1.750 | 45,000,000 | 1.011 |
| 2020-08-27 | 2022-12-15 | 2.400 | 75,000,000 | 0.389 |
| 2020-08-27 | 2030-06-15 | 1.750 | 15,000,000 | 1.046 |
| 2020-08-25 | 2026-09-15 | 1.900 | 0 | - |
| 2020-08-25 | 2030-06-15 | 1.750 | 30,000,000 | 1.002 |
| 2020-08-20 | 2022-12-15 | 2.400 | 15,000,000 | 0.362 |
| 2020-08-20 | 2028-03-15 | 2.650 | 110,000,000 | 0.813 |
| 2020-08-17 | 2026-09-15 | 1.900 | 35,000,000 | 0.709 |
| 2020-08-17 | 2028-03-15 | 2.650 | 30,000,000 | 0.823 |
| 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 | 0.927 |
| 2020-03-17 | 2024-06-15 | 2.900 | 46,000,000 | 1.050 |
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
March 16, 2020
Consistent with the announcement that the Bank stands ready, as a proactive measure, to provide support to the Canada Mortgage Bond (CMB) market, the Bank will purchase CMBs in the secondary market through a competitive tender process.
Operational details for the Bank of Canada’s purchase of Canada Mortgage Bonds (CMBs) in the secondary market
Content Type(s):
Press,
Market notices
Source(s):
Canada Mortgage Bond Purchase Program
January 27, 2020
The Bank of Canada (Bank) is announcing a modification to the operational details for its purchases of Canada Mortgage Bonds (CMB) for balance sheet management purposes.
Modification to the Operational Details for the Bank of Canada’s Primary Market Purchases of Canada Mortgage Bonds for Balance Sheet Management Purposes
Content Type(s):
Press,
Market notices
Source(s):
Canada Mortgage Bond Purchase Program