Exhibit 99.3
ADDITIONAL INFORMATION RELATING TO THE PROVINCE (1)
| Page |
Information Relating to Provincial Debt | |
| |
Debt of the Province | 2 - 17 |
| |
Consolidated Funded and Unfunded Debt of the Public Sector | 18 |
| |
Other Information | |
| |
Canadian Foreign Exchange Rate and International Reserves | 19 |
| |
Trade Balance | 20 |
(1) Any dollar amounts in Exhibit 99.3 are expressed in Canadian dollars ($) unless otherwise specified or the context otherwise requires.
1
DEBT OF THE PROVINCE
Direct and Guaranteed Debt
The direct debt of the Province includes debt for government purposes, as well as funds borrowed by the Province and loaned to its provincial government bodies. Direct borrowing by the Province for lending to provincial government bodies commenced in 1983.
With few exceptions, government bodies rely on the Province for fiscal agency loans to meet their borrowing requirements. The terms and conditions that apply to fiscal agency loans respecting payment of interest and principal generally match those in the Province’s original borrowings.
Direct debt includes both funded and unfunded debt. Funded debt is defined as all debt having a maturity of one year or more from date of issuance; unfunded debt has a maturity within one year from date of issuance.
The final component of provincial debt relates to financial instruments that have been unconditionally guaranteed by the Province. Most of this debt was incurred by provincial government bodies prior to the introduction of fiscal agency loans in 1983. It also includes financial instruments issued by selected municipalities, improvement districts and local government entities, as well as all loan guarantees extended by the Province, including those extended to private entities and individuals.
The Warehouse Borrowing Program takes advantage of low interest rates to borrow money in advance of actual requirements. The debt will eventually be allocated to either the provincial government or provincial government bodies.
Non-guaranteed debt includes debt of the BC Assessment Authority, BC Housing Management Commission, BC Immigrant Investment Fund, BC Pavilion Corporation, BC Public School Employers’ Association, BC Transportation Financing Authority, Canadian Blood Services, Columbia Basin Trust, Columbia Power Corporation, Columbia River Power Projects (a joint venture of Columbia Basin Trust and Columbia Power Corporation), Community Social Services Employers’ Association, Post-secondary institutions’ subsidiaries, Provincial Rental Housing Corporation, and School Districts, Universities, Colleges and Health Authorities (SUCH sector). At March 31, 2019, $4,380 million of this debt is classified as taxpayer supported and $835 million is classified as self-supporting.
Financial statements for 2018/19 show that the Province’s total net debt (excluding non-guaranteed debt of $5,215 million) increased by $1,220 million; debt for government purposes decreased by $1,744 million and debt for government corporation purposes increased by $2,964 million.
2
DIRECT FUNDED DEBT(1)
As at March 31, 2019
| | 2017 | | 2018 | | 2019 | |
| | (in millions) | |
Government Purposes (2) | | | | | | | |
Payable in: | | | | | | | |
Canadian Dollars | | $ | 24,085 | | 27,436 | | 25,089 | (3) |
United States Dollars | | 5,322 | | 3,843 | | 3,785 | (4) |
| | $ | 29,407 | | 31,279 | | 28,874 | |
Government Corporation Purposes | | | | | | | |
Canadian Dollars | | 31,311 | | 29,315 | | 32,613 | (5) |
United States Dollars | | 2,019 | | 1,533 | | 1,294 | (6) |
| | 33,330 | | 30,848 | | 33,907 | |
Warehouse Borrowing Program Purposes | | | | | | | |
Canadian Dollars | | — | | — | | — | |
United States Dollars | | — | | — | | — | |
| | — | | — | | — | |
| | | | | | | |
Add/(Less) - Unrealized Foreign Exchange Gains/(Losses) | | (16 | ) | (6 | ) | (15 | ) |
| | 62,721 | | 62,121 | | 62,766 | |
Less - Unamortized Discount | | 90 | | 176 | | 228 | |
| | 62,631 | | 61,945 | | 62,538 | |
Less - Sinking Funds (2) | | 1,087 | | 1,348 | | 752 | |
| | 61,545 | | 60,597 | | 61,786 | |
Less - Amounts Held in Consolidated Revenue Fund | | — | | — | | | |
| | | | | | | |
Net Direct Funded Debt | | 61,545 | | 60,597 | | 61,786 | |
| | | | | | | |
Less - Warehouse Borrowing Program Investments Available to Paydown Warehouse Borrowing Program Debt | | — | | — | | — | |
| | | | | | | |
Direct Funded Debt (net of warehouse assets) | | $ | 61,545 | | 60,597 | | 61,786 | |
(1) Unhedged foreign currency liabilities are recorded in the currency in which the debt obligations are payable, translated into Canadian dollar equivalents at the exchange rate prevailing at the end of the respective fiscal years.
(2) In compliance with generally accepted accounting principles (GAAP), defeased debt is added to debt for government purposes and the related defeased trust funds are added to sinking fund investments.
(3) Canadian dollar obligations include 100 million Swiss Francs was fully hedged to CAD$96 million; 870 million AUD was fully hedged to CAD$881 million; 713 million Euro was fully hedged to CAD$1,034 million and CNY 1 billion (CAD$199 million) and INR 5 billion (CAD$97 million) were both fully hedged with an investment in the same currency.
(4) U.S. dollar obligations include US$3,437 million which was fully hedged to CAD$3,785 million.
(5) Canadian dollar obligations include 402 million Euro which was fully hedged to CAD$591 million.
(6) U.S. dollar obligations include US$1,005 million (CAD$1,294 million), of which US$778 million was fully hedged to CAD$991 million and US$227 million was unhedged (CAD$303 million).
3
CONSOLIDATION OF DIRECT AND GUARANTEED FUNDED AND UNFUNDED DEBT
As at March 31, 2019
| | Outstanding | | Sinking Fund | | Outstanding | |
| | (Gross) | | Investments | | (Net) | |
| | (in millions) | |
| | | | | | | |
Direct Debt | | | | | | | |
Government Purposes (1) | | $ | 28,874 | | $ | 388 | | $ | 28,486 | |
Government Corporation Purposes (2) | | 33,907 | | 364 | | 33,543 | |
Warehouse Program Purposes | | 0 | | 0 | | 0 | |
| | 62,781 | | 752 | | 62,029 | |
Less - Unrealized Foreign Exchange Losses | | 15 | | 0 | | 15 | |
Less - Unamortized Discounts | | 228 | | 0 | | 228 | |
Less - Amounts held in the Consolidated Revenue Fund | | 0 | | 0 | | 0 | |
Total Direct Debt | | 62,538 | | 752 | | 61,786 | |
| | | | | | | |
Guaranteed Debt | | | | | | | |
Government Corporations | | 10 | | — | | 10 | |
Municipalities, Improvement Districts and Other local government | | — | | — | | — | |
Other | | 5 | | — | | 5 | |
Total Guaranteed Debt | | 15 | | 0 | | 15 | |
| | | | | | | |
Less - Unamortized Discounts | | — | | — | | — | |
- Provision for Probable Payout | | — | | — | | 0 | |
| | 15 | | 0 | | 15 | |
| | | | | | | |
Non-Guaranteed Debt | | | | | | | |
Gross Non-Guaranteed Debt | | $ | 4,170 | | — | | 4,170 | |
Less - Unamortized Discounts | | 8 | | | | 8 | |
Total Non-Guaranteed Debt | | 4,161 | | — | | 4,161 | |
| | | | | | | |
Total Direct, Guaranteed Funded and Unfunded, and Non- Guaranteed Debt of the Province, Net of Provincial Holdings of such Debt in the General Fund and Special Funds | | 66,715 | | 752 | | 65,962 | |
| | | | | | | |
Less - Warehouse Borrowing Program Investments Available to Paydown Warehouse Borrowing Program Debt | | — | | — | | — | |
| | | | | | | |
Total Direct, Guaranteed Funded and Unfunded Debt, and Non-Guaranteed Debt of the Province (Net of Warehouse investments) | | $ | 66,715 | | $ | 752 | | $ | 65,962 | |
(1) In compliance with generally accepted accounting principles (GAAP), defeased debt is added to government purposes debt and the related defeased trust funds are added to sinking fund investments.
(2) Represents direct borrowing by the Province for relending to government corporations on identical terms
Note: | Debt payable in foreign currencies is recorded at the relevant March 31, 2019 exchange rates after giving effect to any currency exchange agreements. |
Direct unfunded gross debt of the Province (Promissory Notes) on March 31, 2019 totalled $6,310 million. This short term debt was comprised of $3,470 million in fiscal agency loans to government corporations and $2,840 million in loans for government. Further, all direct unfunded debt consisted of issues denominated in Cdn.
4
Financing Requirements
Financing requirements of the Province are accomplished through short-term money market and long-term debt instruments issued in public and private markets in Canada and abroad, including the federal Canada Pension Plan Investment Board (“CPPIB”). The Agreement between the Province and CPPIB, allows the Province to refinance eligible maturing debt.
The majority of British Columbia’s financing requirements are achieved through public domestic financings and CPPIB loans. During the 2018/19 fiscal year, the Province refinanced $43.2 million from CPPIB.
Sinking Fund Management
Sinking funds are no longer established or maintained on new or existing debt issued for government capital financing purposes. However, sinking funds do continue to be established and maintained relating to new or existing debt of the Province incurred to make loans to provincial government bodies. Consequently, provincial government bodies (with the exception of the British Columbia Hydro and Power Authority and BC Transportation Financing Authority) who have received or are to receive a fiscal agency loan from the Province in an amount equal to or greater than $20 million and with a term of five years or more will continue to be expected to make sinking fund contributions for the purpose of repayment of some or all the corresponding Provincial debt issues.
At March 31, 2019, the Province has $752 million in sinking fund investments related to direct and guaranteed funded debt, including those held in trust on behalf of government corporations.
5
MATURITY SCHEDULE OF DIRECT FUNDED DEBT
As at March 31, 2019
(Unaudited)
| | Canadian Dollars | | U.S. Dollars¹ | |
| | | | Projected | | | | | | Projected | | | |
| | Gross | | Sinking | | | | Gross | | Sinking | | | |
Fiscal | | Debt | | Fund | | Net Debt | | Debt | | Fund | | Net Debt | |
Year | | Maturities | | Values | | Maturities² | | Maturities | | Values | | Maturities² | |
| | (millions of dollars) | | (millions of dollars) | |
| | | | | | | | | | | | | |
2020 | | $ | 2,808 | | $ | 101 | | $ | 2,707 | | $ | — | | $ | — | | $ | — | |
2021 | | $ | 3,129 | | $ | 218 | | $ | 2,911 | | $ | — | | $ | — | | $ | — | |
2022 | | $ | 2,813 | | $ | 16 | | $ | 2,797 | | $ | 741 | | $ | — | | $ | 741 | |
2023 | | $ | 2,839 | | $ | 27 | | $ | 2,812 | | $ | 922 | | $ | — | | $ | 922 | |
2024 | | $ | 2,694 | | $ | 8 | | $ | 2,686 | | $ | — | | $ | — | | $ | — | |
| | $ | 14,283 | | $ | 370 | | $ | 13,913 | | $ | 1,663 | | $ | — | | $ | 1,663 | |
| | | | | | | | | | | | | |
2025 - 29 | | $ | 9,896 | | $ | 70 | | $ | 9,826 | | $ | 1,218 | | $ | 165 | | $ | 1,053 | |
2030 - 34 | | $ | 6,031 | | $ | 32 | | $ | 5,999 | | $ | — | | $ | — | | $ | — | |
2035 - 39 | | $ | 3,192 | | $ | 133 | | $ | 3,059 | | $ | 282 | | $ | 68 | | $ | 214 | |
2040 - 44 | | $ | 7,568 | | $ | 61 | | $ | 7,507 | | $ | — | | $ | — | | $ | — | |
2045 - 49 | | $ | 9,817 | | $ | 332 | | $ | 9,485 | | $ | — | | $ | — | | $ | — | |
2050 - 54 | | $ | 1,020 | | $ | — | | $ | 1,020 | | $ | — | | $ | — | | $ | — | |
2055 - 59 | | $ | 190 | | $ | — | | $ | 190 | | $ | — | | $ | — | | $ | — | |
2060 - 63 | | $ | 231 | | $ | — | | $ | 231 | | $ | — | | $ | — | | $ | — | |
| | $ | 52,228 | | $ | 998 | | $ | 51,230 | | $ | 3,163 | | $ | 233 | | $ | 2,930 | |
1 Debt payable in U.S. dollars is not translated into Canadian dollars. Debt payable in other foreign currencies is recorded after giving effect to any currency exchange agreements.
2 Net debt maturities represent gross debt maturities minus projected sinking fund values at maturity, based on earnings of 5% on existing sinking fund balances as of March 31, 2019. The calculations exclude sinking fund installments which are scheduled to be made in the future and unamortized discount.
6
MATURITY SCHEDULE OF GUARANTEED FUNDED DEBT
As at March 31, 2019
(Unaudited)
| | Canadian Dollars | | U.S. Dollars | |
| | | | Projected | | | | | | Projected | | | |
| | Gross | | Sinking | | | | Gross | | Sinking | | | |
Fiscal | | Debt | | Fund | | Net Debt | | Debt | | Fund | | Net Debt | |
Year | | Maturities | | Values | | Maturities | | Maturities | | Values | | Maturities | |
| | (millions of dollars) | | (millions of dollars) | |
| | | | | | | | | | | | | |
2020 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
2021 | | — | | — | | — | | — | | — | | — | |
2022 | | — | | — | | — | | — | | — | | — | |
2023 | | — | | — | | — | | — | | — | | — | |
2024 | | — | | — | | — | | — | | — | | — | |
| | — | | — | | — | | — | | — | | — | |
| | | | | | | | | | | | | |
2025 - 29 | | 10 | | — | | 10 | | — | | — | | — | |
2030 - 34 | | — | | — | | — | | — | | — | | — | |
2035 - 39 | | — | | — | | — | | — | | — | | — | |
2040 - 44 | | — | | — | | — | | — | | — | | — | |
Other¹ | | 4 | | — | | 4 | | — | | — | | — | |
| | | | | | | | | | | | | |
| | $ | 14 | | $ | — | | $ | 14 | | $ | — | | $ | — | | $ | — | |
¹ Includes Province miscellaneous Guarantees.
7
STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT
At March 31, 2019
| | Date of | | Date of | | Interest | | Outstanding | | | |
Series | | Maturity | | Issue | | Rate | | March 31, 2019 | | References |
| | | | | | (percent) | | ($ Millions) | | | |
Long-Term and Medium-Term Debt Issued by Province of British Columbia: | | | | | | | |
| | | | | | | | | |
BCCMTN-26 | | June 17, 2019 | | June 17, 1994 | | 9.00 | | 50 | | | (2) |
BCCD-8 | | June 17, 2019 | | April 21, 2004 | | 5.30 | | 175 | | | (2) |
BCCD-8 (R1) | | June 17, 2019 | | May 6, 2004 | | 5.30 | | 50 | | | (2) |
BCCD-23 | | December 18, 2019 | | October 23, 2009 | | 4.10 | | 500 | | | (2) |
BCCD-23 (R1) | | December 18, 2019 | | November 24, 2009 | | 4.10 | | 500 | | | (2) |
BCCD-23 (R2) | | December 18, 2019 | | April 13, 2010 | | 4.10 | | 600 | | | (2) |
BCCD-FRN-2 | | January 10, 2020 | | January 10, 2014 | | Floating | | 275 | | | (3) |
BCCD-FRN-2 (R1) | | January 10, 2020 | | January 15, 2014 | | Floating | | 281.5 | | | (3) |
BCCD-FRN-1 | | May 13, 2020 | | May 13, 2013 | | Floating | | 100 | | | (3) |
BCCD-C | | September 5, 2020 | | September 5, 1990 | | 10.60 | | 600 | | | (2) |
BCCMTN-46 | | September 5, 2020 | | February 6, 1995 | | 10.60 | | 20 | | | (2) |
BCCD-24 | | December 18, 2020 | | August 23, 2010 | | 3.70 | | 500 | | | (2) |
BCCD-24 (R1) | | December 18, 2020 | | September 23, 2010 | | 3.70 | | 600 | | | (2) |
BCCD-24 (R2) | | December 18, 2020 | | December 2, 2010 | | 3.70 | | 600 | | | (2) |
BCCD-31 | | December 18, 2020 | | April 26, 2013 | | 2.70 | | 100 | | | (2) |
BCCD-31 (R1) | | December 18, 2020 | | April 29, 2013 | | 2.70 | | 100 | | | (2) |
BCCD-31 (R2) | | December 18, 2020 | | May 6, 2013 | | 2.70 | | 50 | | | (2) |
BCCD-G | | May 15, 2021 | | May 15, 1996 | | 9.95 | | 296 | | | (2) |
BCCD-12 | | June 15, 2021 | | June 7, 2007 | | 4.80 | | 230 | | | (2) |
BCCD-12 (R1) | | June 15, 2021 | | May 28, 2008 | | 4.80 | | 100 | | | (2) |
BCCD-26 | | December 18, 2021 | | August 22, 2011 | | 3.25 | | 500 | | | (2) |
BCCD-26 (R1) | | December 18, 2021 | | October 17, 2011 | | 3.25 | | 600 | | | (2) |
BCCD-26 (R2) | | December 18, 2021 | | December 5, 2011 | | 3.25 | | 400 | | | (2) |
BCCD-26 (R3) | | December 18, 2021 | | December 19, 2011 | | 3.25 | | 250 | | | (2) |
BCCMTN-76 | | February 23, 2022 | | April 30, 1999 | | 6.00 | | 25 | | | (2) |
BCCD-L | | June 9, 2022 | | June 9, 1992 | | 9.50 | | 450 | | | (2) |
BCCD-FRN-3 | | August 19, 2022 | | August 19, 2015 | | Floating | | 300 | | | (3) |
BCCD-M | | August 19, 2022 | | August 19, 1992 | | 8.75 | | 300 | | | (2) |
BCCD-28 | | December 18, 2022 | | June 1, 2012 | | 2.70 | | 500 | | | (2) |
BCCD-28 (R1) | | December 18, 2022 | | September 28, 2012 | | 2.70 | | 400 | | | (2) |
BCCD-28 (R2) | | December 18, 2022 | | January 14, 2013 | | 2.70 | | 500 | | | (2) |
BCCMTN-77 | | February 23, 2023 | | April 30, 1999 | | 6.00 | | 25 | | | (2) |
BCCD-P | | September 8, 2023 | | September 8, 1993 | | 8.00 | | 400 | | | (2) |
BCCMTN-60 | | September 8, 2023 | | October 31, 1995 | | 8.00 | | 10 | | | (2) |
BCCMTN-60 (R1) | | September 8, 2023 | | November 30, 1995 | | 8.00 | | 25 | | | (2) |
BCCMTN-79 | | September 8, 2023 | | May 4, 1999 | | 6.40 | | 50 | | | (2) |
BCEC-13 | | November 30, 2023 | | November 30, 1993 | | 7.875 | | 350 | | | (1) (5) |
BCCD-32 | | December 18, 2023 | | July 15, 2013 | | 3.30 | | 500 | | | (2) |
BCCD-32 (R1) | | December 18, 2023 | | August 2, 2013 | | 3.30 | | 250 | | | (2) |
BCCD-32 (R2) | | December 18, 2023 | | August 27, 2013 | | 3.30 | | 500 | | | (2) |
BCCD-32 (R3) | | December 18, 2023 | | October 16, 2013 | | 3.30 | | 200 | | | (2) |
BCCMTN-78 | | February 23, 2024 | | April 30, 1999 | | 6.00 | | 100 | | | (1) |
BCCD-T | | August 23, 2024 | | September 13, 1994 | | 9.00 | | 400 | | | (2) |
BCCMTN-40 | | August 23, 2024 | | January 17, 1995 | | 9.00 | | 35 | | | (2) |
BCCMTN-52 | | August 23, 2024 | | April 28, 1995 | | 9.00 | | 200 | | | (2) |
BCCMTN-56 | | August 23, 2024 | | June 22, 1995 | | 8.50 | | 30 | | | (2) |
BCCMTN-62 | | August 23, 2024 | | February 13, 1996 | | 7.875 | | 100 | | | (2) |
BCCMTN-62 (R1) | | August 23, 2024 | | March 28, 1996 | | 7.875 | | 100 | | | (2) |
BCCMTN-82 | | August 23, 2024 | | June 11, 1999 | | 7.00 | | 55 | | | (2) |
BCCD-34 | | June 18, 2025 | | November 18, 2014 | | 2.85 | | 500 | | | (2) |
BCCD-34 (R1) | | June 18, 2025 | | January 16, 2015 | | 2.85 | | 500 | | | (2) |
BCCD-34 (R2) | | June 18, 2025 | | June 30, 2015 | | 2.85 | | 500 | | | (2) |
BCCD-34 (R3) | | June 18, 2025 | | November 5, 2015 | | 2.85 | | 500 | | | (2) |
BCCMTN-63 | | June 9, 2026 | | September 11, 1996 | | 8.00 | | 110 | | | (2) |
8
| | Date of | | Date of | | Interest | | Outstanding | | | |
Series | | Maturity | | Issue | | Rate | | March 31, 2019 | | References |
| | | | | | (percent) | | ($ Millions) | | | |
BCCD-36 | | June 18, 2026 | | March 16, 2016 | | 2.30 | | 500 | | | (2) |
BCCD-36 (R1) | | June 18, 2026 | | May 12, 2016 | | 2.30 | | 500 | | | (2) |
BCCD-36 (R2) | | June 18, 2026 | | January 27, 2017 | | 2.30 | | 500 | | | (2) |
BCCMTN-64 | | December 4, 2026 | | December 4, 1996 | | 7.00 | | 40 | | | (2) |
BCCMTN-74 | | December 4, 2026 | | January 12, 1999 | | 7.00 | | 60 | | | (2) |
BCCMTN-65 | | June 9, 2027 | | February 11, 1997 | | 7.50 | | 50 | | | (2) |
BCCD-37 | | June 18, 2027 | | March 21, 2017 | | 2.55 | | 500 | | | (2) |
BCCD-37 (R1) | | June 18, 2027 | | October 17, 2017 | | 2.55 | | 500 | | | (2) |
BCCD-W | | November 19, 2027 | | November 19, 1997 | | 6.15 | | 400 | | | (2) |
BCCD-W (R1) | | November 19, 2027 | | December 9, 1999 | | 6.15 | | 100 | | | (2) |
BCCMTN-70 | | August 17, 2028 | | August 17, 1998 | | 5.62 | | 200 | | | (2) |
BCCD-38 | | December 18, 2028 | | May 15, 2018 | | 2.95 | | 500 | | | (2) |
BCCD-38 (R1) | | December 18, 2028 | | July 20, 2018 | | 2.95 | | 500 | | | (2) |
BCCD-38 (R2) | | December 18, 2028 | | September 18, 2018 | | 2.95 | | 500 | | | (2) |
BCCD-X | | June 18, 2029 | | June 18, 1998 | | 5.70 | | 500 | | | (2) |
BCCD-X (R1) | | June 18, 2029 | | October 13, 1998 | | 5.70 | | 85 | | | (2) |
BCCD-X (R2) | | June 18, 2029 | | February 4, 1999 | | 5.70 | | 400 | | | (2) |
BCCD-X (R3) | | June 18, 2029 | | May 20, 1999 | | 5.70 | | 500 | | | (2) |
BCCD-X (R4) | | June 18, 2029 | | September 1, 1999 | | 5.70 | | 400 | | | (2) |
BCCD-X (R5) | | June 18, 2029 | | September 24, 1999 | | 5.70 | | 400 | | | (2) |
BCCMTN-83 | | June 18, 2029 | | June 18, 1999 | | 5.861 | | 250 | | | (2) |
BCCD-14 | | June 18, 2029 | | June 19, 2007 | | 5.15 | | 200 | | | (2) |
BCCD-14 (R1) | | June 18, 2029 | | May 3, 2013 | | 5.15 | | 60 | | | (2) |
BCCD-14 (R2) | | June 18, 2029 | | May 28, 2013 | | 5.15 | | 115 | | | (2) |
BCCD-14 (R3) | | June 18, 2029 | | May 31, 2013 | | 5.15 | | 70 | | | (2) |
BCCD-14 (R4) | | June 18, 2029 | | May 31, 2013 | | 5.15 | | 50 | | | (2) |
BCCD-Z | | June 18, 2031 | | June 16, 2000 | | 6.35 | | 500 | | | (2) |
BCCD-Z (R1) | | June 18, 2031 | | July 20, 2000 | | 6.35 | | 400 | | | (2) |
BCCD-Z (R2) | | June 18, 2031 | | November 15, 2001 | | 6.35 | | 500 | | | (2) |
BCCD-19 | | June 18, 2031 | | June 13, 2008 | | 5.00 | | 200 | | | (2) |
BCCD-19 (R1) | | June 18, 2031 | | April 10, 2012 | | 5.00 | | 100 | | | (2) |
BCCD-19 (R2) | | June 18, 2031 | | April 18, 2012 | | 5.00 | | 100 | | | (2) |
BCCD-19 (R3) | | June 18, 2031 | | April 20, 2012 | | 5.00 | | 110 | | | (2) |
BCCD-19 (R4) | | June 18, 2031 | | October 24, 2012 | | 5.00 | | 100 | | | (2) |
BCCD-19 (R5) | | June 18, 2031 | | October 29, 2012 | | 5.00 | | 125 | | | (2) |
BCCD-19 (R6) | | June 18, 2031 | | January 8, 2013 | | 5.00 | | 100 | | | (2) |
BCCD-19 (R7) | | June 18, 2031 | | January 9, 2013 | | 5.00 | | 50 | | | (2) |
BCCD-19 (R8) | | June 18, 2031 | | January 22, 2013 | | 5.00 | | 100 | | | (2) |
BCCD-19 (R9) | | June 18, 2031 | | April 2, 2013 | | 5.00 | | 50 | | | (2) |
BCCD-7 | | June 18, 2035 | | February 7, 2004 | | 5.40 | | 500 | | | (2) |
BCCD-11 | | June 18, 2037 | | August 22, 2006 | | 4.70 | | 500 | | | (2) |
BCCD-11 (R1) | | June 18, 2037 | | April 30, 2007 | | 4.70 | | 500 | | | (2) |
BCCD-11 (R2) | | June 18, 2037 | | April 8, 2008 | | 4.70 | | 500 | | | (2) |
BCCMTN-69 | | January 9, 2039 | | July 14, 1998 | | 5.75 | | 150 | | | (2) |
BCCMTN-73 | | January 9, 2039 | | November 17, 1998 | | 6.00 | | 65 | | | (2) |
BCCMTN-84 | | August 23, 2039 | | July 2, 1999 | | 6.30 | | 200 | | | (2) |
BCCD-22 | | June 18, 2040 | | December 8, 2008 | | 4.95 | | 500 | | | (2) |
BCCD-22 (R1) | | June 18, 2040 | | May 26, 2009 | | 4.95 | | 300 | | | (2) |
BCCD-22 (R2) | | June 18, 2040 | | July 15, 2009 | | 4.95 | | 500 | | | (2) |
BCCD-22 (R3) | | June 18, 2040 | | January 11, 2010 | | 4.95 | | 500 | | | (2) |
BCCD-22 (R4) | | June 18, 2040 | | May 14, 2010 | | 4.95 | | 500 | | | (2) |
BCCD-25 | | June 18, 2042 | | September 8, 2010 | | 4.30 | | 500 | | | (2) |
BCCD-25 (R1) | | June 18, 2042 | | September 30, 2010 | | 4.30 | | 500 | | | (2) |
BCCD-25 (R2) | | June 18, 2042 | | February 7, 2011 | | 4.30 | | 500 | | | (2) |
BCCD-25 (R3) | | June 18, 2042 | | April 11, 2011 | | 4.30 | | 500 | | | (2) |
BCCD-25 (R4) | | June 18, 2042 | | June 6, 2011 | | 4.30 | | 500 | | | (2) |
BCCD-25 (R5) | | June 18, 2042 | | October 27, 2011 | | 4.30 | | 500 | | | (2) |
BCCD-25 (R6) | | June 18, 2042 | | December 5, 2011 | | 4.30 | | 200 | | | (2) |
BCCD-25 (R7) | | June 18, 2042 | | December 19, 2011 | | 4.30 | | 250 | | | (2) |
9
| | Date of | | Date of | | Interest | | Outstanding | | | |
Series | | Maturity | | Issue | | Rate | | March 31, 2019 | | References |
| | | | | | (percent) | | ($ Millions) | | | |
BCCD-25 (R8) | | June 18, 2042 | | June 1, 2012 | | 4.30 | | 200 | | | (2) |
BCCD-25 (R9) | | June 18, 2042 | | September 28, 2012 | | 4.30 | | 200 | | | (2) |
BCCD-1 | | June 18, 2043 | | June 27, 2003 | | 5.25 | | 150 | | | (2) |
BCCD-29 | | June 18, 2044 | | December 4, 2012 | | 3.20 | | 500 | | | (2) |
BCCD-29 (R1) | | June 18, 2044 | | June 20, 2013 | | 3.20 | | 500 | | | (2) |
BCCD-29 (R2) | | June 18, 2044 | | August 2, 2013 | | 3.20 | | 400 | | | (2) |
BCCD-29 (R3) | | June 18, 2044 | | September 17, 2013 | | 3.20 | | 500 | | | (2) |
BCCD-29 (R4) | | June 18, 2044 | | October 16, 2013 | | 3.20 | | 400 | | | (2) |
BCCD-29 (R5) | | June 18, 2044 | | April 14, 2014 | | 3.20 | | 600 | | | (2) |
BCCD-29 (R6) | | June 18, 2044 | | June 20, 2014 | | 3.20 | | 600 | | | (2) |
BCCD-29 (R7) | | June 18, 2044 | | September 26, 2014 | | 3.20 | | 600 | | | (2) |
BCCD-10 | | August 23, 2044 | | June 22, 2004 | | 5.75 | | 100 | | | (2) |
BCCD-10 (R1) | | August 23, 2044 | | July 28, 2008 | | 5.75 | | 20 | | | (2) |
BCCD-18 | | June 18, 2045 | | May 15, 2008 | | 4.60 | | 50 | | | (2) |
BCCD-15 | | June 18, 2048 | | June 29, 2007 | | 4.90 | | 200 | | | (2) |
BCCD-15 (R1) | | June 18, 2048 | | July 14, 2008 | | 4.90 | | 40 | | | (2) |
BCCD-15 (R2) | | June 18, 2048 | | August 5, 2008 | | 4.90 | | 32 | | | (2) |
BCCD-15 (R3) | | June 18, 2048 | | January 21, 2009 | | 4.90 | | 70 | | | (2) |
BCCD-15 (R4) | | June 18, 2048 | | January 21, 2009 | | 4.90 | | 50 | | | (2) |
BCCD-15 (R5) | | June 18, 2048 | | January 23, 2009 | | 4.90 | | 50 | | | (2) |
BCCD-15 (R6) | | June 18, 2048 | | September 30, 2011 | | 4.90 | | 50 | | | (2) |
BCCD-15 (R7) | | June 18, 2048 | | November 1, 2011 | | 4.90 | | 25 | | | (2) |
BCCD-15 (R8) | | June 18, 2048 | | November 2, 2011 | | 4.90 | | 30 | | | (2) |
BCCD-35 | | June 18, 2048 | | May 1, 2015 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R1) | | June 18, 2048 | | June 2, 2015 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R2) | | June 18, 2048 | | September 8, 2015 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R3) | | June 18, 2048 | | October 27, 2015 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R4) | | June 18, 2048 | | January 18, 2016 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R5) | | June 18, 2048 | | September 23, 2016 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R6) | | June 18, 2048 | | September 26, 2017 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R7) | | June 18, 2048 | | November 14, 2017 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R8) | | June 18, 2048 | | January 29, 2018 | | 2.80 | | 500 | | | (2) |
BCCD-35 (R9) | | June 18, 2048 | | April 16, 2018 | | 2.80 | | 500 | | | (2) |
BCCD-20 | | June 18, 2049 | | June 30, 2008 | | 4.60 | | 20 | | | (2) |
BCCD-39 | | June 18, 2050 | | August 24, 2018 | | 2.95 | | 500 | | | (2) |
BCCD-39 (R1) | | June 18, 2050 | | December 4, 2018 | | 2.95 | | 500 | | | (2) |
BCCD-27 | | June 18, 2055 | | January 26, 2012 | | 3.50 | | 90 | | | (2) |
BCCD-27 (R1) | | June 18, 2055 | | January 30, 2012 | | 3.50 | | 40 | | | (2) |
BCCD-27 (R2) | | June 18, 2055 | | January 30, 2013 | | 3.50 | | 60 | | | (2) |
BCCD-30 | | June 18, 2062 | | February 1, 2013 | | 3.30 | | 102.5 | | | (2) |
BCCD-30 (R1) | | June 18, 2062 | | February 5, 2013 | | 3.30 | | 78 | | | (2) |
BCCD-30 (R2) | | June 18, 2062 | | May 27, 2013 | | 3.30 | | 50 | | | (2) |
| | | | | | �� | | | | | |
Total: | | | | | | | | C $ | 45,680 | | | |
| | | | | | | | | | | | |
Canada Pension Plan Investment Board issues: | | | | | | | | | |
| | | | | | | | | | | |
BCCP-53 | | April 12, 2019 | | April 12, 1999 | | 5.61 | | 25.1 | | | (2) (4) |
BCCP-144 | | April 13, 2019 | | April 13, 2009 | | 4.27 | | 35.7 | | | (2) (4) |
BCCP-54 | | May 10, 2019 | | May 10, 1999 | | 5.79 | | 26.6 | | | (2) (4) |
BCCP-55 | | June 8, 2019 | | June 8, 1999 | | 6.09 | | 42.4 | | | (2) (4) |
BCCP-56 | | July 12, 2019 | | July 12, 1999 | | 6.14 | | 26.0 | | | (2) (4) |
BCCP-57 | | August 10, 2019 | | August 10, 1999 | | 6.36 | | 11.8 | | | (2) (4) |
BCCP-58 | | September 10, 2019 | | September 10, 1999 | | 6.34 | | 8.9 | | | (2) (4) |
BCCP-59 | | October 12, 2019 | | October 12, 1999 | | 6.55 | | 21.8 | | | (2) (4) |
BCCP-60 | | November 9, 2019 | | November 9, 1999 | | 6.57 | | 21.7 | | | (2) (4) |
BCCP-61 | | December 10, 2019 | | December 10, 1999 | | 6.47 | | 28.0 | | | (2) (4) |
BCCP-62 | | March 10, 2020 | | March 10, 2000 | | 6.44 | | 32.3 | | | (2) (4) |
BCCP-63 | | April 10, 2020 | | April 10, 2000 | | 6.43 | | 35.8 | | | (2) (4) |
BCCP-64 | | May 9, 2020 | | May 9, 2000 | | 6.75 | | 20.2 | | | (2) (4) |
BCCP-160 | | May 10, 2020 | | May 10, 2010 | | 4.34 | | 29.1 | | | (2) (4) |
10
| | Date of | | Date of | | Interest | | Outstanding | | | |
Series | | Maturity | | Issue | | Rate | | March 31, 2019 | | References |
| | | | | | (percent) | | ($ Millions) | | | |
BCCP-163 | | June 8, 2020 | | June 8, 2010 | | 4.11 | | 80.1 | | | (2) (4) |
BCCP-65 | | June 12, 2020 | | June 12, 2000 | | 6.61 | | 19.1 | | | (2) (4) |
BCCP-66 | | July 10, 2020 | | July 10, 2000 | | 6.46 | | 14.4 | | | (2) (4) |
BCCP-67 | | August 8, 2020 | | August 8, 2000 | | 6.40 | | 18.6 | | | (2) (4) |
BCCP-68 | | September 11, 2020 | | September 11, 2000 | | 6.36 | | 20.6 | | | (2) (4) |
BCCP-69 | | October 10, 2020 | | October 10, 2000 | | 6.47 | | 20.6 | | | (2) (4) |
BCCP-169 | | December 10, 2020 | | December 10, 2010 | | 3.86 | | 1.3 | | | (2) (4) |
BCCP-70 | | April 10, 2021 | | April 10, 2001 | | 6.33 | | 41.6 | | | (2) (4) |
BCCP-71 | | May 8, 2021 | | May 8, 2001 | | 6.45 | | 48.2 | | | (2) (4) |
BCCP-172 | | June 10, 2021 | | June 10, 2011 | | 3.73 | | 91.2 | | | (2) (4) |
BCCP-72 | | June 11, 2021 | | June 11, 2001 | | 6.46 | | 49.8 | | | (2) (4) |
BCCP-73 | | July 10, 2021 | | July 10, 2001 | | 6.64 | | 31.3 | | | (2) (4) |
BCCP-176 | | August 8, 2021 | | August 8, 2011 | | 3.39 | | 11.2 | | | (2) (4) |
BCCP-74 | | August 10, 2021 | | August 10, 2001 | | 6.51 | | 27.8 | | | (2) (4) |
BCCP-75 | | September 10, 2021 | | September 10, 2001 | | 6.40 | | 26.1 | | | (2) (4) |
BCCP-76 | | October 9, 2021 | | October 9, 2001 | | 6.35 | | 26.2 | | | (2) (4) |
BCCP-77 | | November 13, 2021 | | November 13, 2001 | | 5.97 | | 25.1 | | | (2) (4) |
BCCP-78 | | December 10, 2021 | | December 10, 2001 | | 6.29 | | 14.6 | | | (2) (4) |
BCCP-79 | | January 8, 2022 | | January 8, 2002 | | 6.27 | | 17.8 | | | (2) (4) |
BCCP-80 | | April 8, 2022 | | April 8, 2002 | | 6.41 | | 47.2 | | | (2) (4) |
BCCP-81 | | May 10, 2022 | | May 10, 2002 | | 6.30 | | 59.3 | | | (2) (4) |
BCCP-82 | | June 10, 2022 | | June 10, 2002 | | 6.27 | | 60.2 | | | (2) (4) |
BCCP-83 | | July 9, 2022 | | July 9, 2002 | | 6.18 | | 38.9 | | | (2) (4) |
BCCP-84 | | August 12, 2022 | | August 12, 2002 | | 6.05 | | 31.3 | | | (2) (4) |
BCCP-85 | | September 10, 2022 | | September 10, 2002 | | 5.74 | | 30.8 | | | (2) (4) |
BCCP-86 | | October 8, 2022 | | October 8, 2002 | | 5.80 | | 26.5 | | | (2) (4) |
BCCP-87 | | November 12, 2022 | | November 12, 2002 | | 6.02 | | 32.4 | | | (2) (4) |
BCCP-88 | | December 10, 2022 | | December 10, 2002 | | 5.89 | | 16.5 | | | (2) (4) |
BCCP-89 | | January 6, 2023 | | January 6, 2003 | | 5.73 | | 15.6 | | | (2) (4) |
BCCP-130 | | March 10, 2023 | | March 10, 2008 | | 4.24 | | 5.0 | | | (2) (4) |
BCCP-90 | | April 7, 2023 | | April 7, 2003 | | 5.98 | | 46.4 | | | (2) (4) |
BCCP-91 | | May 2, 2023 | | May 2, 2003 | | 5.79 | | 34.5 | | | (2) (4) |
BCCP-92 | | June 10, 2023 | | June 10, 2003 | | 5.31 | | 18.1 | | | (2) (4) |
BCCP-93 | | July 4, 2023 | | July 4, 2003 | | 5.41 | | 33.1 | | | (2) (4) |
BCCP-94 | | August 5, 2023 | | August 5, 2003 | | 5.67 | | 21.4 | | | (2) (4) |
BCCP-95 | | August 11, 2023 | | August 11, 2003 | | 5.70 | | 7.5 | | | (2) (4) |
BCCP-96 | | September 2, 2023 | | September 2, 2003 | | 5.74 | | 11.7 | | | (2) (4) |
BCCP-97 | | September 9, 2023 | | September 9, 2003 | | 5.70 | | 14.8 | | | (2) (4) |
BCCP-98 | | October 3, 2023 | | October 3, 2003 | | 5.43 | | 24.5 | | | (2) (4) |
BCCP-99 | | November 10, 2023 | | November 10, 2003 | | 5.69 | | 28.1 | | | (2) (4) |
BCCP-100 | | December 1, 2023 | | December 1, 2003 | | 5.57 | | 11.2 | | | (2) (4) |
BCCP-142 | | December 9, 2023 | | December 9, 2008 | | 5.02 | | 13.2 | | | (2) (4) |
BCCP-101 | | March 1, 2024 | | March 1, 2004 | | 5.29 | | 49.2 | | | (2) (4) |
BCCP-102 | | April 2, 2024 | | April 2, 2004 | | 5.28 | | 51.2 | | | (2) (4) |
BCCP-103 | | May 3, 2024 | | May 3, 2004 | | 5.57 | | 8.0 | | | (2) (4) |
BCCP-104 | | May 10, 2024 | | May 10, 2004 | | 5.52 | | 59.3 | | | (2) (4) |
BCCP-105 | | June 1, 2024 | | June 1, 2004 | | 5.57 | | 17.7 | | | (2) (4) |
BCCP-106 | | June 8, 2024 | | June 8, 2004 | | 5.69 | | 52.9 | | | (2) (4) |
BCCP-107 | | July 11, 2025 | | July 11, 2005 | | 4.57 | | 47.7 | | | (2) (4) |
BCCP-108 | | August 11, 2025 | | August 9, 2005 | | 4.61 | | 5.0 | | | (2) (4) |
BCCP-173 | | July 11, 2026 | | July4, 2011 | | 4.01 | | 29.1 | | | (2) (4) |
BCCP-113 | | August 8, 2026 | | August 8, 2006 | | 4.78 | | 14.5 | | | (2) (4) |
BCCP-119 | | December 11, 2026 | | December 11, 2006 | | 4.30 | | 8.3 | | | (2) (4) |
BCCP-128 | | October 9, 2027 | | October 9, 2007 | | 4.86 | | 13.0 | | | (2) (4) |
BCCP-129 | | November 13, 2027 | | November 13, 2007 | | 4.82 | | 30.9 | | | (2) (4) |
BCCP-131 | | March 10, 2028 | | March 10, 2008 | | 4.63 | | 21.4 | | | (2) (4) |
BCCP-139 | | October 7, 2028 | | October 7, 2008 | | 4.98 | | 7.2 | | | (2) (4) |
BCCP-143 | | December 9, 2028 | | December 9, 2008 | | 5.19 | | 2.7 | | | (2) (4) |
BCCP-145 | | May 11, 2029 | | May 11, 2009 | | 5.01 | | 22.5 | | | (2) (4) |
BCCP-181 | | June 9, 2029 | | June 9, 2014 | | 3.35 | | 5.0 | | | (2) (4) |
BCCP-161 | | May 10, 2030 | | May 10, 2010 | | 4.79 | | 50.2 | | | (2) (4) |
BCCP-174 | | July 11, 2031 | | July4, 2011 | | 4.21 | | 31.7 | | | (2) (4) |
11
| | Date of | | Date of | | Interest | | Outstanding | | | |
Series | | Maturity | | Issue | | Rate | | March 31, 2019 | | References |
| | | | | | (percent) | | ($ Millions) | | | |
BCCP-109 | | August 9, 2035 | | August 9, 2005 | | 4.67 | | 21.5 | | | (2) (4) |
BCCP-166 | | October 4, 2035 | | October 4, 2010 | | 4.22 | | 1.5 | | | (2) (4) |
BCCP-111 | | May 9, 2036 | | May 9, 2006 | | 4.91 | | 31.2 | | | (2) (4) |
BCCP-191 | | August 8, 2036 | | August 8, 2016 | | 2.55 | | 6.0 | | | (2) (4) |
BCCP-115 | | September 11, 2036 | | September 11, 2006 | | 4.54 | | 32.1 | | | (2) (4) |
BCCP-117 | | October 10, 2036 | | October 10, 2006 | | 4.46 | | 20.2 | | | (2) (4) |
BCCP-118 | | November 10, 2036 | | November 10, 2006 | | 4.47 | | 37.1 | | | (2) (4) |
BCCP-177 | | February 13, 2037 | | February 13, 2012 | | 3.25 | | 3.9 | | | (2) (4) |
BCCP-121 | | March 12, 2037 | | March 12, 2007 | | 4.41 | | 55.7 | | | (2) (4) |
BCCP-122 | | April 10, 2037 | | April 10, 2007 | | 4.52 | | 41.8 | | | (2) (4) |
BCCP-123 | | May 8, 2037 | | May 8, 2007 | | 4.50 | | 74.3 | | | (2) (4) |
BCCP-192 | | June 11, 2037 | | June 12, 2017 | | 2.758 | | 76.9 | | | (2) (4) |
BCCP-125 | | July 10, 2037 | | July 10, 2007 | | 4.85 | | 31.8 | | | (2) (4) |
BCCP-126 | | August 10, 2037 | | August 10, 2007 | | 4.90 | | 18.6 | | | (2) (4) |
BCCP-127 | | September 4, 2037 | | September 4, 2007 | | 4.86 | | 14.2 | | | (2) (4) |
BCCP-132 | | April 8, 2038 | | April 8, 2008 | | 4.67 | | 43.0 | | | (2) (4) |
BCCP-134 | | May 12, 2038 | | May 12, 2008 | | 4.70 | | 77.6 | | | (2) (4) |
BCCP-135 | | June 10, 2038 | | June 10, 2008 | | 4.72 | | 29.8 | | | (2) (4) |
BCCP-136 | | July 8, 2038 | | July 8, 2008 | | 4.74 | | 37.1 | | | (2) (4) |
BCCP-137 | | August 8, 2038 | | August 8, 2008 | | 4.69 | | 13.3 | | | (2) (4) |
BCCP-193 | | September 9, 2038 | | September 10, 2018 | | 2.99 | | 5.9 | | | (2) (4) |
BCCP-194 | | November 10, 2038 | | November 13, 2018 | | 3.25 | | 37.4 | | | (2) (4) |
BCCP-146 | | May 11, 2039 | | May 11, 2009 | | 4.91 | | 58.9 | | | (2) (4) |
BCCP-148 | | June 9, 2039 | | June 9, 2009 | | 4.99 | | 78.2 | | | (2) (4) |
BCCP-149 | | July 10, 2039 | | July 10, 2009 | | 4.71 | | 36.9 | | | (2) (4) |
BCCP-150 | | August 10, 2039 | | August 10, 2009 | | 4.73 | | 17.6 | | | (2) (4) |
BCCP-182 | | October 14, 2039 | | October 14, 2014 | | 3.36 | | 6.5 | | | (2) (4) |
BCCP-154 | | November 10, 2039 | | November 10, 2009 | | 4.68 | | 10.0 | | | (2) (4) |
BCCP-183 | | November 10, 2039 | | November 10, 2014 | | 3.426 | | 25.9 | | | (2) (4) |
BCCP-184 | | December 8, 2039 | | December 8, 2014 | | 3.30 | | 7.3 | | | (2) (4) |
BCCP-185 | | March 9, 2040 | | March 9, 2015 | | 2.68 | | 5.7 | | | (2) (4) |
BCCP-157 | | March 9, 2040 | | March 9, 2010 | | 4.60 | | 31.5 | | | (2) (4) |
BCCP-159 | | April 12, 2040 | | April 12, 2010 | | 4.73 | | 39.5 | | | (2) (4) |
BCCP-186 | | April 13, 2040 | | April 13, 2015 | | 2.718 | | 16.2 | | | (2) (4) |
BCCP-187 | | June 8, 2040 | | June 8, 2015 | | 2.961 | | 13.0 | | | (2) (4) |
BCCP-164 | | July 12, 2040 | | July 12, 2010 | | 4.50 | | 49.4 | | | (2) (4) |
BCCP-165 | | August 10, 2040 | | August 10, 2010 | | 4.50 | | 2.8 | | | (2) (4) |
BCCP-167 | | November 9, 2040 | | November 9, 2010 | | 4.21 | | 18.5 | | | (2) (4) |
BCCP-188 | | December 10, 2040 | | December 10, 2015 | | 3.292 | | 9.4 | | | (2) (4) |
BCCP-189 | | April 11, 2041 | | April 11, 2016 | | 2.99 | | 78.0 | | | (2) (4) |
BCCP-190 | | May 10, 2041 | | May 10, 2016 | | 3.02 | | 83.0 | | | (2) (4) |
BCCP-178 | | May 8, 2042 | | May 8, 2012 | | 3.54 | | 70.1 | | | (2) (4) |
BCCP-179 | | June 11, 2042 | | June 11, 2012 | | 3.22 | | 97.7 | | | (2) (4) |
BCCP-180 | | July 10, 2042 | | July 10, 2012 | | 3.29 | | 54.8 | | | (2) (4) |
| | | | | | | | | | | |
Total: | | | | | | | | C $ | 3,629 | | | (2) (4) |
| | | | | | | | | | | |
Other | | | | | | | | 334 | | | (6) |
Short-term Promissory Notes | | | | | | | 5,161 | | | |
Total Issues in Canadian Dollars | | | | | | | C $ | 54,804 | | | |
| | | | | | | | | | | |
BCUSG-6 | | September 22, 2021 | | September 22, 2011 | | 2.65 | | 750 | | | (2) (5) |
BCUSG-6 (R1) | | September 22, 2021 | | April 25, 2012 | | 2.65 | | 250 | | | (2) (5) |
BCUSG-8 | | October 23, 2022 | | October 23, 2012 | | 2.00 | | 1,250 | | | (2) (5) |
BCUSD-2 | | January 15, 2026 | | January 24, 1996 | | 6.50 | | 500 | | | (2) (5) |
BCUSG-9 | | June 2, 2026 | | June 2, 2016 | | 2.25 | | 750 | | | (2) (5) |
BCUSD-3 | | September 1, 2036 | | August 29, 1996 | | 7.25 | | 300 | | | (2) (5) |
12
| | Date of | | Date of | | Interest | | Outstanding | | | |
Series | | Maturity | | Issue | | Rate | | March 31, 2019 | | References |
| | | | | | (percent) | | ($ Millions) | | | |
Short-term Promissory Notes | | | | | | | | US $ | 643.9 | | | |
Total Issues in U.S. Dollars * | | | | | | | | US $ | 4,443.9 | | | |
Exchange Premium (Including Hedge) | | | | | | | | 8,635.1 | | | |
U.S. Issues at Canadian Dollar Equivalent | | | | | | | | C $ | 5,079 | | | |
| | | | | | | | | | | |
BCSFR-7 | | April 18, 2030 | | April 19, 2010 | | 2.500 | | 100 | | | (1) |
Total Issues in Swiss Francs ** | | | | | | | | CHF | 100 | | | |
Exchange Premium (Including Hedge) | | | | | | | | (4 | ) | | |
Swiss Franc Issues at Canadian Dollar Equivalent ** | | | | | | | | C $ | 96 | | | (1) |
| | | | | | | | | | | |
BCEURO-2 | | October 8, 2025 | | October 8, 2015 | | 0.88 | | 500 | | | (1) |
BCEURO-5 | | July 20, 2032 | | July 20, 2016 | | 0.70 | | 250 | | | (1) |
BCEURO-6 | | January 27, 2037 | | January 27, 2017 | | 1.337 | | 150 | | | (1) |
BCEURO-1 | | November 8, 2038 | | November 8, 2011 | | 3.21 | | 40 | | | (1) |
BCEURO-3 December 18, 2040 | | | | December 18, 2015 | | 1.678 | | 75 | | | (1) |
BCEURO-4 | | June 17, 2043 | | June 17, 2016 | | 1.25 | | 100 | | | (1) |
Total Issues in Euros ** | | | | | | | | EUR | 1,115 | | | |
Exchange Premium (Including Hedge) | | | | | | | | 510 | | | |
Euro Issues at Canadian Dollar Equivalent ** | | | | | | | | C $ | 1,625 | | | |
| | | | | | | | | | | |
BCCNYP-02 | | November 23, 2020 | | November 23, 2017 | | 4.80 | | 1,000 | | | (2) |
Total Issues in Renminbi*** | | | | | | | | CNY | 1,000 | | | |
Exchange Premium (Including Hedged) | | | | | | | | (801 | ) | | |
Renminbi Issues at Canadian Dollar Equivalent *** | | | | | | | | C $ | 199 | | | |
| | | | | | | | | | | |
BCAUD-1 | | November 27, 2024 | | May 27, 2014 | | 4.25 | | 400 | | | (2) |
BCAUD-1 (R1) | | November 27, 2024 | | August 14, 2014 | | 4.25 | | 300 | | | (2) |
BCAUD-2 | | February 26, 2027 | | August 26, 2016 | | 2.50 | | 100 | | | (2) |
BCAUD-2 (R1) | | February 26, 2027 | | March 24, 2017 | | 2.50 | | 70 | | | (2) |
Total Issues in Australian Dollars ** | | | | | | | | AUD | 870 | | | |
Exchange Premium (Including Hedge) | | | | | | | | 11 | | | |
AUD Issues at Canadian Dollar Equivalent ** | | | | | | | | C $ | 881 | | | |
| | | | | | | | | | | |
BCINR-1 | | January 9, 2020 | | January 9, 2016 | | 6.60 | | 5,000 | | | (2) |
Total Issues in Indian Rupees**** | | | | | | | | 5,000 | | | |
Exchange Premium (Including Hedge) | | | | | | | | 4,903 | | | |
INR Issues at Canadian Dollar Equivalent **** | | | | | | | | C $ | 97 | | | |
| | | | | | | | | | | |
Gross Direct Debt Issued by the Province | | | | | | | | | | | |
(In Canadian Dollar Equivalents) | | | | | | | | C $ | 62,781 | | | |
| | | | | | | | | | | | | |
* | Payable and expressed in U.S. dollars. Debt payable of US $4,215 million has been hedged to Cdn $C$4,776 million and US$227 million was unhedged (CAD$293 million). This balance was translated at the exchange rate prevailing at year-end. |
| |
** | Foreign currency debt, other than some U.S. debt has been fully hedged to Canadian dollars. |
| |
*** | Renminbi bond proceeds invested in Renminbi investments generating a positive carry. |
| |
**** | Indian Rupee bond proceeds invested in an Indian Rupee investment generating a positive carry. |
13
REFERENCES TO STATEMENTS OF DEBT
1) Interest payable annually.
2) Interest payable semi-annually.
3) Interest payable quarterly.
4) Pursuant to provisions for investment of Canada Pension Plan Investment Board Funds, this issue is redeemable as a whole or in part on 30 days’ notice at the option of the Minister of Finance for British Columbia, subject to certain restrictions.
5) Callable by the issuer if taxation laws requiring additional payments are imposed or levied.
6) Direct capital leases and Federal loans to the BC Immigrant Investment Fund, internal debt financing, and other guarantees.
14
STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT
At March 31, 2019
| | Amount | |
| | Outstanding | |
| | March 31, 2019 | |
| | (in ‘000) | |
| | | | | |
Gross Direct Debt issued by the Province1 (in Canadian Dollar Equivalents) | | | | 62,781,007 | |
| | | | | |
Less - Fiscal Agency Borrowings on behalf of: | | | | | |
Warehouse Borrowing Program | | — | | | |
British Columbia Housing Management Commission | | 5,006 | | | |
British Columbia Assessment Authority | | — | | | |
British Columbia Buildings Corporation | | — | | | |
British Columbia Hydro and Power Authority | | 22,444,716 | | | |
British Columbia Immigration Investment Fund | | 26,649 | | | |
British Columbia Institute of Technology | | 50,175 | | | |
British Columbia Lottery Corporation | | 100,103 | | | |
British Columbia Railway Company | | — | | | |
British Columbia Pavilion Corporation | | — | | | |
British Columbia Transit | | 168,879 | | | |
British Columbia Transmission Corporaton | | — | | | |
British Columbia Transportation Financing Authority | | 10,553,971 | | | |
College of New Caledonia | | 2,575 | | | |
College of the Rockies | | — | | | |
Columbia Power Corporation | | 335,000 | | | |
Douglas College | | — | | | |
Home Owner Protection Office | | — | | | |
Improvement Districts | | 5,884 | | | |
Land and Water British Columbia Inc. | | — | | | |
Langara College | | 10,000 | | | |
Nicola Valley Institute of Technology | | 2,753 | | | |
Vancouver Island University | | — | | | |
Okanagan College | | 4,162 | | | |
Partnerships British Columbia | | — | | | |
Rapid Transit Project 2000 Ltd. | | — | | | |
School District | | — | | | |
Selkirk College | | — | | | |
Simon Fraser University | | 5,000 | | | |
Thompson Rivers University | | 30,100 | | | |
Transportation Investment Corporation | | — | | | |
University of British Columbia | | 125,000 | | | |
University of Northern British Columbia | | 3,000 | | | |
University of Fraser Valley | | 9,700 | | | |
University of Victoria | | 24,558 | | 33,907,231 | |
Gross Direct Debt | | | | 28,873,776 | |
Add — Unrealized Foreign Exchange gain | | (68 | ) | | |
Less — Unamortized Discount | | 3,864 | | | |
Less — Government Sinking Funds1 | | 388,085 | | | |
Less — Bonds held in the Consolidated Revenue Fund | | — | | 391,881 | |
Total Net Direct Debt | | | | 28,481,895 | |
Gross Fiscal Agency Reloaned Debt | | 33,907,231 | | | |
Less —Gross Fiscal Agency Debt | | 33,907,231 | | | |
Gross Fiscal Agency Debt for Warehouse Borrowing Program Purposes | | — | | | |
Add —Unamortized Discount/(Premium) | | — | | — | |
Total Net Fiscal Agency Debt for Warehouse Borrowing Program Purposes | | | | — | |
Gross Fiscal Agency Debt | | | | 33,907,231 | |
Less — Unrealized Foreign Exchange Loss | | 14,981 | | | |
Less— Unamortized Discounts | | 224,062 | | | |
Less — Government Sinking Funds | | 364,247 | | 603,290 | |
Total Net Fiscal Agency Debt | | | | 33,303,941 | |
Total Net Direct and Fiscal Agency Debt, Warehouse Borrowing Program Debt | | | | 61,785,836 | |
Less —Warehouse Borrowing Program Investments Available to Paydown Warehouse Borrowing Program Debt | | | | — | |
Total Net Direct and Fiscal Agency Debt | | | | 61,785,836 | |
1 In compliance with generally accepted accounting principles (GAAP), defeased debt is added to Direct debt and the related defeased trust funds are added to sinking fund investments.
15
NET GUARANTEED DEBT
At March 31, 2019
| | | | | | | | Amount | |
Issuer | | | | Year of | | Interest | | Outstanding 1 | |
& Series | | Year of Maturity | | Issue | | Rate | | March 31/2019 | |
| | | | | | (percent) | | (millions of | |
| | | | | | | | Cdn. dollars) | |
| | | | | | | | | |
British Columbia Hydro and Power Authority | | 2024 | | 2004 | | 5.54 | | 10 | |
| | | | | | | | | |
Plus — Other Guaranteed Debt2 | | | | | | | | 5 | |
| | | | | | | | 15 | |
Less — Provisions for Probable Payout | | | | | | | | (1 | ) |
Total Net Guaranteed Debt | | | | | | | | 14 | |
1 Total net of sinking funds and unamortized discount.
2 Includes outstanding loan guarantees of student assistance loans, loans to agricultural producers and guarantees issued under economic development assistance programs.
16
NON-GUARANTEED DEBT
As At March 31, 2019
| | (millions of | |
| | Cdn. dollars) | |
Taxpayer-Supported Debt | | | |
BC Housing Management Commission | | 619 | |
BC Immigrant Investment Fund | | 43 | |
BC Pavilion Corporation | | 371 | |
BC Transportation Financing Authority | | 752 | |
Columbia Basin Trust | | 4 | |
Health facilities | | 1,795 | |
Post-Secondary | | 547 | |
Provincial Rental Housing | | 220 | |
Schools | | 19 | |
Other1 | | 10 | |
Total Taxpayer-Supported Non-Guaranteed Debt | | 4,380 | |
| | | |
Self-Supported Debt | | | |
Commercial Crown Corporations and Agencies | | | |
Columbia Basin Trust (joint ventures real estate investments) | | 30 | |
Columbia River Power Projects² | | 417 | |
Post-Secondary institutions’ subsidiaries | | 388 | |
Total Self-Supported Non-Guaranteed Debt | | 835 | |
| | | |
Total Non-Guaranteed Debt | | 5,215 | |
1 Includes debt of the British Columbia Assessment Authority, British Columbia Public School Employers Association, Canadian Blood Services and Community Social Services Employer’s Association.
2 Joint ventures of Columbia Power Corporation and Columbia Basin Trust.
17
CONSOLIDATED FUNDED AND UNFUNDED DEBT OF THE PUBLIC SECTOR
As at March 31, 2019
The financial statements of the Province include funded and unfunded debt of public entities within British Columbia which is either guaranteed or reloaned by the Province, and include the funded debt of such entities which is not guaranteed by the Province.
| | Outstanding1,2 | | Unamortized | | Unrealized foreign | | Sinking Fund | | Oustanding | |
| | Gross | | Premium | | exchange gains | | Investments2 | | Net | |
| | (in Millions of Cdn dollars) | |
| | | | | | | | | | | |
Direct and Guaranteed Funded and Unfunded Debt of the Province | | 61,743 | | $ | 228 | | $ | (15 | ) | $ | 752 | | $ | 60,747.41 | |
Plus: Non-Guaranteed Debt | | 5,223 | | 8 | | — | | — | | 5,215 | |
Total Consolidated Funded Debt of the Public Sector of British Columbia | | $ | 66,966 | | $ | 236 | | $ | (15 | ) | $ | 752 | | $ | 65,962 | |
| | | | | | | | | | | | | | | | |
1 Balance does not include the Provision for Probable Payout ($1 million).
2 In compliance with generally accepted accounting principles (GAAP), defeased debt is added to Direct debt and the related defeased trust funds are added to sinking fund investments.
18
CANADIAN FOREIGN EXCHANGE RATE AND
INTERNATIONAL RESERVES
Historical exchange rates* for the Canadian dollar in terms of United States dollars are as follows for the calendar year ended December 31st:
| | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | |
| | | | | | | | | | | |
Highest | | 1.1643 | | 1.3990 | | 1.4589 | | 1.3743 | | 1.3642 | |
| | | | | | | | | | | |
Lowest | | 1.0614 | | 1.1728 | | 1.2544 | | 1.2128 | | 1.2288 | |
On March 31, 2019, the daily average exchange rate for the U.S. dollar was 1.3363
Source: Bank of Canada
*The rates for the Years 2014 — 2016 are based on the noon exchange rate and future rates are based on the daily average exchange rates, in replacement of the noon exchange rate which ceased being updated after April 28, 2017.
The total of Canada’s official international reserves on December 31, 2014 to 2018 are as follows:
December 31 | |
2014 | | 2015 | | 2016 | | 2017 | | 2018 | |
(US$ Millions) | |
| | | | | | | | | |
74,700 | | 79,753 | | 82,718 | | 86,625 | | 83,926 | (1) |
Source: Bank of Canada
(1) US$49,090 million, US$0 million in gold, US$2,706 million in the International Monetary Fund position, US$7,941 million in Special Drawing Rights and US$24,189 million in other foreign currencies.
19
TRADE BALANCE
Exports and Imports (all figures in nominal dollars):
Based on the Provincial Economic Accounts 2017 estimates (November 2018), B.C.’s exports of goods and services totaled $111.1 billion during the 2017 calendar year, consisting of $67.1 billion (60.4%) international exports and $44.0 billion (39.6%) interprovincial exports. BC’s imports of goods and services totaled $135.9 billion, consisting of $78.6 billion (57.8%) international imports and $57.3 billion (42.2%) interprovincial imports.
B.C.’s international exports of goods and services represented 10.1% of Canada’s total international exports, while B.C.’s international imports accounted for 11.0% of Canada’s total international imports.
B.C. registered a total trade deficit of $24.9 billion in 2017, which consisted of a $11.5 billion deficit from international trade and a $13.4 billion deficit accruing from interprovincial trade. In 2016, B.C. registered a total trade deficit of $21.3 billion. B.C. had an $10.9 billion deficit from international trade and a $10.3 billion deficit from interprovincial trade.
B.C.’s international exports of goods originating within the province (i.e. domestic exports) were $46.5 billion in 2018, an increase of 7.4% compared to $43.3 billion in 2017. The improvement in export activity reflected expanded trade with the United States and other international destinations, as well as higher prices for commodities such as coal and lumber.
B.C.’s principal international export market in 2018 was the United States, which accounted for 48.9% of B.C.’s total international goods exports. B.C.’s exports to mainland China and Japan accounted for 14.5% and 10.9%, respectively.
Sources: Statistics Canada, BC Stats and Ministry of Finance
20
