Exhibit 99.3
ADDITIONAL INFORMATION RELATING TO THE PROVINCE (1)
| Information Relating to Provincial Debt | Page | |
| 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 the terms and conditions of the underlying borrowings issued by the Province.
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.
Non-guaranteed debt includes debt of government crowns. At March 31, 2024, $3,728 million of this debt is classified as taxpayer-supported and $1,462 million is classified as self-supported. For a breakdown of the balances by crown see page 17 of Exhibit 99.3.
Financial statements for 2023/24 show that the Province's total net debt (excluding non-guaranteed debt of $5,190 million) increased by $18,251 million; debt for government purposes increased by $13,031 million and debt for government corporation purposes increased by $5,220 million.
2
DIRECT FUNDED DEBT
As at March 31, 2024
| 2022 | 2023 | 2024 | ||||||||||
| (in millions) | ||||||||||||
| Government Purposes | ||||||||||||
| Payable in: | ||||||||||||
| Canadian Dollars | $ | 32,388 | $ | 27,308 | $ | 33,958 | (2) | |||||
| United States Dollars | 11,086 | 9,264 | 15,632 | (3) | ||||||||
| 43,474 | 36,572 | 49,590 | ||||||||||
| Government Corporation Purposes | ||||||||||||
| Canadian Dollars | 39,816 | 46,117 | 50,563 | (4) | ||||||||
| United States Dollars | 1,990 | 1,773 | 2,869 | (5) | ||||||||
| 41,806 | 47,890 | 53,432 | ||||||||||
| Add/(Less) - Unrealized Foreign Exchange Gains/(Losses) | 7 | 472 | 494 | |||||||||
| 85,287 | 84,934 | 103,516 | ||||||||||
| Add/(Less) - Unamortized Premium/(Discount) | 531 | 18 | (273 | ) | ||||||||
| 85,818 | 84,952 | 103,243 | ||||||||||
| Less - Sinking Funds | (510 | ) | (521 | ) | (491 | ) | ||||||
| Net Direct Funded Debt (1) | $ | 85,308 | $ | 84,431 | $ | 102,752 | ||||||
(1) The Province's debt is reported in compliance with generally accepted accounting principles (GAAP). Amounts shown are consistent with the Province's Debt Summary Report which is net of sinking fund balances and unrealized foreign exchange gains or losses.
(2) Canadian dollar obligations include 100 million Swiss Francs was fully hedged to CAD$96 million; 1,018 million AUD was fully hedged to CAD$1,017 million; 3,723 million Euro was fully hedged to CAD$5,464 million.
(3) U.S. dollar obligations include US$11,919 million which was fully hedged to CAD$15,632 million.
(4) Canadian dollar obligations include EURO402 million which was fully hedged to CAD$591 million.
(5) U.S. dollar obligations include US$2,162 million (CAD$2,869 million), of which US$1,935 million was fully hedged to CAD$2,559 million and US$227 million was unhedged (CAD$310 million).
3
CONSOLIDATION OF DIRECT AND GUARANTEED FUNDED AND UNFUNDED DEBT
As at March 31, 2024
| Outstanding | Sinking Fund | Outstanding | ||||||||||
| (Gross) | Investments | (Net) | ||||||||||
| (in millions) | ||||||||||||
| Direct Debt (1) | ||||||||||||
| Government Purposes | $ | 49,590 | $ | 45 | $ | 49,544 | ||||||
| Government Corporation Purposes (2) | 53,432 | 446 | 52,986 | |||||||||
| - | - | - | ||||||||||
| 103,022 | 491 | 102,531 | ||||||||||
| Add - Unamortized Premium | (273 | ) | - | (273 | ) | |||||||
| Less - Amounts held in the Consolidated Revenue Fund | - | - | - | |||||||||
| Total Direct Debt | $ | 102,749 | $ | 491 | $ | 102,258 | ||||||
| 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 | 1 | - | 1 | |||||||||
| 14 | 0 | 14 | ||||||||||
| Non-Guaranteed Debt | ||||||||||||
| Gross Non-Guaranteed Debt | $ | 5,278 | - | 5,278 | ||||||||
| Less - Unamortized Discounts | 89 | 89 | ||||||||||
| Total Non-Guaranteed Debt | 5,190 | - | 5,190 | |||||||||
| 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 | $ | 107,953 | 491 | $ | 107,461 | |||||||
(1) The Province's debt is reported in compliance with generally accepted accounting principles (GAAP). Amounts shown are consistent with the Province's Debt Summary Report which includes guaranteed debt and non-guaranteed debt incurred by self-supporting crowns, and is net of sinking fund balances and unrealized foreign exchange gains or losses.
(2) Represents direct borrowing by the Province for relending to government corporations on identical terms
Note:
Direct unfunded gross debt of the Province (Promissory Notes) on March 31, 2024 totaled $12,218 million. This short term debt was comprised of $6,646 million in fiscal agency loans to government corporations and $5,572 million in loans for government.
Further, all direct unfunded debt consisted of issues denominated in Cdn.
4
Financing Requirements
The financing requirements of the Province are accomplished through short, medium and long term borrowing in public and private markets in Canada and abroad, including the federal Canada Pension Plan (the "Plan"). Under the Plan, the Province may refinance maturing loans from the Plan with new loans equal to or less than the matured nominal amount of such loans.
The majority of British Columbia's borrowing requirements are met through public domestic borrowings and loans from the Plan. During the 2023/24 fiscal year, the Province borrowed or financed $13 million from the Plan.
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, 2024, the Province has $491 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, 2024
(Unaudited)
| Canadian Dollars | U.S. Dollars1 | |||||||||||||||||||||||
| Fiscal Year | Gross Debt Maturities | Projected Sinking Fund Values | Net Debt Maturities² | Gross Debt Maturities | Projected Sinking Fund Values | Net Debt Maturities | ||||||||||||||||||
| (in millions) | (in millions) | |||||||||||||||||||||||
| 2025 | 1,821 | 2 | 1,819 | 1,250 | - | 1,250 | ||||||||||||||||||
| 2026 | 4,843 | 8 | 4,835 | 500 | 160 | 340 | ||||||||||||||||||
| 2027 | 1,956 | 36 | 1,920 | 3,250 | - | 3,250 | ||||||||||||||||||
| 2028 | 2,915 | 12 | 2,903 | - | - | - | ||||||||||||||||||
| 2029 | 2,210 | 9 | 2,201 | 2,000 | - | 2,000 | ||||||||||||||||||
| $ | 13,745 | $ | 67 | $ | 13,678 | $ | 7,000 | $ | 160 | $ | 6,840 | |||||||||||||
| 2030 - 34 | 19,677 | 30 | 19,647 | 4,000 | - | 4,000 | ||||||||||||||||||
| 2035 - 39 | 7,042 | 128 | 6,914 | 300 | 67 | 233 | ||||||||||||||||||
| 2040 - 44 | 8,419 | 59 | 8,360 | - | - | - | ||||||||||||||||||
| 2045 - 49 | 10,275 | 321 | 9,954 | - | - | - | ||||||||||||||||||
| 2050 - 54 | 16,173 | 677 | 15,496 | - | - | - | ||||||||||||||||||
| 2055 - 59 | 190 | - | 190 | - | - | - | ||||||||||||||||||
| 2060 - 64 | 231 | - | 231 | - | - | - | ||||||||||||||||||
| 2065 - 69 | - | - | - | - | - | - | ||||||||||||||||||
| $ | 75,752 | $ | 1,282 | $ | 74,470 | $ | 11,300 | $ | 227 | $ | 11,073 | |||||||||||||
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, 2024. 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, 2024
(Unaudited)
| Canadian Dollars | U.S. Dollars | |||||||||||||||||||||||
| Fiscal Year | Gross Debt Maturities | Projected Sinking Fund Values | Net Debt Maturities | Gross Debt Maturities | Projected Sinking Fund Values | Net Debt Maturities | ||||||||||||||||||
| (in millions) | (in millions) | |||||||||||||||||||||||
| 2025 | $ | 10 | $ | - | $ | 10 | $ | - | $ | - | $ | - | ||||||||||||
| 2026 | - | - | - | - | - | - | ||||||||||||||||||
| 2027 | - | - | - | - | - | - | ||||||||||||||||||
| 2028 | - | - | - | - | - | - | ||||||||||||||||||
| 2029 | - | - | - | - | - | |||||||||||||||||||
| 10 | - | 10 | - | - | - | |||||||||||||||||||
| 2030 - 34 | - | - | - | - | - | - | ||||||||||||||||||
| 2035 - 39 | - | - | - | - | - | - | ||||||||||||||||||
| 2040 - 44 | - | - | - | - | - | - | ||||||||||||||||||
| 2045 - 49 | - | - | - | - | - | - | ||||||||||||||||||
| Other1 | 4 | - | 4 | - | - | - | ||||||||||||||||||
| $ | 14 | $ | - | 14 | $ | - | $ | - | $ | - | ||||||||||||||
1 Includes Province miscellaneous Guarantees.
7
STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT
At March 31, 2024
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| Long-Term and Medium-Term Debt Issued by Province of British Columbia: | ||||||||||||||
| 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) | |||||||||
| BCCD-34 (R4) | June 18, 2025 | April 1, 2020 | 2.85 | 300 | (2) | |||||||||
| BCCD-34 (R5) | June 18, 2025 | April 1, 2020 | 2.85 | 450 | (2) | |||||||||
| BCCD-34 (R6) | June 18, 2025 | April 8, 2020 | 2.85 | 500 | (2) | |||||||||
| BCCD-34 (R7) | June 18, 2025 | April 28, 2020 | 2.85 | 800 | (2) | |||||||||
| BCCMTN-63 | June 9, 2026 | September 11, 1996 | 8.00 | 110 | (2) | |||||||||
| 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-37 (R2) | June 18, 2027 | August 14, 2020 | 2.55 | 800 | (2) | |||||||||
| BCCD-37 (R3) | June 18, 2027 | December 15, 2020 | 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-38 (R3) | December 18, 2028 | June 11, 2019 | 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-40 | June 18, 2030 | October 30, 2019 | 2.20 | 500 | (2) | |||||||||
| BCCD-40 (R1) | June 18, 2030 | December 12, 2019 | 2.20 | 500 | (2) | |||||||||
| BCCD-40 (R2) | June 18, 2030 | March 25, 2020 | 2.20 | 600 | (2) | |||||||||
| BCCD-40 (R3) | June 18, 2030 | March 27, 2020 | 2.20 | 400 | (2) | |||||||||
| BCCD-40 (R4) | June 18, 2030 | April 2, 2020 | 2.20 | 300 | (2) | |||||||||
| BCCD-40 (R5) | June 18, 2030 | April 15, 2020 | 2.20 | 410 | (2) | |||||||||
| BCCD-40 (R6) | June 18, 2030 | May 6, 2020 | 2.20 | 500 | (2) | |||||||||
| BCCD-40 (R7) | June 18, 2030 | September 8, 2020 | 2.20 | 500 | (2) | |||||||||
| BCCD-40 (R8) | June 18, 2030 | January 22, 2021 | 2.20 | 500 | (2) | |||||||||
8
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| 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-41 | June 18, 2031 | February 11, 2021 | 1.55 | 500 | (2) | |||||||||
| BCCD-41 (R1) | June 18, 2031 | April 6, 2021 | 1.55 | 500 | (2) | |||||||||
| BCCD-41 (R2) | June 18, 2031 | May 26, 2021 | 1.55 | 500 | (2) | |||||||||
| BCCD-41 (R3) | June 18, 2031 | June 15, 2021 | 1.55 | 800 | (2) | |||||||||
| BCCD-41 (R4) | June 18, 2031 | October 18, 2021 | 1.55 | 500 | (2) | |||||||||
| BCCD-41 (R5) | June 18, 2031 | January 25, 2022 | 1.55 | 500 | (2) | |||||||||
| BCCD-41 (R6) | June 18, 2031 | March 22, 2022 | 1.55 | 500 | (2) | |||||||||
| BCCD-43 | June 18, 2032 | April 12, 2022 | 3.20 | 500 | (2) | |||||||||
| BCCD-43 (R1) | June 18, 2032 | May 13, 2022 | 3.20 | 500 | (2) | |||||||||
| BCCD-43 (R2) | June 18, 2032 | June 14, 2022 | 3.20 | 500 | (2) | |||||||||
| BCCD-43 (R3) | June 18, 2032 | November 15, 2022 | 3.20 | 500 | (2) | |||||||||
| BCCD-43 (R4) | June 18, 2032 | March 13, 2023 | 3.20 | 500 | (2) | |||||||||
| BCCD-45 | June 18, 2033 | April 11, 2023 | 3.55 | 500 | (2) | |||||||||
| BCCD-45 (R1) | June 18, 2033 | May 29, 2023 | 3.55 | 500 | (2) | |||||||||
| BCCD-45 (R2) | June 18, 2033 | June 21, 2023 | 3.55 | 500 | (2) | |||||||||
| BCCD-45 (R3) | June 18, 2033 | October 13, 2023 | 3.55 | 500 | (2) | |||||||||
| BCCD-45 (R4) | June 18, 2033 | December 12, 2023 | 3.55 | 500 | (2) | |||||||||
| BCCD-45 (R5) | June 18, 2033 | January 15, 2024 | 3.55 | 500 | (2) | |||||||||
| BCCD-46 | June 18, 2034 | January 25, 2024 | 4.15 | 600 | (2) | |||||||||
| BCCD-46 (R1) | June 18, 2034 | January 30, 2024 | 4.15 | 500 | (2) | |||||||||
| BCCD-46 (R2) | June 18, 2034 | March 28, 2024 | 4.15 | 900 | (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) | |||||||||
| 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) | |||||||||
9
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| 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-39 (R2) | June 18, 2050 | April 1, 2019 | 2.95 | 500 | (2) | |||||||||
| BCCD-39 (R3) | June 18, 2050 | April 23, 2019 | 2.95 | 500 | (2) | |||||||||
| BCCD-39 (R4) | June 18, 2050 | July 22, 2019 | 2.95 | 400 | (2) | |||||||||
| BCCD-39 (R5) | June 18, 2050 | April 16, 2020 | 2.95 | 500 | (2) | |||||||||
| BCCD-39 (R6) | June 18, 2050 | April 17, 2020 | 2.95 | 1,000 | (2) | |||||||||
| BCCD-39 (R7) | June 18, 2050 | April 21, 2020 | 2.95 | 500 | (2) | |||||||||
| BCCD-39 (R8) | June 18, 2050 | June 1, 2020 | 2.95 | 500 | (2) | |||||||||
| BCCD-39 (R9) | June 18, 2050 | October 13, 2020 | 2.95 | 500 | (2) | |||||||||
| BCCD-39 (R10) | June 18, 2050 | December 8, 2020 | 2.95 | 500 | (2) | |||||||||
| BCCD-39 (R11) | June 18, 2050 | March 3, 2021 | 2.95 | 500 | (2) | |||||||||
| BCCD-42 | June 18, 2052 | May 7, 2021 | 2.75 | 500 | (2) | |||||||||
| BCCD-42 (R1) | June 18, 2052 | June 7, 2021 | 2.75 | 500 | (2) | |||||||||
| BCCD-42 (R2) | June 18, 2052 | July 23, 2021 | 2.75 | 500 | (2) | |||||||||
| BCCD-42 (R3) | June 18, 2052 | November 15, 2021 | 2.75 | 500 | (2) | |||||||||
| BCCD-42 (R4) | June 18, 2052 | December 10, 2021 | 2.75 | 500 | (2) | |||||||||
| BCCD-42 (R5) | June 18, 2052 | March 29, 2022 | 2.75 | 800 | (2) | |||||||||
| BCCD-42 (R6) | June 18, 2052 | April 25, 2022 | 2.75 | 500 | (2) | |||||||||
| BCCD-42 (R7) | June 18, 2052 | May 30, 2022 | 2.75 | 500 | (2) | |||||||||
| BCCD-44 | December 18, 2053 | June 30, 2022 | 4.25 | 500 | (2) | |||||||||
| BCCD-44 (R1) | December 18, 2053 | December 5, 2022 | 4.25 | 500 | (2) | |||||||||
| BCCD-44 (R2) | December 18, 2053 | June 5, 2023 | 4.25 | 500 | (2) | |||||||||
| BCCD-44 (R3) | December 18, 2053 | August 4, 2023 | 4.25 | 500 | (2) | |||||||||
| BCCD-44 (R4) | December 18, 2053 | October 24, 2023 | 4.25 | 500 | (2) | |||||||||
| BCCD-44 (R5) | December 18, 2053 | December 6, 2023 | 4.25 | 800 | (2) | |||||||||
| BCCD-44 (R6) | December 18, 2053 | March 22, 2024 | 4.25 | 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 $ | 66,177.50 | ||||||||||||
10
Canada Pension Plan Investment
Board issues:
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| BCCP-102 | April 2, 2024 | April 2, 2004 | 5.28 | 51.2 | (2) (3) | |||||||||
| BCCP-103 | May 3, 2024 | May 3, 2004 | 5.57 | 8.0 | (2) (3) | |||||||||
| BCCP-104 | May 10, 2024 | May 10, 2004 | 5.52 | 59.3 | (2) (3) | |||||||||
| BCCP-105 | June 1, 2024 | June 1, 2004 | 5.57 | 17.7 | (2) (3) | |||||||||
| BCCP-106 | June 8, 2024 | June 8, 2004 | 5.69 | 52.9 | (2) (3) | |||||||||
| BCCP-107 | July 11, 2025 | July 11, 2005 | 4.57 | 47.7 | (2) (3) | |||||||||
| BCCP-108 | August 11, 2025 | August 9, 2005 | 4.61 | 5.0 | (2) (3) | |||||||||
| BCCP-173 | July 11, 2026 | July4, 2011 | 4.01 | 29.1 | (2) (3) | |||||||||
| BCCP-113 | August 8, 2026 | August 8, 2006 | 4.78 | 14.5 | (2) (3) | |||||||||
| BCCP-119 | December 11, 2026 | December 11, 2006 | 4.30 | 8.3 | (2) (3) | |||||||||
| BCCP-128 | October 9, 2027 | October 9, 2007 | 4.86 | 13.0 | (2) (3) | |||||||||
| BCCP-129 | November 13, 2027 | November 13, 2007 | 4.82 | 30.9 | (2) (3) | |||||||||
| BCCP-131 | March 10, 2028 | March 10, 2008 | 4.63 | 21.4 | (2) (3) | |||||||||
| BCCP-139 | October 7, 2028 | October 7, 2008 | 4.98 | 7.2 | (2) (3) | |||||||||
| BCCP-143 | December 9, 2028 | December 9, 2008 | 5.19 | 2.7 | (2) (3) | |||||||||
| BCCP-145 | May 11, 2029 | May 11, 2009 | 5.01 | 22.5 | (2) (3) | |||||||||
| BCCP-181 | June 9, 2029 | June 9, 2014 | 3.35 | 5.0 | (2) (3) | |||||||||
| BCCP-161 | May 10, 2030 | May 10, 2010 | 4.79 | 50.2 | (2) (3) | |||||||||
| BCCP-174 | July 11, 2031 | July4, 2011 | 4.21 | 31.7 | (2) (3) | |||||||||
| BCCP-109 | August 9, 2035 | August 9, 2005 | 4.67 | 21.5 | (2) (3) | |||||||||
| BCCP-166 | October 4, 2035 | October 4, 2010 | 4.22 | 1.5 | (2) (3) | |||||||||
| BCCP-111 | May 9, 2036 | May 9, 2006 | 4.91 | 31.2 | (2) (3) | |||||||||
| BCCP-191 | August 8, 2036 | August 8, 2016 | 2.55 | 6.0 | (2) (3) | |||||||||
| BCCP-115 | September 11, 2036 | September 11, 2006 | 4.54 | 32.1 | (2) (3) | |||||||||
| BCCP-117 | October 10, 2036 | October 10, 2006 | 4.46 | 20.2 | (2) (3) | |||||||||
| BCCP-118 | November 10, 2036 | November 10, 2006 | 4.47 | 37.1 | (2) (3) | |||||||||
| BCCP-177 | February 13, 2037 | February 13, 2012 | 3.25 | 3.9 | (2) (3) | |||||||||
| BCCP-121 | March 12, 2037 | March 12, 2007 | 4.41 | 55.7 | (2) (3) | |||||||||
| BCCP-122 | April 10, 2037 | April 10, 2007 | 4.52 | 41.8 | (2) (3) | |||||||||
| BCCP-123 | May 8, 2037 | May 8, 2007 | 4.50 | 74.3 | (2) (3) | |||||||||
| BCCP-192 | June 11, 2037 | June 12, 2017 | 2.758 | 76.9 | (2) (3) | |||||||||
| BCCP-125 | July 10, 2037 | July 10, 2007 | 4.85 | 31.8 | (2) (3) | |||||||||
| BCCP-126 | August 10, 2037 | August 10, 2007 | 4.90 | 18.6 | (2) (3) | |||||||||
| BCCP-127 | September 4, 2037 | September 4, 2007 | 4.86 | 14.2 | (2) (3) | |||||||||
| BCCP-132 | April 8, 2038 | April 8, 2008 | 4.67 | 43.0 | (2) (3) | |||||||||
| BCCP-134 | May 12, 2038 | May 12, 2008 | 4.70 | 77.6 | (2) (3) | |||||||||
| BCCP-135 | June 10, 2038 | June 10, 2008 | 4.72 | 29.8 | (2) (3) | |||||||||
| BCCP-136 | July 8, 2038 | July 8, 2008 | 4.74 | 37.1 | (2) (3) | |||||||||
| BCCP-137 | August 8, 2038 | August 8, 2008 | 4.69 | 13.3 | (2) (3) | |||||||||
| BCCP-193 | September 9, 2038 | September 10, 2018 | 2.99 | 5.9 | (2) (3) | |||||||||
| BCCP-194 | November 10, 2038 | November 13, 2018 | 3.25 | 37.4 | (2) (3) | |||||||||
| BCCP-204 | December 9, 2038 | December 11, 2023 | 4.427 | 13.2 | (2) (3) | |||||||||
| BCCP-195 | April 15, 2039 | April 15, 2019 | 2.721 | 35.7 | (2) (3) | |||||||||
| BCCP-146 | May 11, 2039 | May 11, 2009 | 4.91 | 58.9 | (2) (3) | |||||||||
| BCCP-148 | June 9, 2039 | June 9, 2009 | 4.99 | 78.2 | (2) (3) | |||||||||
| BCCP-149 | July 10, 2039 | July 10, 2009 | 4.71 | 36.9 | (2) (3) | |||||||||
| BCCP-150 | August 10, 2039 | August 10, 2009 | 4.73 | 17.6 | (2) (3) | |||||||||
| BCCP-182 | October 14, 2039 | October 14, 2014 | 3.36 | 6.5 | (2) (3) | |||||||||
| BCCP-154 | November 10, 2039 | November 10, 2009 | 4.68 | 10.0 | (2) (3) | |||||||||
| BCCP-183 | November 10, 2039 | November 10, 2014 | 3.426 | 25.9 | (2) (3) | |||||||||
| BCCP-184 | December 8, 2039 | December 8, 2014 | 3.30 | 7.3 | (2) (3) | |||||||||
| BCCP-185 | March 9, 2040 | March 9, 2015 | 2.68 | 5.7 | (2) (3) | |||||||||
| BCCP-157 | March 9, 2040 | March 9, 2010 | 4.60 | 31.5 | (2) (3) | |||||||||
| BCCP-159 | April 12, 2040 | April 12, 2010 | 4.73 | 39.5 | (2) (3) | |||||||||
| BCCP-186 | April 13, 2040 | April 13, 2015 | 2.718 | 16.2 | (2) (3) | |||||||||
| BCCP-200 | May 10, 2040 | May 11, 2020 | 1.98 | 29.1 | (2) (3) | |||||||||
| BCCP-187 | June 8, 2040 | June 8, 2015 | 2.961 | 13.0 | (2) (3) | |||||||||
11
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| BCCP-201 | June 8, 2040 | June 8, 2020 | 2.05 | 80.1 | (2) (3) | |||||||||
| BCCP-164 | July 12, 2040 | July 12, 2010 | 4.50 | 49.4 | (2) (3) | |||||||||
| BCCP-165 | August 10, 2040 | August 10, 2010 | 4.50 | 2.8 | (2) (3) | |||||||||
| BCCP-167 | November 9, 2040 | November 9, 2010 | 4.21 | 18.5 | (2) (3) | |||||||||
| BCCP-188 | December 10, 2040 | December 10, 2015 | 3.292 | 9.4 | (2) (3) | |||||||||
| BCCP-189 | April 11, 2041 | April 11, 2016 | 2.99 | 78.0 | (2) (3) | |||||||||
| BCCP-190 | May 10, 2041 | May 10, 2016 | 3.02 | 83.0 | (2) (3) | |||||||||
| BCCP-202 | June 10, 2041 | June 10, 2021 | 2.553 | 91.5 | (2) (3) | |||||||||
| BCCP-203 | August 8, 2041 | August 9, 2021 | 2.318 | 11.2 | (2) (3) | |||||||||
| BCCP-178 | May 8, 2042 | May 8, 2012 | 3.54 | 70.1 | (2) (3) | |||||||||
| BCCP-179 | June 11, 2042 | June 11, 2012 | 3.22 | 97.7 | (2) (3) | |||||||||
| BCCP-180 | July 10, 2042 | July 10, 2012 | 3.29 | 54.8 | (2) (3) | |||||||||
| BCCP-196 | April 12, 2049 | April 12, 2019 | 2.725 | 25.1 | (2) (3) | |||||||||
| BCCP-197 | May 10, 2049 | May 10, 2019 | 2.755 | 26.6 | (2) (3) | |||||||||
| BCCP-198 | June 10, 2049 | June 10, 2019 | 2.5325 | 42.4 | (2) (3) | |||||||||
| BCCP-199 | July 12, 2049 | July 12, 2019 | 2.3793 | 26.0 | (2) (3) | |||||||||
| Total: | C $ | 2,381.00 | (2) (3) | |||||||||||
| Other | 328.74 | (5) | ||||||||||||
| Short-term Promissory Notes | 8,465.70 | |||||||||||||
| Total Issues in Canadian Dollars | C $ | 77,352.94 | ||||||||||||
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| BCUSG-10 | September 27, 2024 | September 27, 2019 | 1.75 | 1,250 | (2) (4) | |||||||||
| BCUSD-2 | January 15, 2026 | January 24, 1996 | 6.50 | 500 | (2) (4) | |||||||||
| BCUSG-9 | June 2, 2026 | June 2, 2016 | 2.25 | 750 | (2) (4) | |||||||||
| BCUSG-12 | July 20, 2026 | July 20, 2021 | 0.90 | 2,500 | (2) (4) | |||||||||
| BCUSG-14 | November 15, 2028 | November 15, 2023 | 4.80 | 2,000 | (2) (4) | |||||||||
| BCUSG-11 | January 29, 2031 | January 29, 2021 | 1.30 | 1,750 | (2) (4) | |||||||||
| BCUSG-13 | July 6, 2033 | July 6, 2023 | 4.20 | 2,250 | (2) (4) | |||||||||
| BCUSD-3 | September 1, 2036 | August 29, 1996 | 7.25 | 300 | (2) (4) | |||||||||
| Short-term Promissory Notes | US $ | 2,781.40 | ||||||||||||
| Total Issues in U.S. Dollars * | US $ | 14,081.40 | ||||||||||||
| Exchange Premium (Including Hedge) | 4,419.60 | |||||||||||||
| U.S. Issues at Canadian Dollar Equivalent | C $ | 18,501.00 | ||||||||||||
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| 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) | |||||||||||
12
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| 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-17 | July 24, 2034 | January 24, 2024 | 3.00 | 1,250 | (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-16 | April 1, 2039 | October 18, 2023 | 3.741 | 100 | (1) | |||||||||
| BCEURO-14 | June 7, 2039 | June 7, 2023 | 3.508 | 86 | (1) | |||||||||
| BCEURO-13 | June 9, 2039 | June 9, 2022 | 2.06 | 100 | (1) | |||||||||
| BCEURO-3 | December 18, 2040 | December 18, 2015 | 1.678 | 75 | (1) | |||||||||
| BCEURO-12 | December 22, 2042 | December 21, 2021 | 0.59 | 135 | (1) | |||||||||
| BCEURO-4 | June 17, 2043 | June 17, 2016 | 1.25 | 100 | (1) | |||||||||
| BCEURO-7 | April 25, 2044 | April 25, 2019 | 1.227 | 130 | (1) | |||||||||
| BCEURO-11 | April 9, 2048 | April 9, 2020 | 1.00 | 170 | (1) | |||||||||
| BCEURO-8 | April 26, 2049 | April 26, 2019 | 1.312 | 100 | (1) | |||||||||
| BCEURO-9 | October 18, 2049 | October 18, 2019 | 0.478 | 135 | (1) | |||||||||
| BCEURO-9 (R1) | October 18, 2049 | October 18, 2019 | 0.478 | 50 | (1) | |||||||||
| BCEURO-9 (R2) | October 18, 2049 | October 18, 2019 | 0.478 | 100 | (1) | |||||||||
| BCEURO-9 (R3) | October 18, 2049 | October 25, 2019 | 0.478 | 125 | (1) | |||||||||
| BCEURO-9 (R4) | October 18, 2049 | June 1, 2023 | 0.478 | 90 | (1) | |||||||||
| BCEURO-9 (R5) | October 18, 2049 | October 18, 2023 | 0.478 | 100 | (1) | |||||||||
| BCEURO-9 (R6) | October 18, 2049 | October 19, 2023 | 0.478 | 59 | (1) | |||||||||
| BCEURO-9 (R7) | October 18, 2049 | October 19, 2023 | 0.478 | 50 | (1) | |||||||||
| BCEURO-10 | March 30, 2050 | March 30, 2020 | 0.27 | 150 | (1) | |||||||||
| BCEURO-15 | June 5, 2053 | June 5, 2023 | 3.402 | 80 | (1) | |||||||||
| Total Issues in Euros ** | EUR | 4,125 | ||||||||||||
| Exchange Premium (Including Hedge) | 1,930 | |||||||||||||
| Euro Issues at Canadian Dollar Equivalent ** | C $ | 6,055 | ||||||||||||
| Date of | Date of | Interest | Outstanding | |||||||||||
| Series | Maturity | Issue | Rate | March 31, 2024 | References | |||||||||
| (percent) | ($ Millions) | |||||||||||||
| 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) | |||||||||
| BCAUD-3 | May 16, 2032 | November 16, 2021 | 2.50 | 70 | (2) | |||||||||
| BCAUD-4 | December 14, 2032 | December 14, 2021 | 2.60 | 78 | (2) | |||||||||
| Total Issues in Australian Dollars ** | AUD | 1,018 | ||||||||||||
| Exchange Premium (Including Hedge) | (1 | ) | ||||||||||||
| AUD Issues at Canadian Dollar Equivalent ** | C $ | 1,017 | ||||||||||||
| Gross Direct Debt Issued by the Province | ||||||||||||||
| (In Canadian Dollar Equivalents) | C $ | 103,021.94 | ||||||||||||
| * | Payable and expressed in U.S. dollars. Debt payable of US $13,854 million has been hedged to C$18,191 million and US$227 million was unhedged (CAD$310 million). This balance was translated at the exchange rate prevailing at year-end. |
| ** | Foreign currency debt, other than $227 million U.S. debt, has been fully hedged to Canadian dollars. |
13
REFERENCES TO STATEMENTS OF DEBT
| 1) | Interest payable annually. |
| 2) | Interest payable semi-annually. |
| 3) | 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. |
| 4) | Callable by the issuer if taxation laws requiring additional payments are imposed or levied. |
| 5) | Direct capital leases and Federal loans to InBC Investment Corporation (formally BC Immigrant Investment Fund), internal debt financing, and other guarantees. |
14
STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT
At March 31, 2024
| Amount Outstanding | ||||||||
| March 31, 2024 | ||||||||
| (in $ 000s) | ||||||||
| Gross Direct Debt issued by the Province (in Canadian Dollar Equivalents) | 103,021,935 | |||||||
| Less - Fiscal Agency Borrowings on behalf of: | ||||||||
| British Columbia Housing Management Commission | 978,424 | |||||||
| British Columbia Hydro and Power Authority | 29,668,493 | |||||||
| British Columbia Infrastructure Benefits Inc. | 15,246 | |||||||
| British Columbia Institute of Technology | 32,189 | |||||||
| British Columbia Lottery Corporation | 110,544 | |||||||
| British Columbia Transit | 169,690 | |||||||
| British Columbia Transportation Financing Authority | 20,072,880 | |||||||
| College of New Caledonia | 2,575 | |||||||
| Columbia Basin Power Projects | 936,361 | |||||||
| Columbia Power Corporation | 335,000 | |||||||
| InBC Investment Corporation (Formerly British Columbia Immigration Investment Fund) | 60,351 | |||||||
| Improvement Districts | 2,627 | |||||||
| Langara College | 10,000 | |||||||
| Nicola Valley Institute of Technology | 2,871 | |||||||
| Okanagan College | 4,162 | |||||||
| Providence | 636,295 | |||||||
| Simon Fraser University | 73,000 | |||||||
| Thompson Rivers University | 26,774 | |||||||
| University of British Columbia | 140,282 | |||||||
| University of Fraser Valley | 6,500 | |||||||
| University of Victoria | 148,124 | |||||||
| - | 53,432,390 | |||||||
| Gross Direct Debt | 49,589,545 | |||||||
| Add -- Unrealized Foreign Exchange Loss | 395,494 | |||||||
| Less -- Unamortized Discount | (109,944 | ) | ||||||
| Less -- Government Sinking Funds | (45,409 | ) | ||||||
| Add -- Bonds held in the Consolidated Revenue Fund | - | 240,141 | ||||||
| Total Net Direct Debt | 49,829,686 | |||||||
| Gross Fiscal Agency Debt | 53,432,390 | |||||||
| Add -- Unrealized Foreign Exchange gain | 98,278 | |||||||
| Less -- Unamortized Discount | (162,665 | ) | ||||||
| Less -- Government Sinking Funds | (445,957 | ) | (510,344 | ) | ||||
| Total Net Fiscal Agency Debt | 52,922,046 | |||||||
| Total Net Direct and Fiscal Agency Debt | $ | 102,751,732 | ||||||
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NET GUARANTEED DEBT
At March 31, 2024
| Issue & Series | Year of Maturity | Year of Issue | Interest Rate (percent) | Amount Outstanding 1 March 31/2024 | ||||||||||||
| (in 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.
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NON-GUARANTEED DEBT
As At March 31, 2024
| (in Millions of Cdn dollars) | ||||
| Taxpayer-Supported Debt | ||||
| BC Transportation Financing Authority | 1,207 | |||
| Columbia Basin Trust | 6 | |||
| Health facilities | 1,757 | |||
| Post-Secondary | 524 | |||
| Provincial Rental Housing | 215 | |||
| Schools | 19 | |||
| 3,728 | ||||
| Self-Supported Debt | ||||
| Commercial Crown Corporations and Agencies | ||||
| British Columbia Transmission Corporation | 0 | |||
| British Columbia Hydro | 71 | |||
| British Columbia Liquor Distribution Branch | 233 | |||
| British Columbia Lottery Corporation | 59 | |||
| British Columbia Railway Co | 1 | |||
| Insurance Corporation of BC | 57 | |||
| Columbia Basin Trust (joint ventures real estate investments) | 37 | |||
| Columbia Basin Power Projects1 | 323 | |||
| Post-Secondary institutions' subsidiaries | 681 | |||
| Total Self-Supported Non-Guaranteed Debt | 1,462 | |||
| Total Non-Guaranteed Debt | $ | 5,190 | ||
(1) Joint ventures of Columbia Power Corporation and Columbia Basin Trust.
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CONSOLIDATED FUNDED AND UNFUNDED DEBT OF THE PUBLIC SECTOR
As at March 31, 2024
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 Gross | Unamortized Discount | Sinking Fund Investments2 | Outstanding Net | |||||||||||||
| (in Millions of Cdn dollars) | ||||||||||||||||
| Direct and Guaranteed Funded and Unfunded | ||||||||||||||||
| Debt of the Province | $ | 103,036 | $ | (273 | ) | $ | (491 | ) | $ | 102,273 | ||||||
| Plus: Non-Guaranteed Debt | 5,278 | $ | (89 | ) | - | 5,190 | ||||||||||
| Total Consolidated Funded Debt of the Public Sector of British Columbia | $ | 108,315 | $ | (361 | ) | $ | (491 | ) | $ | 107,462 | ||||||
(1) Balance does not include the Provision for Probable Payout ($1 million).
(2) The Province's debt is reported in compliance with generally accepted accounting principles (GAAP). Amounts shown are consistent with the Province's Debt Summary Report which includes guaranteed debt and non-guaranteed debt incurred by self-supporting crowns is net of sinking fund balances and the unrealized foreign exchange gains or losses
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CANADIAN FOREIGN EXCHANGE RATE AND
INTERNATIONAL RESERVES
Historical USD/CAD exchange rates* for the Canadian dollar against one United States dollar are as follows for the calendar year ended December 31st:
| 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||
| (CAD) Low | 1.3600 | 1.4496 | 1.2942 | 1.3856 | 1.3875 | |||||||||||||||
| (CAD) High | 1.2988 | 1.2718 | 1.2040 | 1.2451 | 1.3128 | |||||||||||||||
On March 31, 2024, the daily average exchange rate for the Canadian dollar against one U.S. dollar was 1.3574
Source: Bank of Canada
*The rates are based on the daily average exchange rates.
The total of Canada’s official international reserves on December 30, 2019 to 2023 are as follows:
| December 30 | |||||||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||
| (US$ Millions) | |||||||||||||
| 85,297 | 90,428 | 106,615 | (1) | 107,255 | 118,276 | ||||||||
Source: Bank of Canada
| (1) | US$81,712 million in Securities, US$8,202 million in deposits, US$23,422 million in Special Drawing Rights, US$4,215 million in the International Monetary Fund, and US$725 million in Other reserve assets. |
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TRADE BALANCE
Exports and Imports (all figures in nominal dollars):
Based on the Provincial Economic Accounts 2022 estimates (November 2023), B.C.’s exports of goods and services totaled $162.9 billion during the 2022 calendar year, consisting of $101.3 billion (62.2%) international exports and $61.6 billion (37.8%) interprovincial exports. B.C.’s imports of goods and services totaled $188.0 billion, consisting of $107.6 billion (57.2%) international imports and $80.4 billion (42.8%) interprovincial imports.
B.C.’s international exports of goods and services represented 10.6% of Canada’s total international exports in 2022, while B.C.’s international imports accounted for 11.3% of Canada’s total international imports in 2022.
B.C. registered a total trade deficit of $25.0 billion in 2022, which consisted of a $6.3 billion deficit from international trade and a $18.8 billion deficit accruing from interprovincial trade. In 2021, B.C. registered a total trade deficit of $21.2 billion. B.C. had a $2.7 billion deficit from international trade and a $18.5 billion deficit from interprovincial trade.
B.C.’s international exports of goods originating within the province (i.e. domestic exports) were $54.5 billion in 2023, a decrease of 16.2% compared to $64.9 billion in 2022. B.C.’s exports to most countries were lower in 2023, primarily driven by lower exports of natural gas, lumber, and coal.
B.C.’s principal international export market in 2023 was the United States, which accounted for 52.8% of B.C.’s total international goods exports. B.C.’s exports to mainland China and Japan accounted for 14.6% and 11.4%, respectively.
Sources: Statistics Canada, BC Stats and Ministry of Finance
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