About us
U.S. Commercial Paper Program
Launched in 1991, the CWB's U.S. Commercial Paper Program (USCP) supplies a large proportion of the CWB's daily U.S. dollar funding requirements. The CWB posts sub-LIBOR rates in the market comparable to U.S. Agencies, U.S. Treasury Bills, the Government of Canada's U.S. Commercial Paper Program (Canada Bills) and top-rated direct issuers.
The CWB's USCP program typically has notes of approximately $500 mln to $1.0 billion U.S. circulating in the market.
Outstanding USCP as at Jan. 31, 2007: $545 million
| Maximum Term | 270 days |
| Terms of Issuance | 1 to 9 months |
| Minimum size | $100,000 with increments of $1,000 thereafter |
| Currency | U.S. dollars |
| Settlement | Depository Trust Corporation (DTC) |
| Yield basis | Discount or interest-bearing |
| Registered as | 3(a)3 program with SEC, New York |
USCP is available through a select group of financial institutions that act as agents on behalf of the CWB.
Members of the USCP program dealer group:
RBC Capital Markets
Royal Bank Plaza
P.O. Box 50
South Tower, 2nd Floor
200 Bay Street
Toronto, ON
M5J 2W7
Telephone: (416) 842-6265
Elaine Marcus, Director, Global Debt Markets
Money Markets & Fixed Income, Canada
Lehman Brothers Inc.
4th Floor
745 7th Avenue
New York, NY
USA
10019-6801
Telephone: (212) 526-6845
Sara West, Analyst, Short Term Credit Trading
Goldman Sachs Group
29th Floor
85 Broad Street
New York, NY
USA
10004
Telephone: (212) 902-8283
Nick Cancro, Vice President, Goldman Sachs Group
Please contact one of the named dealers to receive more information about the CWB's USCP program.