Canada Savings Bond


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Canada Savings Bond

A savings bond offered by the Government of Canada and guaranteed by the Bank of Canada. Originally offered in 1946 as a Victory War Bond, a CSB pays a low, but safe, interest rate. The interest rate at which a CSB is offered is guaranteed for one year, and then fluctuates according to prevailing interest rates. A CSB is redeemable for cash at any time, but usually has a maturity of 10 years. See also: Canada Premium Bond.
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As mentioned before, we hypothesize that the main factor causing the seasonal patterns in bond returns is the Canada Savings Bonds (CSBs).
The federal government of Canada conducts its fundraising activities in the credit markets using primarily three instruments: T-Bills (issued weekly), Canada Savings Bonds (issued annually), and marketable bonds (whenever needed, usually at least once a month).
To this point, they have been making their own investment decisions which generally include laddered GICs and Canada Savings Bonds.
They realize that there are alternatives to the GICs and Canada Savings Bonds which formed the bulk of their portfolio.

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