Province's Debt History

Net Debt and Interest-on-Debt

Fiscal Years 2011–12 to 2020–21 ($ Millions) Actual Interim Current Outlook 2011–12 2012–13 2013–14 2014–15 2015–16 2016–17 2017–18 2018–19 2019–20 2020–21 Net Debt 241,912 259,947 276,169 294,557 306,357 314,077 323,834 338,496 355,160 397,203 Net-Debt-to-GDP 36.6% 38.2% 39.7% 40.5% 40.3% 39.7% 39.2% 39.5% 39.9% 47.1% Net-Debt-to-Revenue 207.8% 216.0% 224.6% 233.5% 225.0% 223.2% 215.0% 220.2% 226.6% 263.7% Interest-on-Debt1 (IOD) 10,587 10,878 11,155 11,221 11,589 11,709 11,903 12,384 12,599 12,458 IOD-to-Revenue 9.1% 9.0% 9.1% 8.9% 8.5% 8.3% 7.9% 8.1% 8.0% 8.3%

1 Interest on debt is net of interest capitalized during construction of tangible capital assets of $157 million in 2017–18, $175 million in 2018–19, $476 million in 2019–20, and $234 million in 2020–21.

Source: Ontario Financing Authority.

Average Annual Ontario Borrowing Rates

(Per Cent)

*2019–20 and 2020–21 are 2019 Budget forecasts.

Sources: Public Accounts of Ontario and Ontario Financing Authority.

Province's Consolidated Debt Portfolio

Publicly-held Debt

The Province's publicly-held debt consists of funds borrowed from the general public and institutional investors.

Publicly held debt interim as of March 31, 2020, was $361.2 billion, or 97 per cent of total debt, issued in the following currencies:

• $300.8 billion Canadian dollars • $1.1 billion Swiss francs • $44.7 billion U.S. dollars • $0.9 billion Pound Sterling • $11.4 billion Euros • $0.5 billion Japanese yen • $1.9 billion Australian dollars

Note: Publicly-held debt includes the offsetting of $7.6 billion in Ontario bonds and treasury bills purchased and held by the Province against Canadian dollar debt. Numbers may not add due to rounding.

Non-Public Debt

Ontario's non-public debt interim as of March 31, 2020 was $10.0 billion, or 3 per cent of total debt.

Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).

2020 Economic and Fiscal Update - Schedule of Debt