Fixed Income Holdings

The fixed income portfolio, which is $48.4 billion, holds marketable and non-marketable Canadian government bonds, corporate bonds, other debt, absolute return strategies, money market securities and debt financing liabilities.

Bonds

Bonds consist of marketable and non-marketable Canadian government bonds, and corporate bonds. Canadian marketable bonds have a fair market value of $13,134 million and the non-marketable bonds have a fair market value of $23,892 million, and corporate bonds have a fair market value of $1,007 million as at December 31, 2011. Effective July 1, 2005, at the option of the issuer, any maturing non-marketable provincial or territorial bonds issued prior to 1998 may be replaced by a new debt security for terms of not less than 5 years to a maximum of 30 years.

The following table shows the remaining terms of the marketable and non-marketable bonds as at December 31, 2011, including accrued interest, and not including any rollover options.