Economic uncertainties generated by the public health response to COVID-19 and record low oil prices have disrupted financial markets. Beginning in March, there was an abrupt global flight to cash, which began to constrain credit access for provincial governments, among other Canadian issuers of debt. Soon after, the Bank of Canada intervened to directly support liquidity in provincial governments’ funding markets by buying short-term and long-term debt, and by purchasing provincial debt on a temporary basis using term repurchase operations. […]