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Archived - Government of Canada Securities - January 2005
- Government of Canada Securities 2005 -
PDF Version - [111 KB]
- Canadian Economy | Primary Market | Secondary Market -
Canadian Economy
Selected Canadian economic statistics
| 2003 |
2004 |
||||
|---|---|---|---|---|---|
| Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
|
Annualized growth rates |
(per cent) |
||||
Real gross domestic product |
1.4 |
3.3 |
2.7 |
3.9 |
3.2 |
Final domestic demand |
5.2 |
2.3 |
5.2 |
2.1 |
3.3 |
Employment growth |
0.8 |
3.6 |
1.1 |
2.0 |
1.3 |
Other |
|||||
Unemployment rate |
7.9 |
7.5 |
7.4 |
7.2 |
7.1 |
Current account balance |
2.2 |
2.2 |
2.6 |
3.5 |
2.9 |
| Source: Statistics Canada. | |||||
Upcoming economic data releases of interest
| January | February | March |
|---|---|---|
| December CPI (January 19) November GDP |
January Labour Force Survey (February 4) January CPI December GDP National Economic and Financial Accounts |
February Labour Force Survey (March 11) February CPI January GDP |
Primary Market
Recent Government of Canada bond auction results
| Auction date |
Term |
Maturity date |
Coupon rate |
Issue amount |
Average price |
Average yield |
Auction coverage* |
Tail** |
|---|---|---|---|---|---|---|---|---|
(years) |
(%) |
(millions of dollars) |
(%) |
basis points) | ||||
December 8, 2004 |
2 |
June 1, 2007 |
3 |
2,800 |
99.944 |
3.024 |
2.325 |
0.4 |
November 17, 2004 |
5 |
September 1, 2010 |
4 |
2,100 |
99.729 |
4.054 |
2.258 |
0.5 |
October 13, 2004 |
10 |
June 1, 2015 |
4.5 |
2,100 |
98.627 |
4.666 |
2.267 |
0.3 |
September 15, 2004 |
2 |
December 1, 2006 |
3.25 |
2,800 |
99.866 |
3.312 |
2.416 |
0.3 |
September 1, 2004 |
30 |
December 1, 2036 |
3*** |
300 |
115.125 |
2.330 |
2.205 |
n.a. |
* Coverage is defined as the ratio of total bids at auction to the amount auctioned. |
||||||||
Government of Canada bond auctions
| Type of issue |
Auction date |
Further details of issue |
Dated and delivered |
Amount maturing* |
|---|---|---|---|---|
(millions of |
||||
30-year auction |
January 12 |
January 6 |
January 17 |
0 |
10-year auction |
February 2 |
January 27 |
February 7 |
0 |
5-year auction |
February 16 |
February 10 |
February 21 |
0 |
30-year RRB auction |
March 2 |
February 24 |
March 7 |
0 |
2-year auction |
March 16 |
March 10 |
March 18 |
0 |
In addition, this quarter seven operations are planned under the Government of Canada bond repurchase program. Four repurchase operations are being held in conjunction with each nominal bond auction, and three switch repurchase operations are taking place: one on January 13 in the 5-year sector, one on February 9 in the 2-year sector and one on March 9 in the 10-year sector. Further details are released on the Thursday prior to these operations. The target amount for repurchase this quarter is $2.8 billion. *Maturity of $496 million on March 1, 2005. Source: Bank of Canada. |
||||
Government of Canada bond market benchmarks
| Term |
Maturity | Coupon |
Amount outstanding |
Yield (Jan. 5, 2005) |
|---|---|---|---|---|
(%) |
(millions of |
(%) |
||
Fixed-coupon |
||||
2-year |
Dec. 1, 2006 |
3.25 |
6,000 |
3.03 |
5-year |
Sept. 1, 2009 |
4.25 |
10,100 |
3.68 |
10-year |
June 1, 2014 |
5.00 |
10,867 |
4.31 |
30-year |
June 1, 2029 |
5.75 |
13,850 |
4.84 |
Real return |
||||
30-year |
Dec. 1, 2026 |
4.25 |
5,250 |
2.00 |
Source: Department of Finance. |
||||
Upcoming Government of Canada marketable bond maturities
| January-March 2005 |
April-June 2005 |
July-September 2005 |
October-December 2005 |
|---|---|---|---|
(millions of dollars) |
|||
496 |
6,526 |
10,076 |
10,889 |
Outstanding Government of Canada foreign currency debt
| (C$ millions)* |
|
|---|---|
Canada bills |
1,867 |
Canada notes |
1,168 |
Outstanding under EMTN program |
1,801 |
63⁄8% US$ bonds maturing July 21, 2005 |
1,803 |
63⁄4% US$ bonds maturing August 28, 2006 |
1,202 |
65⁄8% NZ$ bonds maturing October 3, 2007 |
432 |
47⁄8% EUR bonds maturing July 7, 2008** |
3,331 |
51⁄4% US$ bonds maturing November 5, 2008 |
3,005 |
* At par value, adjusted for exchange rates as of December 31, 2004. |
|
Secondary Market
Government securities distributors
- Bank of Montreal (Treasury bills only)
- Beacon Securities Limited
- BMO Nesbitt Burns Inc. (marketable bonds only)
- Canaccord Capital Corp.
- Canadian Imperial Bank of Commerce (Treasury bills only)
- Casgrain & Company Limited
- CIBC World Markets Inc. (marketable bonds only)
- CTI Capital Inc.
- Desjardins Securities
- Deutsche Bank Securities Limited
- Golden Capital Securities Limited
- HSBC Bank Canada
- Laurentian Bank Securities Inc.
- Merrill Lynch Canada Inc.
- J.P. Morgan Securities Canada Inc.
- National Bank Financial Inc.
- Ocean Securities Inc.
- Odlum Brown Limited
- RBC Dominion Securities Inc.
- Scotia Capital Inc.
- Société Générale Valeurs Mobilières Inc.
- The Toronto-Dominion Bank
Government of Canada long-term credit ratings
| Standard & Poor's |
Moody's Investors Service |
Dominion Bond Rating Service |
|
|---|---|---|---|
Current |
Current |
Current |
|
Domestic debt |
AAA |
Aaa |
AAA |
- Trend |
Stable |
Stable |
Stable |
Foreign debt |
AAA |
Aaa |
AAA |
- Trend |
Stable |
Stable |
Stable |
Except as noted, the information in Government of Canada Securities is based upon data available as of January 5, 2005.
For further information, contact Ian Blachford at (613) 992-6386.
