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Archived - Government of Canada Securities - April 2005
- Government of Canada Securities 2005 -
PDF Version - [237 KB]
- Canadian Economy | Primary Market | Secondary Market -
Canadian Economy
Selected Canadian economic statistics
| 2003 |
2004 |
||||
|---|---|---|---|---|---|
| Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
|
Annualized growth rates |
(per cent) |
||||
Real gross domestic product |
3.3 |
2.7 |
3.9 |
2.9 |
1.7 |
Final domestic demand |
2.3 |
5.2 |
2.4 |
3.5 |
4.4 |
Employment growth |
3.6 |
1.1 |
2.0 |
1.3 |
1.7 |
Other |
|||||
Unemployment rate |
7.5 |
7.4 |
7.2 |
7.1 |
7.1 |
Current account balance |
|||||
|
(percentage of GDP) |
2.2 |
2.6 |
3.4 |
2.6 |
1.9 |
| Source: Statistics Canada. | |||||
Upcoming economic data releases of interest
| April | May | June |
|---|---|---|
| March CPI (April 22) February GDP |
April Labour Force Survey (May 6) April CPI March GDP National Economic and Financial Accounts |
May Labour Force Survey (June 10) May CPI April 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) |
||||
March 16, 2005 |
2 |
June 1, 2007 |
3 |
2,500 |
99.480 |
3.245 |
2.341 |
0.3 |
March 2, 2005 |
30 |
December 12, 2036 |
3*** |
300 |
118.278 |
2.197 |
3.025 |
n.a. |
February 16, 2005 |
5 |
September 1, 2009 |
4 |
2,000 |
101.147 |
3.768 |
2.319 |
0.5 |
February 2, 2005 |
10 |
June 1, 2015 |
4.5 |
2,100 |
101.405 |
4.329 |
2.212 |
0.3 |
January 12, 2005 |
30 |
June 1, 2037 |
5 |
1,400 |
102.896 |
4.822 |
2.215 |
0.7 |
| * Coverage is defined as the ratio of total bids at auction to the amount auctioned. ** Tail is defined as the high accepted yield minus the average yield. *** Real return bond. Source: Bank of Canada. |
||||||||
Government of Canada bond auctions
| Type of issue |
Auction date (2005) |
Further details of issue |
Dated and delivered |
Amount maturing* |
|---|---|---|---|---|
(millions of dollars) |
||||
10-year auction |
May 4 |
April 28 |
May 9 |
0 |
5-year auction |
May 18 |
May 12 |
May 24 |
0 |
30-year RRB auction |
June 1 |
May 26 |
June 6 |
0 |
2-year auction |
June 8 |
June 2 |
June 10 |
0 |
In addition, this quarter six operations are planned under the Government of Canada bond repurchase program. Three repurchase operations are being held in conjunction with each nominal bond auction, and three switch repurchase operations are taking place: one on April 6 in the 30-year sector, one on April 21 in the 5-year sector and one on June 16 in the 10-year sector. Further details are released on the Thursday prior to these operations. The target amount for repurchase this quarter is $2.6 billion. *Maturity of $6.5 billion on June 1, 2005. |
||||
Government of Canada bond market benchmarks
| Term |
Maturity |
Coupon |
Amount |
Yield |
|---|---|---|---|---|
(%) |
(millions of dollars) |
(%) |
||
Fixed-coupon |
||||
2-year |
June 1, 2007 |
3.00 |
5,600 |
3.28 |
5-year |
Sept. 1, 2009 |
4.25 |
10,100 |
3.76 |
10-year |
June 1, 2014 |
5.00 |
10,867 |
4.34 |
30-year |
June 1, 2033 |
5.75 |
13,410 |
4.73 |
Real return |
||||
30-year |
Dec. 1, 2026 |
4.25 |
5,250 |
2.02 |
| Source: Department of Finance. | ||||
Upcoming Government of Canada marketable bond maturities
| April-June 2005 |
July-September 2005 |
October-December 2005 |
January-March 2006 |
|---|---|---|---|
(millions of dollars) |
|||
6,480 |
9,331 |
9,562 |
267 |
Outstanding Government of Canada foreign currency debt
| (C$ millions)* |
|
|---|---|
Canada bills |
1,711 |
Canada notes |
1,173 |
Outstanding under EMTN program |
1,724 |
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 |
|
|
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 March 31, 2005.
For further information, contact Ian Blachford at (613) 992-6386.
For additional copies or subscription inquiries, please contact the Distribution Centre at (613) 995-2855.
