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Archived - Government of Canada Securities - July 2005
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- Government of Canada Securities 2005 -
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- Canadian Economy | Primary Market | Secondary Market -
Canadian Economy
Selected Canadian economic statistics
| 2004 | 2005 | ||||
|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | |
| Annualized growth rates | (per cent) | ||||
| Real gross domestic product | 2.7 | 3.9 | 2.9 | 2.1 | 2.3 |
| Final domestic demand | 5.2 | 2.4 | 3.5 | 4.3 | 5.8 |
| Employment growth | 1.1 | 2.0 | 1.3 | 1.7 | 0.6 |
| Other | |||||
| Unemployment rate | 7.4 | 7.2 | 7.1 | 7.1 | 6.8 |
| Current account balance (percentage of GDP) | 2.6 | 3.4 | 2.6 | 1.9 | 1.2 |
| Source: Statistics Canada. | |||||
Upcoming economic data releases of interest
| July | August | September |
|---|---|---|
| June Labour Force Survey (July 8) |
July Labour Force Survey (August 5) |
August Labour Force Survey (September 9) |
| June CPI (July 22) |
July CPI (August 26) |
August CPI (September 22) |
| May GDP (July 29) |
June GDP (August 31) |
July GDP (September 30) |
| National Economic and Financial Accounts April-June 2005 (August 31) |
||
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) | ||||
| June 8, 2005 | 2 | December 1, 2007 | 2.75 | 3,400 | 99.692 | 2.880 | 2.208 | 0.5 |
| June 1, 2005 | 30 | December 1, 2036 | 3*** | 400 | 126.799 | 1.870 | 2.547 | n.a. |
| May 18, 2005 | 5 | September 1, 2010 | 4 | 2,000 | 101.862 | 3.608 | 2.52 | 0.4 |
| May 4, 2005 | 10 | June 1, 2016 | 4.5 | 2,100 | 102.200 | 4.229 | 2.427 | 0.3 |
| * 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 (2005) |
Dated and delivered (2005) |
Amount maturing* |
|---|---|---|---|---|
| (millions of dollars) | ||||
| 30-year | July 6 | June 29 | July 11 | 0 |
| 10-year | August 10 | August 4 | August 15 | 0 |
| 5-year | August 24 | August 18 | August 29 | 0 |
| Real return bond | August 31 | August 25 | September 6 | 0 |
| 2-year | September 14 | September 8 | September 16 | 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 July 13 in the 5-year sector, one on July 27 in the 2-year sector and one on September 21 in the 10-year sector. Further details are released on the Thursday prior to these operations. The target amount for repurchase this quarter is $2.9 billion. *Maturity of $8.8 billion on September 1, 2005. Source: Bank of Canada. |
||||
Government of Canada bond market benchmarks
| Term | Maturity | Coupon | Amount outstanding | Yield (June 21, 2005) |
|---|---|---|---|---|
| (%) | (millions of dollars) | (%) | ||
| Fixed-coupon | ||||
| 2-year | June 1, 2007 | 3.00 | 5,600 | 2.88 |
| 5-year | Sept. 1, 2009 | 4.25 | 10,100 | 3.25 |
| 10-year | June 1, 2014 | 5.00 | 10,867 | 3.85 |
| 30-year | June 1, 2033 | 5.75 | 13,410 | 4.32 |
| Real return | ||||
| 30-year | Dec. 1, 2026 | 4.25 | 5,250 | 1.79 |
| Source: Department of Finance. | ||||
Upcoming Government of Canada marketable bond maturities
| July-September 2005 |
October-December 2005 |
January-March 2006 |
April-June 2006 |
|---|---|---|---|
| (millions of dollars) | |||
| 8,403 | 9,233 | 267 | 7,538 |
Outstanding Government of Canada foreign currency debt
| (C$ millions)* | |
| Canada bills | 2,444 |
| Canada notes | 1,138 |
| Outstanding under EMTN program | 1,616 |
| 63⁄8% US$ bonds maturing July 21, 2005 | 1,854 |
| 63⁄4% US$ bonds maturing August 28, 2006 | 1,236 |
| 65⁄8% NZ$ bonds maturing October 3, 2007 | 358 |
| 47⁄8% EUR bonds maturing July 7, 2008** | 3,331 |
| 51⁄4% US$ bonds maturing November 5, 2008 | 3,090 |
| * At par value, adjusted for exchange rates as of June 20, 2005. ** Original issue of Deutsche Marks was redenominated into euros on February 19, 1999. |
|
Source: Bank of Canada.
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 Current |
Moody's Investors Service Current |
Dominion Bond Rating Service Current |
|
| Domestic debt - Trend |
AAA Stable |
Aaa Stable |
AAA Stable |
| Foreign debt - Trend |
AAA Stable |
Aaa Stable |
AAA Stable |
This publication is also available on the Internet at www.fin.gc.ca.
Except as noted, the information in Government of Canada Securities is based upon data available as of June 21, 2005.
For further information, contact Tom Lau at (613) 992-9108.
For additional copies or subscription inquiries, please contact the Distribution Centre at (613) 995-2855.
