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Archived - Government of Canada Securities - 
October 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 Q2
Annualized growth rates (per cent)
Real gross domestic product 2.7 3.9 2.9 2.1 2.1 3.2
Final domestic demand 5.2 2.4 3.5 4.3 6.2 2.9
Employment growth 1.1 2.0 1.3 1.7 0.6 1.7
Other
Unemployment rate 7.4 7.2 7.1 7.1 7.0 6.8
Current account balance (percentage of GDP) 2.1 3.0 2.2 1.6 1.0 1.4
Source: Statistics Canada.

Government of Canada debt (accumulated deficit) and budgetary balanceCanada's current account balance and merchandise trade balance

 

Canada's net international liabilities

Upcoming economic data releases of interest
October November December
September Labour Force Survey
(October 7)		 October Labour Force Survey
(November 4)		 November Labour Force Survey
(December 2)
September CPI
(October 25)		 October CPI
(November 22)		 November CPI
(December 22)
August GDP
(October 31)		 September GDP
(November 30)		 October GDP
(December 23)
National Economic and Financial Accounts
July-September 2005
(November 30)

Consumer Price Index

3-month treasury bill rates

10-year government bond rates

Exchange rate

Overnight money market rate

Canadian monetary aggregates

Primary Market

Outstanding Government of Canada treasury bills, bonds (by term maturity) and retail debt

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)
September 14, 2005 2 December 1, 2007 2.75 3,400 99.204 3.125 2.343 0.3
August 31, 2005 30 December 1, 2036 3*** 300 128.156 1.815 2.681 n.a.
August 24, 2005 5 September 1, 2010 4 2,000 102.246 3.507 2.456 0.2
August 10, 2005 10 June 1, 2015 4.5 2,100 103.211 4.098 2.379 0.5
July 6, 2005 30 June 1, 2037 5*** 1,300 111.690 4.321 2.446 n.a.
* 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) Date and delivered (2005) Amount maturing*
(millions of dollars)
10-year November 2 October 27 November 7 0
5-year November 16 November 10 November 21 0
Real return bond November 30 November 24 December 5 0
2-year December 14 December 8 December 16 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 October 5 in the 5-year sector, one on October 13 in the 30-year sector and one on December 7 in the 10-year sector. Further details are released on the Thursday prior to these operations. The target amount for the repurchase this quarter is $2.4 billion.

*Maturity of $8.3 billion on September 1, 2005.

Source: Bank of Canada.

Government of Canada bond market benchmarks
Term Maturity Coupon Amount
outstanding		 Yield
(Sept. 22, 2005)
(%) (millions of dollars) (%)
Fixed-coupon
2-year December 1, 2007 2.75 3,400 3.18
5-year September 1, 2010 4.00 9,159 3.47
10-year June 1, 2015 4.50 9,900 3.85
30-year June 1, 2033 5.75 13,410 4.17
Real return
30-year December 1, 2026 4.25 5,250 1.56
Source: Department of Finance.

Average term to maturity of Government of Canada marketable debt

Upcoming Government of Canada marketable bond maturities
October-December
2005		 January-March
2006		 April-June
2006		 July-September
2006
(millions of dollars)
8,431 267 6,563 9,026

Outstanding Government of Canada foreign currency debt
(C$ millions)*
Canada bills 1,989
Canada notes 1,058
Outstanding under EMTN program 1,532
63⁄4% US$ bonds maturing August 28, 2006 1,171
65⁄8% NZ$ bonds maturing October 3, 2007 406
47⁄8% EUR bonds maturing July 7, 2008** 2,909
51⁄4% US$ bonds maturing November 5, 2008 2,926
* At par value, adjusted for exchange rates as of September 22, 2005.

** Original issue of Deutsche Marks was redenominated into euros on February 19, 1999.

Source: Bank of Canada.

Canada's level of liquid of foreign reserves

Secondary Market

Canadian yield-to-maturity curve

Government of Canada bonds trading volume and turnover ratio

Government of Canada treasury bills trading volume and tunover ratio

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
  • 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 bond repos trading volume and turnover ratio

Government of Canada treasury bill repos trading volume and turnover ratio

10-year Government of Canada bond futures

3-month bankers acceptance futures

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

Except as noted, the information in Government of Canada Securities is based upon data available as of September 23, 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.

Date Modified: 2008-10-08

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