Archived - Government of Canada Securities - 
April 2006

- Government of Canada Securities 2006 - 

PDF Version - [147 KB]

- Canadian Economy | Primary Market | Secondary Market - 

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Canadian Economy

Selected Canadian economic statistics

	2004		2005
	Q3	Q4	Q1	Q2	Q3	Q4
Annualized growth rates	(per cent)
Real gross domestic product	2.9	2.1	2.1	3.4	3.5	2.5
Final domestic demand	3.5	4.3	5.7	3.9	4.2	4.3
Employment growth	1.3	1.7	0.6	1.7	1.5	2.4
Other
Unemployment rate	7.1	7.1	7.0	6.8	6.8	6.4
Current account balance (percentage of GDP)	2.2	1.6	1.0	1.4	2.7	3.8
Source: Statistics Canada.

Upcoming economic data releases of interest

April	May	June
February GDP (April 28)	April Labour  Force Survey  (May 5)	May Labour Force Survey (June 9)
April CPI (May 18)	May CPI (June 20)

March GDP
(May 31) April GDP
(June 29) National Economic and Financial Accounts
January-March 2006
(May 31)

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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 1, 2006	30	December 1, 2036	3*	350	137.129	1.490	2.673	n.a.
February 15, 2006	5	September 1, 2011	3.75	1,900	98.000	4.159	2.836	0
February 1, 2006	10	June 1, 2016	4	2,000	98.261	4.209	2.688	0.3
January 11, 2006	30	June 1, 2037	5	1,300	115.451	4.118	2.532	0.2
* Real Return Bond. **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. Source: Bank of Canada.

Government of Canada bond auctions

	Auction date	Further details  of issue	Dated and  delivered	Amount
Type of issue	(2006)	(2006)	(2006)	maturing*
		(millions of dollars)
10-year	April 19	April 13	April 24	0
5-year	May 17	May 11	May 23	0
Real Return Bond	May 31	May 25	June 5	0
2-year	June 14	June 8	June 16	0
Note: In addition, this quarter six operations are planned under the Government of Canada bond repurchase program. Three repurchase operations will be held in conjunction with each nominal bond auction, and three switch repurchase operations will take place: one on April 26 in the 30-year sector, one on June 7 in the 10-year sector and one on June 21 in the 5-year sector. Further details will be released on the Thursday prior to these operations.The target amount for the repurchase this quarter is $1.9 billion. *Maturity of $6.5 billion on June 1, 2006. Source: Bank of Canada.

Government of Canada bond market benchmarks

Term	Maturity	Coupon	Amount outstanding	Yield (March 31, 2006)
		(%)	(millions of dollars)	(%)
Fixed-coupon
2-year	June 1, 2008	3.75	3,000	3.99
5-year	September 1, 2010	4.00	9,459	4.15
10-year	June 1, 2015	4.50	10,300	4.25
30-year	June 1, 2033	5.75	13,410	4.25
Real return
30-year	December 1, 2026	4.25	5,250	1.61
Source: Department of Finance Canada.

Upcoming Government of Canada marketable bond maturities

April-June	July-September	October-December	January-March
2006	2006	2006	2007
(millions of dollars)
6,236	6,006	11,750	193

Outstanding Government of Canada foreign currency debt

	(C$ millions)*
Canada bills	1,771
Canada notes	1,034
Outstanding under EMTN program	1,478
6 3 ⁄4% US$ bonds maturing August 28, 2006	1,168
6 5 ⁄8% NZ$ bonds maturing October 3, 2007	360
4 7⁄8% EUR bonds maturing July 7, 2008**	1,971
5 1⁄4% US$ bonds maturing November 5, 2008	2,920
*At par value, adjusted for exchange rates as of March 31, 2006 **Original issue in 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 (treasury bills only)

• HSBC Securities (Canada) Inc. (marketable bonds only)

• 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.

• 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

Except as noted, the information in Government of Canada Securities is based upon data available as of March 31, 2006.
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.
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