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Archived - Government of Canada Securities - April 2007
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- Government of Canada Securities 2007 -
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- Canadian Economy | Primary Market | Secondary Market -
Canadian Economy
Selected Canadian economic statistics
| 2005 | 2006 | |||||
|---|---|---|---|---|---|---|
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Annualized growth rates | (per cent) | |||||
| Real gross domestic product | 3.5 | 2.6 | 3.8 | 2.0 | 2.0 | 1.4 |
| Final domestic demand | 4.1 | 4.7 | 5.6 | 3.7 | 4.0 | 3.0 |
| Employment growth | 1.5 | 2.4 | 1.6 | 2.9 | 0.6 | 2.4 |
| Other | ||||||
| Unemployment rate | 6.8 | 6.5 | 6.4 | 6.2 | 6.4 | 6.2 |
| Current account balance (percentage of GDP) |
2.7 | 3.8 | 2.9 | 1.4 | 1.6 | 0.8 |
| Source: Statistics Canada. | ||||||
| April | May | June |
|---|---|---|
| February GDP (April 30) |
April Labour Force Survey (May 11) |
May Labour Force Survey (June 8) |
| April CPI (May 17) |
May CPI (June 19) |
|
| March GDP (May 30) |
April GDP (June 29) |
|
| National and Economic Accounts January-March 2007 (May 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) | ||||
| February 28, 2007 | 30 | December 1, 2036 | 3* | 400 | 129.456 | 1.729 | 3.07 | n.a. |
| January 24, 2007 | 10 | June 1, 2017 | 4 | 2,300 | 98.431 | 4.188 | 2.517 | 0.1 |
| January 10, 2007 | 30 | June 1, 2037 | 5 | 1,400 | 115.549 | 4.100 | 2.463 | 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
| Type of issue | Auction date (2007) |
Further details of issue (2007) |
Dated and delivered 2007) |
Amount maturing* |
|---|---|---|---|---|
| (millions of dollars) | ||||
| 10-year | April 18 | April 12 | April 23 | 0 |
| 5-year | May 2 | April 26 | May 7 | 0 |
| 2-year | May 23 | May 17 | May 25 | 0 |
| Real Return Bond | May 30 | May 24 | June 4 | 0 |
| Note: In addition, this quarter five 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 two switch repurchase operations are taking place: one on April 11 in the 2-year sector and one on June 6 in the 30-year sector. Further details are being released on the Thursday prior to these operations. The target amount for the repurchase this quarter is $1.7 billion. * Maturity of $9 billion on June 1, 2007. Source: Bank of Canada. |
||||
Government of Canada bond market benchmarks
| Term | Maturity | Coupon | Amount outstanding |
Yield (March 30, 2007) |
|---|---|---|---|---|
| (%) | (millions of dollars) | (%) | ||
| Fixed-coupon | ||||
| 2-year | June 1, 2009 | 3.75 | 3,000 | 4.02 |
| 5-year | September 1, 2011 | 3.75 | 9,328 | 3.99 |
| 10-year | June 1, 2016 | 4.00 | 10,300 | 4.08 |
| 30-year | June 1, 2033 | 5.75 | 13,410 | 4.13 |
| Real return | ||||
| 30-year | December 1, 2036 | 3 | 5,850 | 1.77 |
| Source: Department of Finance. | ||||
Upcoming Government of Canada marketable bond maturities
| April-June | July-September | October-December | January-March |
|---|---|---|---|
| 2007 | 2007 | 2007 | 2008 |
| (millions of dollars) | |||
| 8,999 | 9,725 | 7,425 | 579 |
Outstanding Government of Canada foreign currency debt
| (C$ millions)* | |
|---|---|
| Canada bills | 1,847 |
| Canada notes | 490 |
| Outstanding under EMTN program | 1,626 |
| 65⁄8% NZ$ bonds maturing October 3, 2007 | 413 |
| 47⁄8% EUR bonds maturing July 7, 2008** | 2,760 |
| 51⁄4% US$ bonds maturing November 5, 2008 | 2,887 |
| * At par value, adjusted for exchange rates as of March 30, 2007. ** 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
- Dundee Securities Corporation
- Gateway Securities Inc.
- 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 April 2, 2007.
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.
