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Archived - Government of Canada Securities - July 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
| 2006 | 2007 | ||||
|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | |
| Annualized growth rates | (per cent) | ||||
| Real gross domestic product | 3.8 | 2.0 | 1.3 | 1.5 | 3.7 |
| Final domestic demand | 5.6 | 3.7 | 4.0 | 3.7 | 3.2 |
| Employment growth | 1.6 | 2.9 | 0.6 | 2.4 | 3.9 |
| Other | |||||
| Unemployment rate | 6.4 | 6.2 | 6.4 | 6.2 | 6.1 |
| Current account balance (percentage of GDP) | 2.9 | 1.4 | 1.6 | 1.3 | 1.7 |
| Source: Statistics Canada. | |||||
Upcoming economic data releases of interest
| July | August | September |
|---|---|---|
| June CPI (July 18) |
July Labour Force Survey (August 10) |
August Labour Force Survey (September 7) |
| May GDP (July 31) |
July CPI (August 21) |
August CPI (September 19) |
| July GDP (August 31) |
July GDP (September 28) |
|
| National and Economic Accounts April-June 2007 (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) | ||||
| April 18, 2007 | 10 | June 1, 2017 | 4 | 2,600 | 98.456 | 4.192 | 2.43 | 0.3 |
| May 2, 2007 | 5 | June 1, 2012 | 3.75 | 2,000 | 98.173 | 4.153 | 2.34 | 0.3 |
| May 23, 2007 | 2 | December 1, 2009 | 4.25 | 3,500 | 99.553 | 4.440 | 2.43 | 0.4 |
| May 30, 2007 | 30 | December 1, 2041 | 2* | 650 | 99.752 | 2.010 | 2.80 | n.a. |
| * 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) | ||||
| 30-year | July 18 | July 12 | July 23 | 0 |
| 10-year | August 1 | July 26 | August 7 | 0 |
| 5-year | August 15 | August 9 | August 20 | 0 |
| Real Return Bond | August 29 | August 23 | September 4 | 0 |
| 5-year | September 19 | September 13 | September 21 | 0 |
| Note: In addition this quarter, five 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 one switch repurchase operation is taking place on September 12 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 $1.7 billion. * Maturity of $7.5 billion on September 1, 2007. Source: Bank of Canada. |
||||
Government of Canada bond market benchmarks
| Term | Maturity | Coupon | Amount outstanding | Yield (June 29, 2007) |
|---|---|---|---|---|
| (%) | (millions of dollars) | (%) | ||
| Fixed-coupon | ||||
| 2-year | June 1, 2009 | 3.75 | 3,500 | 4.58 |
| 5-year | September 1, 2011 | 3.75 | 9,328 | 4.55 |
| 10-year | June 1, 2016 | 4.00 | 10,300 | 4.55 |
| 30-year | June 1, 2033 | 5.75 | 13,410 | 4.48 |
| Real return | ||||
| 30-year | December 1, 2036 | 3 | 5,850 | 2.11 |
| Source: Department of Finance. | ||||
Upcoming Government of Canada marketable bond maturities
| July-September 2007 | October-December 2007 | January-March 2008 | April-June 2008 |
|---|---|---|---|
| (millions of dollars) | |||
| 7,517 | 7,219 | 578 | 11,046 |
Outstanding Government of Canada foreign currency debt
| (C$ millions)* | |
| Canada bills | 1,663 |
| Canada notes | 438 |
| Outstanding under EMTN program | 1,510 |
| 65⁄8% NZ$ bonds maturing October 3, 2007 | 412 |
| 47⁄8% EUR bonds maturing July 7, 2008** | 2,949 |
| 51⁄4% US$ bonds maturing November 5, 2008 | 2,664 |
| * At par value, adjusted for exchange rates as of June 29, 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 July 3, 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.
