Archived - Government of Canada Securities - January 2008 

- Government of Canada Securities 2008 - 

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- Canadian Economy | Primary Market | Secondary Market - 

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Canadian Economy

Selected Canadian economic statistics

	2005	2006	2007
			Q1	Q2	Q3
Annualized growth rates	(per cent)
Real gross domestic product	3.1	2.8	3.5	3.8	2.9
Final domestic demand	4.5	4.7	2.8	4.9	4.6
Employment growth	1.4	1.9	3.9	1.3	1.7
Other
Unemployment rate	6.8	6.3	6.1	6.1	6.0
Current account balance  (percentage of GDP)	2.0	1.6	1.7	1.7	0.3
Source: Statistics Canada.

Upcoming economic data releases of interest

January	February	March
November GDP (January 31)	January Labour Force Survey (February 8)	National and Economic Accounts (October-December 2007) (March 3)
	January CPI (February 19)	December GDP (March 3)
		February Labour Force Survey (March 7)
		February CPI (March 18)
		January GDP (March 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)
October 24, 2007	10	June 1, 2018	4.25	2,500	99.489	4.311	2.385	0.7
November 28, 2007	2	June 1, 2010	3.75	3,300	99.840	3.818	2.417	0.6
December 5, 2007	30	December 1, 2041	2*	600	99.020	2.040	3.041	n.a.
January 16, 2008	30	June 1, 2037	5	1,400	116.260	4.048	2.279	0.3
Note: Based on information available as of January 16. * 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 (2008)	Further details of issue (2008)	Dated and delivered (2008)	Amount maturing*
				(millions of dollars)
10-year	February 6	January 31	February 11	0
5-year	February 20	February 14	February 25	0
Real Return Bond	February 27	February 21	March 3	0
Note: Based on information available as of January 16. In addition, this quarter four operations are planned under the Government of Canada bond repurchase program. Two repurchase operations will be held in conjunction with each nominal bond auction, and two switch repurchase operations will take place on  March 5 in the 5-year sector and March 19 in the 10-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 $579 million on March 1, 2008. Source: Bank of Canada.

Government of Canada bond market benchmarks

Term	Maturity	Coupon	Amount outstanding	Yield (Dec. 31, 2007)
		(%)	(millions of dollars)	(%)
Fixed-coupon
2-year	December 1, 2009	4.25	7,500	3.74
5-year	June 1, 2012	3.75	6,824	3.87
10-year	June 1, 2017	4.00	10,342	3.99
30-year	June 1, 2037	5.00	11,849	4.10
Real return
30-year	December 1, 2036	3	5,850	1.93
Source: Department of Finance.

Upcoming Government of Canada marketable bond maturities

January-March 2008	April-June 2008	July-September 2008	October-December 2008
(millions of dollars)
578	8,234	9,580	7,303

Outstanding Government of Canada Foreign currency debt

	(C$ millions)*
Canada bills	1,906
Canada notes	442
Outstanding under EMTN program	1,485
47⁄8% EUR bonds maturing July 7, 2008**	2,951
51⁄4% US$ bonds maturing November 5, 2008	2,470
* At par value, adjusted for exchange rates as of December 31, 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.
• 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	Moody's Investors Service	Dominion Bond Rating Service
	Current	Current	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 as of January 1, 2008.
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.