Government of Canada Securities

Transcription

1 A Publication of the Department of Finance Canadian Economy July Selected Canadian economic statistics Q Q Q Government of debt (accumulated deficit) and budgetary balance Annualized growth rates () Real gross domestic product..... Surplus Federal debt Final domestic demand Employment growth..... Other Unemployment rate..... Current account balance (percentage of GDP) * *Estimate according to The Budget Plan. Source: Department of Finance. s current account balance and merchandise trade balance Current account Merchandise trade s net international liabilities Q Q Q Q Q Q Q Q Q Q Q Q July June CPI (July ) May GDP (July ) Upcoming economic data releases of interest August July Labour Force Survey (August ) July CPI (August ) June GDP (August ) National and Economic Accounts April-June (August ) September August Labour Force Survey (September ) August CPI (September 9) July GDP (September 9)

2 Canadian Economy Consumer Price Index year over year CPI Core CPI Target range -month treasury bill rates United States Jan-9 Jan-9 Jan-9 Jan-99 Jan- Jan- Jan- Jan- Jan- Jan- Jan- Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar- Sources: Bank of and Federal Reserve. -year government bond rates United States Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar- Sep- Sources: Bank of and Federal Reserve. Mar- Exchange rate C$/US$ Jan-9 Jan-9 Jan-9 Jan-99 Jan- Jan- Jan- Jan- Jan- Jan- Jan- Overnight money market rate Canadian monetary aggregates change year over year (unadjusted) M M Jan-9 Jan-9 Jan-9 Jan-99 Jan- Jan- Jan- Jan- Jan- Jan- Jan- - Jan-9 Jan-99 Jan- Jan- Jan- Jan- Jan- Jan- Jan-

3 Primary Market Outstanding Government of treasury bills, bonds (by term maturity) and retail debt Treasury bills - yrs - yrs - yrs - yrs - yrs Retail debt Bonds, Real Return Bonds Recent Government of bond auction results Auction Maturity Coupon Issue Average Average Auction date Term date rate amount price yield coverage** Tail*** (years) (%) (millions of dollars) (%) (basis points) June, December,., May, December, *... n.a. May, September,., April 9, June,, * 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. Government of bond auctions Auction Further details Dated and date of issue delivered Amount Type of issue () () () maturing* (millions of dollars) -year July 9 July July -year August July August -year August August August -year August August September,9,9, Real Return Bond September September October Note: In addition, this quarter seven operations are planned under the Government of bond repurchase program. Four repurchase operations will be held in conjunction with each nominal bond auction, and three switch repurchase operations will take place: one on July in the -year sector, one on July in the -year sector and one on September in the -year sector. Further details will be released on the Thursday prior to these operations. The target amount for the repurchase this quarter is $. billion. *Maturity of $ billion on October,.

4 Primary Market Government of bond market benchmarks Amount Yield Term Maturity Coupon outstanding (June 9, ) (%) (millions (%) of dollars) Fixed-coupon -year June,.,. -year September,. 9,9. -year June,.,. -year June,.,. Average term to maturity of Government of marketable debt years Real return -year December,.,.9 Source: Department of Finance Upcoming Government of marketable bond maturities July-September October-December January-March April-June (millions of dollars),9, 9, Outstanding Government of foreign currency debt (C$ millions)* bills, notes 9 Outstanding under EMTN program, % US$ bonds maturing August,, % NZ$ bonds maturing October, % EUR bonds maturing July, **,9 % US$ bonds maturing November,,9 *At par value, adjusted for exchange rates as of June 9,. **Original issue in Deutsche Marks was redenominated into euros on February 9, 999. s level of liquid foreign reserves billions of US$ 9 9 Jan-99 Jan- Jan- Jan- Jan- Jan- Jan- Jan- Source: Bank of

5 Secondary Market Canadian yield-to-maturity curve June 9, December, June, month months months year years years years years years years Government of bonds, Trading volume*,, Government of treasury bills,, Trading volume*, 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 (treasury bills only) HSBC Securities () Inc. (marketable bonds only) Laurentian Bank Securities Inc. Merrill Lynch Inc. J.P. Morgan Securities Inc. National Bank Financial Inc. Ocean Securities Inc. Odlum Brown Limited RBC Dominion Securities Inc. Scotia Capital Inc. The Toronto-Dominion Bank

6 Secondary Market Government of bond repos, Government of treasury bill repos,,,,,, Trading volume*, Trading volume* 9,, year Government of bond futures month-end open interest,, Month-end open interest Average daily volume average daily volume, -month bankers acceptance futures month-end open interest,, Month-end open interest Average daily volume average daily volume,,,,,,,,,,,,,,,,,,,,,,,, Apr- Apr- Apr- Apr- Apr- Apr- Apr-, Apr- Apr- Apr- Apr- Apr- Apr- Apr- Source: The Montreal Exchange. Source: The Montreal Exchange. Government of long-term credit ratings Standard Moody s Investors Dominion Bond & Poor s Service Rating Service Current Current Current Domestic debt AAA Aaa AAA Trend Stable Stable Stable Foreign debt AAA Aaa AAA Trend Stable Stable Stable This publication is also available on the Internet at Except as noted, the information in Government of Securities is based upon data available as of June,. For further information, contact Ian Blachford at For additional copies or subscription inquiries, please contact the Distribution Centre at Ce document est également disponible en français. Department of Finance Ministère des Finances