Review of Debt New Issues and Trading First Quarter 2005
|
|
- Gavin Bruce
- 5 years ago
- Views:
Transcription
1 Review of Debt New Issues and Trading First Quarter 2 Debt Markets: Shifting Gears? This Quarter s Highlights Not surprisingly, the Canadian bond market shifted to a slower gear in Q1 2 following a record pace in the fourth quarter and year. Total bond issuance was $38. billion, down 21% quarter-over-quarter and off 14% compared to the same quarter a year ago. Total bond trading slipped to $1.46 trillion in the first quarter, down a mere 1.4% from the robust fourth quarter. On a yearly basis, total bond trading was up 3.4% from 24. Federal bond trading was almost unchanged in the first quarter at $1.29 trillion, off just.7% from the robust fourth quarter and up 3% year-over-year. Government of Canada gross bond issuance was $16.1 billion, unchanged from the fourth quarter. However, Government of Canada issuance was down.7% year-over-year. Trading in corporate bonds stood at $64.1 billion, down 3.3% quarter-over-quarter, but up 16.1% compared to the same quarter a year ago. Corporate bond financings totaled $13. billion in the first quarter, down 42.9% quarter-over-quarter and off.4% yearover-year. Provincial bond issuance stood at $8.7 billion in the first quarter, a decline of 11.4% from the fourth quarter and 31.8% from the same quarter a year ago. Money market trading climbed to $1.24 billion in the first quarter, up 8% quarter-over-quarter and 12% compared to the same quarter in 24. Investment Dealers Association of Canada May 2
2 Q1 2 Debt Markets: Shifting Gears? No sizzle and no fizzle. That pretty much captured the tone of the debt market in the first quarter as activity shifted to a slower gear. Indeed, bond issuance scaled back to just $38. billion in the first quarter, a decrease of 21% from the fourth quarter and 14% from the same period last year. Debt trading, however, was more upbeat, off only a modest 1.4% from the red hot fourth quarter. Nevertheless, the reduced activity in the first quarter hardly comes as a big surprise. Following on the heels of a record fourth quarter in debt issuance and trading is a hard act to match, let alone beat. However, put into perspective, the first quarter s slowdown isn t too worrisome. After all, debt trading and issuance activity continued to remain at or above trend levels. On the financing front, bond issuance definitely took a big step back in the quarter. Federal, provincial, municipal and corporate borrowings were relatively low key, with debt issuance down on a quarterly and yearly basis. Barring the base comparison distortion, debt financings in 2 may not be as robust as last year despite the still favorable interest rate backdrop. For the corporate sector, Corporate Canada will likely ease into a consolidation mode following a banner year of financings and M&A activity. With corporate balance sheets now in better shape, this could help reduce the need for corporations to issue debt this year. Meanwhile, municipal and provincial financings may also cool in the coming months after some sizeable financing projects last year. Lastly, with the Federal Government sticking to its debt reduction strategy, this should also translate into fewer federal bond financings in the pipeline. On the trading front, investors remained active in the fixed income market -- total bond trading was off just 1.4% quarter-over-quarter but up 3.4% from the same period a year ago. While the decline was broad-based, interest remained particularly high in Government of Canada bonds: trading was down a mere.7% from the vigorous fourth quarter and up 3.1% from the same quarter a year ago. Corporate bond trading in the first quarter was also slightly lower, down 3.3% quarter-over-quarter but up an impressive 16% from the same quarter last year. In contrast, municipal bonds suffered the steepest setback with trading down 19% quarter-over-quarter and 7% yearover-year. The Bank of Canada (BoC) isn t on a monetary tightening path like the Fed yet. Moderate inflation and the recent softening in economic data have kept the BoC on the sidelines this quarter and the overnight rate unchanged at a low 2.%. Canada-US spreads turned negative (-24 bps) for short rates and narrowed further (2 bps) for long rates in the first quarter. The ongoing spread narrowing is clearly reflective of US rates ramping up at a faster pace than Canadian yields. The difference in monetary policy stances between the Fed and the BoC suggests that the Canadian yield curve may be steeper (less flat) than the US curve in the near term. However, market expectations for tighter credit conditions are growing, with a possible rate hike by the BoC in the second half of this year. Canadian and US Short and Long Yield Spreads 2 2 Spread (bps) Canada-US 3-month T-bill Canada-US 1 Year Government Bond Yield Review of Debt New Issues and Trading - 2 Q1 2
3 Canadian Interest Rates In contrast with the Fed s steady pace of rate hikes, the BoC stood pat in the first quarter. Canada s overnight rate remained at a mere 2.%. The BoC had little reason to tighten credit conditions in the quarter given the softening economic data and contained inflationary pressures. 2 kicked off the year with Canadian short rates hardly budging in the quarter. Short spreads remained anchored at 12 bps in the first quarter. In contrast with short rates, long rates drifted lower in the quarter. The 1-year government yield fell to 4.7% while Corporates edged down to.73%. Historical Short-Term Interest Rates 1 12 Bond Yields (%) Spread (bps) Month T-bill 1-Month Corporate 1-Month Spread Source: Bank of Canada Note: 1-Month Corporate = Prime Corporate Paper Rate Historical Long-Term Interest Rates 12 2 Bond Yields (%) Spread (bps) Long Term Canadas Long Term Corporates Spread Source: Bank of Canada Notes: Long-Term Canadas = Government of Canada Marketable Bonds, average yield over 1 years Long Term Corporates = Average Weighted Yield (Scotia Capital Inc.) - All Corporates Long-Term, over 1 yrs Review of Debt New Issues and Trading - 2 Q1 3
4 Government of Canada Bonds: Trading and Issuance Investor interest in Government bonds continued on a high note in 2. Total trading in Government of Canada and Federal Crown Corporation bonds hit a 7-year high at $1.29 trillion in the first quarter, up % quarter-over-quarter and 9% over the same period a year ago. Total government debt financings stood at $16.1 billion in the first quarter in 23 issues, unchanged in value from the fourth quarter. However, compared with the same period a year ago, total Government bond issuance was down 6% in value, reflective of the Government s debt reduction strategy. Quarterly Comparison of Government of Canada Bond Trading Change Change Quarter Quarter Year Q1/4 $1, % 1% Q2/4 $1,17.9-1% % Q3/4 $1, % -9% Q4/4 $1, % 16% Q1/ $1,288.4 % 9% Note: Excludes repos Quarter- Year- Value over- over- Quarterly Comparison of Government of Canada Bond Issuance Change Change Change Change Quarter- Year- Number Quarter- Year- Value over- over- of over- over- Quarter Quarter Year Issues Quarter Year Q1/4 $17.1 3% 22% 29-24% % Q2/4 $13.7-2% -% 33 14% 6% Q3/4 $14.7 7% -9% 16-2% -3% Q4/4 $16.1 1% -3% 32 1% -18% Q1/ $16.1 % -6% 23-28% -23% Note: Government of Canada Direct and Guaranteed Bonds, including Crown Corporations, total Gross New Issues Delivered, par value Total Quarterly Canada Bond Gross Issuance and Trading 2 1 Gross New Issues Delivered Quarterly Trading Gross Issuance Total Bond Trading Review of Debt New Issues and Trading - 2 Q1 4
5 Government of Canada Real Return Bonds: Trading and Total Outstanding Trading in Canada Real Return bonds (RRBs) stood at $4.2 billion in the first quarter, up 4% quarter-over-quarter, but down 19% compared to the same period in 24. Meanwhile, the Government s outstanding stock of RRBs ballooned to $19. billion in the first quarter, up 1.6% quarter-over-quarter and 7.9% compared to the same quarter a year ago. Quarterly Comparison of Government of Canada Real Return Bonds Trading Change Change Quarter Quarter Year Q1/4 $.2 13% -13% Q2/4 $4.8-7% -3% Q3/4 $3.3-31% -9% Q4/4 $4. 22% -13% Q1/ $4.2 4% -19% Quarterly Comparison of Government of Canada Real Return Bonds Total Outstanding Change Change Quarter- Quarter- Year- Value over- over- Year- Value over- over- ($ Quarter Year Quarter Billions) Q1/4 $ % 8.6% Q2/4 $ % 8.4% Q3/4 $ % 8.3% Q4/4 $ % 8.1% Q1/ $ % 7.9% Total Quarterly Canada Real Return Bond Gross Outstandings & Trading Gross New Issues Delivered Quarterly Trading Total Outstandings Total Bond Trading Review of Debt New Issues and Trading - 2 Q1
6 Provincial Bonds: Trading and Issuance The popularity of provincial bonds from last year extended into 2 with trading at a lofty $1.3 billion in the first quarter. While trading was down 7% from the peak fourth quarter, activity was up 1% from the same quarter a year ago and well above the $99 billion quarterly average in 24. Provincial bond financings fell back to $8.7 billion in 6 issues, off 11% quarter-over-quarter in value and down 32% from the same quarter a year ago. Meanwhile, Ontario was the largest provincial issuer in the quarter. The largest single deal came from the Ontario Strategic Infrastructure Financing Authority with a $6 million issue. Quarterly Comparison of Provincial Bond Trading Change Change Value over- over- Quarter Quarter Year Q1/4 $14. 22% 12% Q2/4 $93. -1% % Q3/4 $86. -8% 34% Q4/4 $ % 34% Q1/ $1.3-7% 1% Note: Excludes repos Quarter- Year- Quarterly Comparison of Provincial Bond Issuance Change Change Change Change Value Quarter- Year- Number Quarter- Year- over- over- of over- over- Quarter Quarter Year Issues Quarter Year Q1/4 $ % 132% 8 6% 29% Q2/4 $9.3-27% 4% 9 6% 19% Q3/4 $8.2-12% 37% 49-46% -2% Q4/4 $9.8 19% 8% 7 43% -13% Q1/ $8.7-11% -32% 6-2% -34% Note: Total Gross New Issues Delivered, including Crown Corporations, par value Total Quarterly Provincial Bond Gross Issuance & Trading 1 12 Gross New Issues Delivered Quarterly Trading Gross Issuance Total Bond Trading Review of Debt New Issues and Trading - 2 Q1 6
7 Municipal Bonds: Trading and Issuance The municipal bond market got off to a rough start in 2. Trading in municipal bonds tapered off in the first quarter to $2.9 billion, down 19% quarter-over-quarter and 6% from the same quarter in 24. Municipal financings also cooled in the period. Financings in the first quarter totaled a meager $.23 billion, down 86% quarter-over-quarter and 7% compared to the same quarter in 24. With only 44 municipal issues less than half of the fourth quarter last year -- this was the lowest number of deals on record since Quarterly Comparison of Municipal Bond Trading Change Change Quarter- Year- Value over- over- Quarter Quarter Year Q1/4 $3.1-32% 31% Q2/4 $2.9-6% -3% Q3/4 $2.4-17% -28% Q4/4 $3.6 49% -21% Q1/ $2.9-19% -6% Note: Excludes repos Quarterly Comparison of Municipal Bond Issuance Change Change Change Change Quarter- Year- Number Quarter- Year- Value over- over- of over- over- Quarter Quarter Year Issues Quarter Year Q1/4 $.8-49% 29% 72-37% 36% Q2/4 $.6-1% -7% 1-29% -24% Q3/4 $.9 39% -23% 67 31% -4% Q4/4 $1.7 86% 12% % -3% Q1/ $.2-86% -7% 44-61% -39% Note: Total Gross New Issues Delivered, par value Total Quarterly Municipal Bond Gross Issuance & Trading 2. Gross New Issues Delivered Quarterly Trading Gross Issuance Total Bond Trading Review of Debt New Issues and Trading - 2 Q1 7
8 Corporate Bonds: Trading and Issuance Investor interest in corporate bonds remained high with total trading at $33.2 billion in the first quarter -- down 7% from the peak fourth quarter, but up 4% over the same period a year ago. First quarter corporate financings dipped to just $13. billion in 76 issues, down 43% quarter-overquarter in value and off % from the same period in 24. While financings this quarter have slowed substantially from the peak fourth quarter, activity was still above the $11.7 billion quarterly average posted during Quarterly Comparison of Corporate Bond Trading Change Change Quarter- Year- Value over- over- Quarter Quarter Year Q1/4 $32. -6% -4% Q2/4 $2.9-19% -29% Q3/4 $ % -1% Q4/4 $3.8 2% % Q1/ $33.2-7% 4% Note: Trading data excludes repos Quarterly Comparison of Corporate Bond Issuance Change Change Change Change Quarter- Year- Number Quarter- Year- Value over- over- of over- over- Quarter Quarter Year Issues Quarter Year Q1/4 $14.3-3% 2% 9 13% 1% Q2/4 $ % -2% 86-9% 4% Q3/4 $ % -14% 82 -% -13% Q4/4 $ % 6% 1 83% 79% Q1/ $ % -% 76-49% -2% Note: Issuance data: Total Gross New Issues Delivered, par value Total Quarterly Corporate Bond Gross Issuance & Trading 2 4 Gross New Issues Delivered Quarterly Trading Gross Issuance Total Bond Trading Review of Debt New Issues and Trading - 2 Q1 8
9 Sector Breakdown of Corporate Bond Issues Top Corporate Bond Issues for Q1 2: 8 Over $ Million Issuer Sector Value ($ millions) % Total Issuance Value Bank of Nova Scotia Financial & Real Estate $1,. 7.4% Genesis Trust Financial & Real Estate $1,. 7.4% Bell Canada Utilities $7..2% GE Capital Canada Funding Co Financial & Real Estate $6. 4.4% CIBC Financial & Real Estate $8. 4.3% Bank of Montreal Financial & Real Estate $. 3.7% CARDS II Trust Other $. 3.7% Genesis Trust Financial & Real Estate $. 3.7% Total $, % CORPORATE BOND ISSUANCE (Q1/) SECTOR BREAKDOWN 1 MANUFACTURING (HIGH TECH) % 2 MANUFACTURING (OTHER).6% 3 SERVICES.7% 4 RESOURCES 1.9% UTILITIES 13.8% FINANCIAL & REAL ESTATE 72.8% 7 OTHER.2% 6 SOURCE: Investment Dealers Association CORPORATE BOND ISSUANCE (Q1/4) SECTOR BREAKDOWN 2 1 MANUFACTURING (HIGH TECH) % 2 MANUFACTURING (OTHER).1% SERVICES 11.8% 4 RESOURCES 2.% UTILITIES 8.6% 6 FINANCIAL & REAL ESTATE 9.1% 7 OTHER 18% 6 SOURCE: Investment Dealers Association Review of Debt New Issues and Trading - 2 Q1 9
10 The financial sector dominated the financing scene with over 7% of the total corporate bond issuance in the first quarter. Trailing behind in a distant second spot is the utilities sector with 13.8% of total issuance. A pair of $1 billion issues from the Bank of Nova Scotia and Genesis Trust and a $7 million deal from Bell Canada helped buoy total corporate bond financings to $.38 billion in the first quarter. Quarterly Comparison of Corporate Bond Issuance by Sector ($ Millions) Manufacturing High Manufacturing Other Services Resources Tech Quarter Value Number Value Number Value Number Value Number ($ Millions) of Issues ($ Millions) of Issues ($ Millions) of Issues ($ Millions) of Issues Q1/4 $. $8. 1 $1, $3. 4 Q2/4 $. $. 1 $1,6. 7 $43. 4 Q3/4 $. $41. $4. 2 $323. Q4/4 $ $32. $2, $29. 3 Q1/ $. $82. 2 $ $26. 4 Utilities Financial & Real Estate Other Quarter Value Number Value Number Value Number ($ Millions) of Issues ($ Millions) of Issues ($ Millions) of Issues Q1/4 $1,8. 4 $8, $2, Q2/4 $674. $9, $ Q3/4 $6. 6 $8, $1, Q4/4 $1, $13, $2, Q1/ $1, $9, $77. 8 Notes: 1. Highest sector issuance value bolded for each quarter 2. Services sector includes: High Tech Services and Other Services 3. Resources sector includes: Forestry, Mining and Oil & Gas Review of Debt New Issues and Trading - 2 Q1 1
11 Medium Term Notes: Issuance 2 started the year with Corporates regaining the lead from Governments in MTN issuance. Corporate MTN issuance shot back up to $6.4 billion in the first quarter, an impressive gain of 78% quarter-over-quarter and % increase over the same period a year ago. MTN government financings totaled $6.1 billion in the first quarter, an increase of 23% quarterover-quarter. However, compared to the same quarter a year ago, MTN government financings are off 1% in value. Despite the increase in value for both Corporates and Government MTNs, there were fewer deals this quarter. Government issues were off 13% quarter-over-quarter while Corporates were down 38% quarter-over-quarter. Quarterly Comparison of Medium Term Note Issuance: Government Change Change Change Change Quarter- Year- Number Quarter- Year- Value over- over- of over- over- Quarter Quarter Year Issues Quarter Year Q1/4 $7.2 39% 119% 73-3% 2% Q2/4 $4.4-39% 18% 84 1% 91% Q3/4 $4.1-6% 19% 39-4% -4% Q4/4 $. 21% -3% 63 62% -16% Q1/ $6.1 23% -1% -13% -2% Quarterly Comparison of Medium Term Note Issuance: Corporate Change Change Change Change Quarter- Year- Number Quarter- Year- Value over- over- of over- over- Quarter Quarter Year Issues Quarter Year Q1/4 $6.1-2% -2% 41 86% 14% Q2/4 $8.4 37% 18% 29-29% -3% Q3/4 $3.7 -% -44% 31 7% % Q4/4 $3.6 -% -42% 47 2% 114% Q1/ $6.4 78% % 29-38% -29% Quarterly Issuance of Medium Term Notes 1 Gross New Issues Delivered Corporate Government Review of Debt New Issues and Trading - 2 Q1 11
12 Strip Bonds: Trading Strip bond trading totaled $28.1 billion in the first quarter, down 11% quarter-over-quarter and 1% from the same quarter in 24. Demand for both provincial and Government of Canada eased in the first quarter -- trading in provincials was down 14% and off 9% in Governments from the fourth quarter. Quarterly Comparison of Canadian Strip Bond Trading Government of Canada Strip Bonds Provincial Strip Bonds Total Strip Bonds Change Change Change Change Change Change Quarter- Year- Quarter- Year- Quarter- Year- Value over- over- Value over- over- Value over- over- Quarter Quarter Year Quarter Year Quarter Year Q1/4 $8.6-37% 4% $18.7 7% 12% $ % 9% Q2/4 $17.7 1% 8% $18.9 1% 9% $ % 1% Q3/4 $1.2-43% 11% $12.3-3% -6% $ % 4% Q4/4 $13.2 3% -3% $ % -4% $ % -2% Q1/ $ % 32% $1.3-9% -18% $ % -1% Note: Trading data excludes repos, Components will not add to total as Corporate Strips are not reported Quarterly Strip Bond Trading 2 Quarterly Trading Government of Canada Strip Bond Trading Provincial Strip Bond Trading Review of Debt New Issues and Trading - 2 Q1 12
13 Money Market: Trading Money market trading continued on a strong note in the first quarter. Total trading climbed to $1.24 billion in the first quarter, up 8% quarter-over-quarter and 12% from the same quarter in 24. Trading in commercial paper reached $9 million in the first quarter, up 7% quarter-over-quarter and 22% from the same quarter a year ago. Commercial paper accounted for almost half of the total money market trading in the period. Meanwhile, Government of Canada T-bill trading edged up to $344.9 billion in the quarter, up 2% over the fourth quarter and flat from the same period a year ago. Trading activity also increased for BA s in the first quarter which reached $3.9 billion, a gain of 18% quarter-over-quarter and 7% year-over-year. Quarterly Comparison of Canadian Money Market Trading Government of Canada T-Bills Bankers Acceptances (BA s) Corporate and Finance Company (Commercial) Paper Change Change Change Change Change Change Quarter- Year- Quarter- Year- Quarter- Year- Value over- over- Value over- over- Value over- over- Quarter Quarter Year Quarter Year Quarter Year Q1/4 $ % 23% $ % -7% $ % -% Q2/4 $33.1-3% 17% $ % -19% $ % -7% Q3/4 $ % 12% $246.7 % -1% $ % -3% Q4/4 $ % -3% $26.2 % -14% $1.2 1% 6% Q1/ $ % % $3.9 18% 7% $89.8 7% 22% Note: Trading data excludes repos BA's & Commercial Paper Trading Money Market Trading (Quarterly Totals) T-bills Trading Commercial Paper Bankers' Acceptance Government of Canada T-Bills Review of Debt New Issues and Trading - 2 Q1 13
14 Summary of Bond Trading and Issuance ($ billions except where indicated otherwise) Q1 Q1 /Q /23 /Q4 4% Q1 2 Q4 24 change Q1 24 % change % change Government of Canada Bonds* Trading $1,288.4 $1, % $1,2. 3.1% $4,82.4 $4, % 3,79. 3,784.3 Issuance $16.1 $16.1.1% $ % $61. $61.1.7% Provincial Bonds Trading $1.3 $ % $ % $397.6 $ % Issuance $8.7 $ % $ % $39.9 $26.6.% 2 19 Municipal Bonds Trading $2.9 $ % $3.1-6.% $12. $ % Issuance $.2 $ % $.8-69.% $3.8 $ % Corporate Bonds** Trading $64.1 $ % $ % $22. $ % Issuance $13. $ % $ % $9. $ % Total Bonds Trading $1,46.7 $1, % $1, % $,487. $, % 4, ,21. Issuance $38. $ % $ % $164.9 $ % Note: Trading data excludes repos * Includes Government of Canada Bonds and Federal Crown Corporation Bonds **Includes Corporate Bonds, Commercial Paper, Asset-Backed Securities and Other Domestic Bonds Review of Debt New Issues and Trading - 2 Q1 14
15 CALGARY Suite 23 3 Fourth Ave. S.W. Calgary, Alberta T2P J1 Tel.: (43) Fax: (43) HALIFAX TD Centre, Suite Barrington St. Halifax, Nova Scotia B3J 3K9 Tel.: (92) Fax: (92) MONTRÉAL Bureau Place Ville Marie Montréal, Québec H3B 4R4 Tel.: (14) Fax: (14) TORONTO Suite King St. W. Toronto, Ontario MH 3T9 Tel.: (416) Fax: (416) Jon Cockerline Director, Capital Markets jcockerline@ida.ca Sherry Hum Research Analyst, Capital Markets shum@ida.ca VANCOUVER Suite 132 P.O. Box West Georgia St. Vancouver, BC V6B 4N9 Tel.: (64) Fax: (64) Ce rapport est aussi disponible en français sur demande. The Investment Dealers Association of Canada is the national self-regulatory organization and representative of the securities industry. The Association s mission is to protect investors and enhance the efficiency and competitiveness of the Canadian capital markets.
Review of Debt New Issues and Trading Third Quarter 2004
Review of Debt New Issues and Trading Third Debt Market Slows in Q3 This s Highlights Government of Canada gross bond issuance totaled $14.7 billion in 16 issues, up 7% in value from Q2 but down 9% from
More informationReview of Debt New Issues and Trading Second Quarter 2004
Review of Debt New Issues and Trading Second 24 Debt Market Under Pressure in Q2 24 This s Highlights Government of Canada gross bond issuance totaled $13. billion in 29 issues, down 21% in value from
More informationReview of Debt New Issues and Trading
Review of Debt New Issues and Trading Second 003 INVESTMENT DEALERS ASSOCIATION OF CANADA www.ida.ca Activity Grows in Q 003 September 003 Monetary conditions were volatile in the second quarter. The Bank
More informationCAPITAL MARKETS RESEARCH
CAPITAL MARKETS RESEARCH INVESTMENT D E A L E R S ASSOCIATION OF CANADA www.ida.ca Trends in Secondary Debt Trading January - December Signs of Recovery in Latter Part of the Year July 2001 Overview The
More informationReview of Debt New Issues and Trading
Review of Debt New Issues and Trading 2002 in Review INVESTMENT DEALERS ASSOCIATION OF CANADA www.ida.ca Mixed Results in 2002 April 2003 The year was marked with poor equity markets and increasing global
More informationIDA - Industry Association. Review of Debt New Issues & Trading: Getting Off on a High QUARTER 2006 HIGHLIGHTS JUNE 2006
IDA - Industry Association Q1 FIRST Review of Debt New Issues & Trading: Getting Off on a High QUARTER 2006 HIGHLIGHTS JUNE 2006 Fixed income market kicked off 2006 on a high trading and financing in lofty
More informationMEMBER REGULATION. notice
MEMBER REGULATION notice W. D Silva: wdsilva@ida.ca MR0254 November 26, 2003 ATTENTION: Ultimate Designated Persons Chief Financial Officers Panel Auditors Distribute internally to: Corporate Finance Credit
More informationReview of Debt New Issues & Trading: Fixed in the Fast Lane QUARTER 2005 HIGHLIGHTS FEBRUARY 2006
Q4 FOURTH Review of Debt New Issues & Trading: Fixed in the Fast Lane QUARTER 2005 HIGHLIGHTS FEBRUARY 2006 Fixed income market entrenched on the fast track in 2005 despite Q4 speed bump Debt trading zoomed
More informationbulletin Margin and Capital Requirements for Capital Share and Convertible and Exercisable Security Offsets Regulations 100.4G, 100.4H and 100.
bulletin Contact: For distribution to relevant parties within your firm Answerd Ramcharan Senior Information Analyst BULLETIN #3226 (416) 943-5850 December 11, 2003 By-Laws and Regulations Margin and Capital
More informationbulletin Amendments to IDA Regulations and Relating to CDCC Cleared Currency Options
bulletin Contact: For distribution to relevant parties within your firm Jane Tan Information Analyst, Regulatory Policy BULLETIN #3466 416-943-6979 October 3, 2005 By-Laws and Regulations Amendments to
More informationSECURITIES INDUSTRY Performance
FIRST QUARTER 2 INVESTMENT DEALERS ASSOCIATION OF CANADA SECURITIES INDUSTRY Performance SECURITIES INDUSTRY PERFORMANCE INDUSTRY Q / HIGHLIGHTS Q/Q Q / / ($ millions unless otherwise stated) Q 2 Q4 2
More informationMEMBER REGULATION. notice
MEMBER REGULATION INVESTMENT DEALERS ASSOCIATION OF CANADA notice ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES Contact: R. Corner: (416) 943-6908 - rcorner@ida.ca MR 027 May 29, 2000 ATTENTION:
More informationProvincial Perspectives Alberta
INVESTMENT D E A L E R S ASSOCIATION OF CANADA www.ida.ca Oil and Gas Sector Underpins Growth Projections for the short-term economic performance of the province are expected to moderate as the North American
More informationBusiness Outlook Survey
Results of the Spring 217 Survey Vol. 14.1 3 April 217 The results of the spring reflect signs of a further strengthening of domestic demand following overall subdued activity over the past two years.
More informationLetko, Brosseau & Associates Inc. Global Investment Management Since 1987
Letko, Brosseau & Associates Inc. Global Investment Management Since 1987 Economic and Capital Markets Outlook About us Letko, Brosseau & Associates Inc. is an independent, global investment management
More informationIDA Wealth Watch IN THIS ISSUE... INVESTMENT DEALERS ASSOCIATION OF CANADA
IDA Wealth Watch JULY 25 INVESTMENT DEALERS ASSOCIATION OF CANADA IN THIS ISSUE... Recent developments south of the border pertaining to the discount brokerage industry have raised questions as to what
More informationBusiness Outlook Survey
Results of the Spring 214 Survey Vol. 11.1 7 April 214 The spring offers encouraging signs for the economic outlook, although responses indicate that headwinds from intense competition and domestic uncertainty
More informationbulletin For distribution to relevant parties within your firm Jane Tan Information Analyst BULLETIN #3362 (416) December 17, 2004
bulletin Contact: For distribution to relevant parties within your firm Jane Tan Information Analyst BULLETIN #3362 (416) 943-6979 December 17, 2004 By-laws and Regulations Amendments to Regulation 100.9
More informationBusiness Outlook Survey
Business Outlook Survey Results of the Autumn 15 Survey Vol. 12.3 9 October 15 The autumn Business Outlook Survey shows that firms expectations continue to diverge as they gradually adjust to an environment
More informationIDA Wealth Watch IN THIS ISSUE...
IDA Wealth Watch FEBRUARY 005 INVESTMENT DEALERS ASSOCIATION OF CANADA IN THIS ISSUE... With RRSP season entering the home stretch, we thought it fitting that this edition of the IDA Wealth Watch focus
More informationMEMBER REGULATION. notice
MEMBER REGULATION INVESTMENT DEALERS ASSOCIATION OF CANADA notice ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES Contact: A. Mian: (416) 943-4656 amian@ida.ca MR181 Re-Issuance of CIB C-11
More informationWhy IIROC Matters to You, the Investor
Why IIROC Matters to You, the Investor The Investment Industry Regulatory Organization of Canada (IIROC) regulates all investment dealers in Canada. We set high quality regulatory and investment industry
More informationMEMBER REGULATION. notice
MEMBER REGULATION INVESTMENT DEALERS ASSOCIATION OF CANADA notice ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES Contact: Richard J. Corner Director, Regulatory Policy Phone: (416) 943-6908
More informationCredit Unions and Caisses Populaires SECTOR OUTLOOK 4Q17 February 2018
In This Issue Summary Results... 1 Sector Financial Highlights... 7 Sector Financial Statements... 8 Selected Performance Trends... 10 The information presented in this report has been prepared using the
More informationSecond Quarter Report 2011
Second Quarter Report REPORT TO MEMBERS CENTRAL 1 REPORTS RESULTS FOR SECOND QUARTER OF Second quarter highlights compared to the same period last year: Central s Profit for the period of $9.7 million,
More informationLETTER. economic. Slowdown in international trade: has interprovincial trade made up for it? DECEMBER bdc.ca
economic LETTER DECEMBER Slowdown in international trade: has interprovincial trade made up for it? Canada has always been a country open to the world, but it has become increasingly so over the years.
More informationMEMBER REGULATION. notice
MEMBER REGULATION INVESTMENT DEALERS ASSOCIATION OF CANADA notice ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES Contact: L. Boyce: (416) 943-6903 lboyce@ida.ca MR0143 May 27, 2002 ATTENTION:
More informationLiability Driven Investing
October 18, 2016 Liability Driven Investing Update for a Low Rate Environment STÉPHANE JEAN, FCIA, FSA Head of Liability Driven Investment Current Low Rate Environment Government of Canada Yields Global
More informationMEMBER REGULATION. notice
MEMBER REGULATION INVESTMENT DEALERS ASSOCIATION OF CANADA notice ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES Contact: R. Corner: (416) 943-6908 - rcorner@ida.ca MR 033 Update of and replacement
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More informationbulletin Discipline Penalties Imposed on Edward Ing Violations of Regulation and By-law 29.1
bulletin Contact: For distribution to relevant parties within your firm Kathryn Andrews and Ricardo Codina BULLETIN # 3283 Enforcement Counsel May 11, 2004 (416) 364-6133 Discipline Discipline Penalties
More informationLETTER. economic. Is Canada experiencing a housing bubble, or just a balloon? JULY 2012 AUGUST bdc.ca
economic LETTER JULY 212 AUGUST 212 Is Canada experiencing a housing bubble, or just a balloon? The low interest rates that have held sway in Canada for the past several years have stimulated the housing
More informationin the province due to differences in their economic makeup or base. External macro factors play an
Summary dependent on mining and resources but face a weak outlook for metal Ontario s economic performance markets, where growth will remain is not shared equally in all regions low and possibly negative.
More informationBusiness Outlook Survey
Results of the Winter 213 14 Survey Vol. 1.4 13 January 214 The winter provides some positive signs for the economic outlook, notably for exports and investment, although responses do not yet appear to
More informationThe Peterborough Census Metropolitan Area (CMA) spans the city of Peterborough and six other jurisdictions. The area is
PETERBOROUGH CENSUS METROPOLITAN AREA Presented by the Credit Unions of Ontario and the Ontario Chamber of Commerce 1 Peterborough s housing market saw a banner year in 2015. The Peterborough Census Metropolitan
More informationCanada Industrial MarketView Q2 2013
2006 2007 2008 2009 2010 2011 2012 1Q13 2Q13 $ (millions) Canada Industrial MarketView Q2 2013 CBRE Global Research and Consulting AVAILABILITY RATE 5.8% ANOTHER STRONG QUARTER FOR THE INDUSTRIAL MARKET
More informationMEMBER REGULATION. notice
MEMBER REGULATION notice Contacts: J. Tan (416) 943-6979 jtan@ida.ca; R. Corner (416) 943-6908 rcorner@ida.ca MR0330 January 13, 2005 ATTENTION: Ultimate Designated Persons Chief Financial Officers Panel
More informationHOUSING MARKET OUTLOOK Canada Edition
H o u s i n g M a r k e t I n f o r m a t i o n HOUSING MARKET OUTLOOK Canada Edition C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fourth Quarter 2010 Canada s Housing
More informationExcerpts from Seven Canadian Banks Third Quarter Financial Report to Shareholders re. Alberta, energy and oil and gas 1
Excerpts from Seven Canadian Banks Third Quarter Financial Report to Shareholders re. Alberta, energy and oil and gas 1 CWB Our outlook for the remainder of 2016 reflects expectations for ongoing credit
More informationFidelity Premium Fixed Income Private Pool Class of the Fidelity Capital Structure Corp.
Fidelity Premium Fixed Income Private Pool Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, 2018 Caution Regarding Forward-looking Statements Certain
More informationMLS Sales vs. Listings (seasonaly adjusted)
QUARTER 4: Canada Guaranty Housing Market Review OCTOBER - DECEMBER 21 The Canadian economy posted positive indicators of growth in early 21; however, the optimistic sentiment deteriorated in the latter
More informationRESTAURANT OUTLOOK SURVEY
Reference Period: 2016 RESTAURANT OUTLOOK SURVEY Prepared by Chris Elliott, Senior Economist January 23, 2017 Q2-2011 Q3-2011 Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 Q1-2013 Q2-2013 Q3-2013 Q4-2013 Q1-2014
More informationForm F1 REPORT OF EXEMPT DISTRIBUTION
Form 45-106F1 REPORT OF EXEMPT DISTRIBUTION This is the form required under section 6.1 of National Instrument 45-106 for a report of exempt distribution. Issuer/underwriter information Item 1: State the
More information($000s) 1. (3rd quarter, 000s)
THE METRO BEAT TD Economics 213 ECONOMIC DEVELOPMENTS AT THE METRO LEVEL In this edition of the Metrobeat, we review the economic performance of Canada s main metros in 213. The big stories at the national
More informationMEMBER REGULATION. notice
MEMBER REGULATION INVESTMENT DEALERS ASSOCIATION OF CANADA notice ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES Contact: L. Boyce: (416) 943-6903 lboyce@ida.ca MR 104 October 12, 2001 ATTENTION:
More informationLETTER. economic. The price of oil and prices at the pump: why the difference? NOVEMBER bdc.ca
economic LETTER NOVEMBER 211 The price of oil and prices at the pump: why the difference? Since the end of April the price of crude oil based on the West Texas Intermediate (WTI) benchmark has dropped
More informationImperial Pools. Annual Management Report of Fund Performance. December 31, Imperial Money Market Pool
Imperial Pools Annual Management Report of Fund Performance December 31, 2006 Imperial Money Market Pool This annual management report of fund performance contains financial highlights but does not contain
More informationFederal Budget. Overview Now Comes the Hard Part
Highlights and analysis of the Canadian federal budget High Times Douglas Porter, CFA, Chief Economist douglas.porter@bmo.com 416-359-4887 Robert Kavcic, Senior Economist robert.kavcic@bmo.com 416-359-8329
More informationLincluden Balanced Fund Annual Management Report of Fund Performance For the year ended December 31, 2016
Lincluden Balanced Fund Annual Management Report of Fund Performance For the year ended December 31, 2016 Dear Investor, This annual management report of fund performance contains financial highlights
More informationTD Canadian Money Market Fund
TD Canadian Money Market Fund 526140 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationCREA Updates Resale Housing Forecast Ottawa, ON, September 15, 2016
CREA Updates Resale Housing Ottawa, ON, September 15, 2016 The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS ) Systems of
More informationIn-Depth Housing Analysis for Canada, the Provinces, and Nine Metropolitan Areas. Metropolitan Housing Outlook Autumn 2010
Metropolitan Housing Outlook Autumn 21 In-Depth Housing Analysis for Canada, the Provinces, and Nine Metropolitan Areas ECONOMIC PERFORMANCE AND TRENDS Metropolitan Housing Outlook: In-Depth Housing Analysis
More informationSemi-Annual Management Report of Fund Performance
Semi-Annual Management Report of Fund Performance BMO Private Canadian Money Market Portfolio For the period ended June 30, 2017 This semi-annual management report of fund performance contains financial
More information2018 Interim Management Report of Fund Performance
PHILLIPS, HAGER & NORTH FUNDS 2018 Interim Management Report of Fund Performance Phillips, Hager & North Investment Management is a division of RBC Global Asset Management Inc., the Manager of the Funds
More informationFORM F1 REPORT OF EXEMPT DISTRIBUTION
FORM 45-106F1 REPORT OF EXEMPT DISTRIBUTION This is the form required under section 6.1 of National Instrument 45-106 for a report of exempt distribution. Issuer information Item 1: State the full name
More informationCI US Money Market Fund
This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy
More informationLETTER. economic. Explaining price variances between Canada and the United States MARCH bdc.ca
economic LETTER MARCH 212 Explaining price variances between Canada and the United States With an exchange rate at par with the U.S. dollar, it s easy for Canadian consumers to compare prices for similar
More informationMARKET TRENDS. In this Issue: 2003 Mortgage Credit GROWTH FASTEST SINCE Residential mortgage credit growth* per cent
c MHC MORTGAGE MARKET TRENDS Canada Mortgage and Housing Corporation First Quarter, 2004 MORTGAGE LENDING 2003 Mortgage Credit GROWTH FASTEST SINCE 1992 By David Weingarden, Senior Economist, Capital Markets
More informationFidelity Corporate Bond Fund
Fidelity Corporate Bond Fund Annual Management Report of Fund Performance June 30, 2017 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results
More informationLETTER. economic THE CANADA / U.S. PRODUCTIVITY GAP: THE EFFECT OF FIRM SIZE FEBRUARY Canada. United States. Interest rates.
economic LETTER FEBRUARY 2014 THE CANADA / U.S. PRODUCTIVITY GAP: THE EFFECT OF FIRM SIZE For many years now, Canada s labour productivity has been weaker than that of the United States. One of the theories
More informationRBC SHORT TERM INCOME CLASS
FIXED-INCOME FUND Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Corporate Class Inc. approved this annual management report of fund performance on June 13,
More information2016 Interim Management Report of Fund Performance
PHILLIPS, HAGER & NORTH FUNDS 2016 Interim Management Report of Fund Performance Phillips, Hager & North Investment Management is a division of RBC Global Asset Management Inc., the Manager of the Funds
More informationLETTER. economic COULD INTEREST RATES HEAD UP IN 2015? JANUARY Canada. United States. Interest rates. Oil price. Canadian dollar.
economic LETTER JANUARY 215 COULD INTEREST RATES HEAD UP IN 215? For six years now, that is, since the financial crisis that shook the world in 28, Canadian interest rates have stayed low. The key interest
More informationExempt market securities. The complete overview.
Exempt market securities. The complete overview. Commission des valeurs mobilières du Québec April 1999 All rights reserved La version française de cette brochure est disponible sur demande. OVERVIEW Exempt
More informationRBC $U.S. MONEY MARKET FUND
MONEY MARKET FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of fund
More informationScotia Short Term Bond Fund
Scotia Short Term Bond Fund Annual Management Report of Fund Performance For the period ended December 31, 2011 This annual management report of fund performance contains financial highlights, but does
More informationBMO Canadian Money Market Fund (the Fund ) (formerly BMO AIR MILES Money Market Fund )
(the Fund ) (formerly BMO AIR MILES Money Market Fund ) For the period ended September 30, 2011 Manager: BMO Investments Inc. Portfolio manager: BMO Asset Management Inc., Toronto, Ontario Annual Management
More informationRBC SHORT TERM INCOME CLASS
FIXED-INCOME FUND Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Corporate Class Inc. approved this interim management report of fund performance on November
More informationEconomic Spotlight June 20, 2009
Economic Spotlight June 2, 29 Summary: Consumer Bankruptcy Deteriorating economic conditions, combined with rising unemployment and declining asset values, have caused a significant increase in consumer
More informationbulletin By-law 40 Individual Approvals, Notifications and Related Fees and the National Registration Database
bulletin Contact: For distribution to relevant parties within your firm Larry Boyce Vice-President BULLETIN #3324 Sales Compliance and Registration September 2, 2004 Wendyanne D Silva Director, Registration
More informationSECTOR OUTLOOK. Ontario Credit Unions and Caisses Populaires Second Quarter Ended June 30, 2018
SECTOR OUTLOOK Ontario Credit Unions and Caisses Populaires Second Quarter Ended June 30, 2018 Sector Credit Unions Caisses Populaires Financial Highlights 2Q-2018* 1Q-2018 2Q-2017 2Q-2018* 1Q-2018 2Q-2017
More informationGlobal PMI. Global economic growth kicks higher at start of fourth quarter but outlook darkens. November 14 th 2016
Global PMI Global economic growth kicks higher at start of fourth quarter but outlook darkens November 14 th 2016 2 Global PMI at 11-month high in October Global economic growth kicked higher at the start
More informationLETTER. economic. Is Canada less dependent on the United States than it used to be? DECEMBER 2011 JANUARY bdc.ca
economic LETTER DECEMBER JANUARY 212 Is less dependent on the United States than it used to be? weathered the last recession better than the United States. The decline in real GDP in was less pronounced
More informationImperial Pools. Annual Management Report of Fund Performance. December 31, Imperial Short-Term Bond Pool
Imperial Pools Annual Management Report of Fund Performance December 31, 2006 Imperial Short-Term Bond Pool This annual management report of fund performance contains financial highlights but does not
More informationM A R K E T W A T C H
This is a periodic communication from Cartus intended to keep you informed about the current property market trends and conditions in Canada. The Canadian real estate market has stabilized after seeing
More informationLETTER. economic. Canadian GDP growth should accelerate in 2014 JANUARY Canada. United States. Interest rates. Oil and dollar.
economic LETTER JANUARY 2014 Canadian GDP growth should accelerate in 2014 At the beginning of last year, forecasters were anticipating, on average, that real GDP growth would reach 1.9 in the United States
More informationAn Investor s Guide to Making a Complaint
www.iiroc.ca Tel. 1.877.442.4322 An Investor s Guide to Making a Complaint Investment Industry Regulatory Organization of Canada Organisme canadien de réglementation du commerce des valeurs mobilières
More informationOntario Credit Unions and Caisses Populaires SYSTEM OUTLOOK 4Q00
Ontario Credit Unions and Caisses Populaires SYSTEM OUTLOOK 4Q00 INSIDE Economic Highlights: Growth in 2001 forecast to slow to less than 3 % Page 1 Focus on Interest Rates: Rates in 2001 to decline Page
More informationPension Real Estate Association INVESTOR REPORT
Pension Real Estate Association INVESTOR REPORT Published July 2017 The Pension Real Estate Association (PREA) is a nonprofit trade association for the global institutional real estate investment industry.
More informationCanada s Economy Strengthens
Dr. Sherry Cooper Chief Economist Dominion Lending Centres The Title of the presentation Second line if needed Third line if needed Canada s Economy Strengthens Today s date Location of presentation June
More informationMEXICO. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 MEXICO 1. General trends Real GDP growth in Mexico in 2014 was 2.1%, up 0.7 percentage points on 2013. This increase stems from a good export performance,
More informationHousing Bulletin Monthly Report
March 211 1 Housing Bulletin Monthly Report Alberta s preliminary housing starts increased month-over-month in February 211 Canada Housing Starts 25, 2, 15, 1, 5, FEB 9 MAR 9 Preliminary Housing Starts
More informationINTERIM MANAGEMENT REPORT OF FUND PERFORMANCE. NBI Canadian Short Term Income Private Portfolio. For the period ended June 30, 2017
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended June 0, 07 Fixed Income Private Portfolios Notes on forward-looking statements This report may contain forward-looking statements concerning
More information2017 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationExpect Modest Housing Market Growth in 2019
NOVEMBER 2018 Expect Modest Housing Market Growth in 2019 Economic growth beats expectations. As the year-end approaches, we look ahead to 2019 and what are likely to be the dominant economic trends in
More informationBanks at a Glance: Economic and Banking Highlights by State 2Q 2018
Economic and Banking Highlights by State 2Q 2018 These semi-annual reports highlight key indicators of economic and banking conditions within each of the nine states comprising the 12th Federal Reserve
More informationLabour Market Information Monthly
Canada's population estimates: Subprovincial areas, July 1, 2014 On July 1, 2014, almost 7 in 10 Canadians, or 24,858,600 people, were living in a census metropolitan area (CMA). In turn, more than one
More informationMANAGEMENT REPORT OF FUND PERFORMANCE
MANAGEMENT REPORT OF FUND PERFORMANCE This annual management report of fund performance contains financial highlights but does not contain the complete annual audited financial statements of the Global
More informationOntario Credit Unions and Caisses Populaires SYSTEM OUTLOOK 1Q02
Ontario Credit Unions and Caisses Populaires SYSTEM OUTLOOK 1Q02 INSIDE Economic Highlights: GDP in 2002 to exceed 3%.. Page 1 Focus on Interest Rates: Rates now expected to gradually increase Page 2 System
More information2017 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationGlobal PMI. Solid Q2 growth masks widening growth differentials. July 7 th IHS Markit. All Rights Reserved.
Global PMI Solid Q2 growth masks widening growth differentials July 7 th 2017 2 Widening developed and emerging world growth trends The global economy enjoyed further steady growth in June, according to
More informationIn-Depth Housing Analysis for Canada, the Provinces, and Nine Metropolitan Areas. Metropolitan Housing Outlook Spring 2012
Metropolitan Housing Outlook Spring 212 In-Depth Housing Analysis for Canada, the Provinces, and Nine Metropolitan Areas ECONOMIC PERFORMANCE AND TRENDS Metropolitan Housing Outlook: In-Depth Housing Analysis
More informationFRONT BARNETT ASSOCIATES LLC
FRONT BARNETT ASSOCIATES LLC I N V E S T M E N T C O U N S E L May 31, 2000 ECONOMIC OUTLOOK - - SOFT LANDING AHEAD Economic growth in the U.S. has been incredibly strong - - too strong for the Federal
More informationWorld trade rises 5.3% in Q1 2010
June 2010 TABLE OF CONTENTS World trade rises 5.3% in Q1 2010 1 Highlights 2 The Canadian economy 2 The U.S. economy 3 Oil prices tumble after US jobs report 4 Flight to quality hits Canadian dollar 4
More informationTD Canadian Corporate Bond Fund
TD Canadian Corporate Bond Fund 535272 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationMAJOR MARKET RESALE CONDO PRICES. Y/Y % Chg. Vancouver. Edmonton. Calgary. Toronto. Ottawa-Gatineau 2005/ /08F. Montreal
TD Economics Special Report May, www td com/economics CONDOS TO REMAIN AN ATTRACTIVE OPTION FOR MANY HOME BUYERS Canada s condo markets have delivered a strong performance in recent years, and the economic
More informationTD Short Term Investment Class
TD Asset Management TD Short Term Investment Class 531696 (01/18) TD Mutual Funds Corporate Class Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights,
More informationPost-Secondary Education, Training and Labour Prepared November New Brunswick Minimum Wage Report
Post-Secondary Education, Training and Labour Prepared November 2018 2018 New Brunswick Minimum Wage Report Contents Section 1 Minimum Wage Rates in New Brunswick... 2 1.1 Recent History of Minimum Wage
More informationShow Me the Money? ECONOMIC RESEARCH. Robert Kavcic, Senior Economist December 7, 2018
Robert Kavcic, Senior Economist December 7, 2018 Show Me the Money? Equity markets were thumped again this week alongside ongoing U.S.-China trade tensions and signs that global growth is softening. The
More informationFidelity Corporate Bond Class of the Fidelity Capital Structure Corp.
Fidelity Corporate Bond Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, 217 Caution Regarding Forward-looking Statements Certain portions of this
More information