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Government of Canada Securities -
January 2006
- Government of Canada Securities 2005 -
- PDF Version -- Canadian Economy | Primary Market | Secondary Market -
Canadian Economy
Selected Canadian economic statistics
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| 2004 | 2005 | |||||
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| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
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| Annualized growth rates | (per cent) | |||||
| Real gross domestic product | 3.9 | 2.9 | 2.1 | 2.1 | 3.4 | 3.6 |
| Final domestic demand | 2.4 | 3.5 | 4.3 | 5.7 | 3.9 | 3.9 |
| Employment growth | 2.0 | 1.3 | 1.7 | 0.6 | 1.7 | 1.1 |
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| Other | ||||||
| Unemployment rate | 7.2 | 7.1 | 7.1 | 7.0 | 6.8 | 6.8 |
| Current account balance (percentage of GDP) |
3.0 | 2.2 | 1.6 | 1.0 | 1.4 | 2.7 |
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| Source: Statistics Canada. | ||||||
Upcoming economic data releases of interest
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| January | February | March |
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| December CPI (January 18) |
January Labour Force Survey (February 10) |
February Labour Force Survey (March 10) |
| November GDP (January 31) |
January CPI (February 22) |
February CPI (March 16) |
| December GDP (February 28) |
January GDP (March 31) |
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| National Economic and Financial Accounts October-December 2005 (February 28) |
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Primary Market
Recent Government of Canada bond auction results
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| Auction date | Term | Maturity date |
Coupon rate |
Issue amount |
Average price |
Average yield |
Auction coverage* |
Tail** |
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| (years) | (%) | (millions of dollars) | (%) | (basis points) | ||||
| December 14, 2005 | 2 | June 1, 2008 | 3.75 | 2,400 | 99.753 | 3.857 | 2.465 | 0.5 |
| November 30, 2005 | 30 | December 1, 2036 | 3 | 400 | 131.529 | 1.689 | 2.858 | n.a. |
| November 16, 2005 | 5 | September 1, 2011 | 3.75 | 1,900 | 98.970 | 3.952 | 2.461 | 0.3 |
| November 2, 2005 | 10 | June 1, 2016 | 4 | 2,100 | 98.268 | 4.205 | 2.433 | 0.3 |
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| *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. |
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Government of Canada bond auctions
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| Type of issue | Auction date (2006) | Further details of issue (2006) | Dated and delivered (2006) | Amount maturing* |
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| (millions of dollars) | ||||
| 30-year | January 11 | January 5 | January 16 | 0 |
| 10-year | February 1 | January 26 | February 6 | 0 |
| 5-year | February 15 | February 9 | February 20 | 0 |
| Real Return Bond | March 1 | February 23 | March 6 | 0 |
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| Note: In addition, this quarter six
operations are planned under the Government of Canada bond repurchase
program. Three repurchase operations will be held in conjunction with
each nominal bond auction, and three switch repurchase operations will
take place: one on January 18 in the 5-year sector, one on March 8 in
the 10-year sector and one on March 15 in the 2-year sector. Further details will be
released on the Thursday prior to these operations. The target amount
for the repurchase this quarter is $2.2 billion. *Maturity of $0.3 billion on March 1, 2006. Source: Bank of Canada. |
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Government of Canada bond market benchmarks
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| Term | Maturity | Coupon | Amount outstanding | Yield (Dec. 30, 2005) |
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| (%) | (millions of dollars) | (%) | ||
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| Fixed-coupon | ||||
| 2-year | December 1, 2007 | 2.75 | 7,007 | 3.82 |
| 5-year | September 1, 2010 | 4.00 | 9,459 | 3.87 |
| 10-year | June 1, 2015 | 4.50 | 10,300 | 3.94 |
| 30-year | June 1, 2033 | 5.75 | 13,410 | 4.03 |
| Real return | ||||
| 30-year | December 1, 2026 | 4.25 | 5,250 | 1.45 |
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| Source: Department of Finance. | ||||
Upcoming Government of Canada marketable bond maturities
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| January-March | April-June | July-September | October-December |
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| 2006 | 2006 | 2006 | 2006 |
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| (millions of dollars) | |||
| 267 | 6,500 | 6,221 | 12,624 |
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Outstanding Government of Canada foreign currency debt
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| (C$ millions)* | |
| Canada bills | 2,130 |
| Canada notes | 1,137 |
| Outstanding under EMTN program | 1,670 |
| 6 3⁄4% US$ bonds maturing August 28, 2006 | 1,165 |
| 6 5⁄8% NZ$ bonds maturing October 3, 2007 | 397 |
| 4 7⁄8% EUR bonds maturing July 7, 2008** | 2,808 |
| 5 1⁄4% US$ bonds maturing November 5, 2008 | 2,912 |
| *At par value, adjusted for exchange rates
as of December 30, 2005. **Original issue in Deutsche Marks was redenominated into euros on February 19, 1999. |
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| 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
- Golden Capital Securities Limited
- 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
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| Standard & Poor’s Current | Moody’s Investors Service Current | Dominion Bond Rating Service Current | |
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| Domestic debt – Trend | AAA Stable | Aaa Stable | AAA Stable |
| Foreign debt – Trend | AAA Stable | Aaa Stable | AAA Stable |
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Except as noted, the information in Government of Canada Securities is based upon data available as of December 30, 2005.
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.
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| Last Updated: 2006-01-17 |
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