CANADA DATA: Canada GDP Q1 Flash +1.5% Annualized Slightly Below BOC Estimates
Apr-30 12:30
- GDP by industry +1.5% annualized for Q1, Statistics Canada said Wednesday, slightly below Bank of Canada's +1.8% estimate in April Monetary Policy Report.
- StatsCan's advance forecast for March +0.1% MOM, putting QOQ growth +0.4%.
- Increase in March supported by mining, quarrying and oil and gas extraction but gains were offset by decline in manufacturing and wholesale.
- Official Feb. GDP -0.2%, lower than the expected flat reading and following +0.4% in Jan.
- Drop in Feb largely driven by mining and oil and gas extraction, which contracted 2.8%. Bad weather and a collision in Newfoundland impacted offshore crude production.
- Coal mining -15%, largest monthly contraction since March 2022 as exports to Asia dropped. StatsCan said real estate fell 10% in Feb, the third straight decline. Industry sources have said tariff concerns hurt consumer confidence.
- Partially offsetting gains, autos +4.2%, suggesting U.S. stockpiling in anticipation of tariff action.
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GLOBAL POLITICAL RISK: Week Ahead 31 March-6 April
Mar-31 12:26
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MNI's Political Risk team has published its Week Ahead article, looking at some of the major political events scheduled to take place over the next seven days. Includes information on US President Donald Trump's imposition of reciprocal tariffs on 'Liberation Day', French far-right politician Marine Le Pen's conviction and ban from running for public office that has upended the 2027 presidential election race, and a meeting between Russia and China's foreign ministers in Moscow.
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PIPELINE: Corporate Bond Roundup: DBJ 5Y SOFR on Tap
Mar-31 12:24
- Date $MM Issuer (Priced *, Launch #)
- 03/31 $Benchmark DBJ 5Y SOFR+62a
- 03/31 $Benchmark Japan Tobacco +3Y, +5Y, +10Y investor calls
- 03/31 $Benchmark Gold Fields 10Y investor calls
- 03/31 $Benchmark Caf perpNC5.5 investor calls
- Expected Tuesday:
- 04/01 $Benchmark NRW Bank 5Y SOFR+49a
EFSF ISSUANCE: Syndication: 5-year May-30: Priced
Mar-31 12:21
- Reoffer: 99.814 to yield 2.664%
- Size: E5bln
- Final Spread set earlier: MS+30bps (guidance was MS+32bps area)
- Books closed in excess of E19.5bln (ex JLM interest)
- Hedge ratio 99% vs 2.40% Apr-30 Bobl. Spot ref 100.461 + 36.5bp
- Maturity: 07-May-2030
- Settlement: 07-Apr-2025 (T+5)
- Coupon: Long first to 07-May-2026
- Bookrunners: CITI/CACIB(DM/B&D)/SG
- ISIN: EU000A2SCAT6
- Timing: TOE 13:14BST / 14:14CET. FTT immediately.
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