Notes From The Desk

Rogers Launching First Telco Hybrid Deal Rogers Communications is ‘making more possible’ by launching their first hybrid bond, a halfway house between debt and equity. This should help them maintain...

There is no stopping the Canadian job machine. With several pandemic unemployment support programs ending in October, it appears people decided to take up many of the jobs on offer: · 153.7k jobs...

Four More Years. Biden nominates Jay Powell for a second term. · Jay Powell to serve a second term as chair of the Federal Reserve. · Lael Brainard, considered the competitor to the throne, assumes...

Canadian Inflation · Headline CPI came in as expected at 4.7%, while core inflation was 1.8% (a touch below the expectation of 1.9%) · With the Bank of Canada forecast of 4.8% for Q4, today’s...

Today’s FOMC was a relatively straightforward, as-expected affair. · The tapering of QE begins this month with a reduction of $15 bn per month ($10 bn in treasuries, $5 bn in mortgages) · At this...

A quick note from our trading desk on today's Bank of Canada meeting and press conference. · The BoC has officially ended QE and moved into the reinvestment phase, where they will simply reinvest...

Federal Reserve Chairman Jay Powell has achieved an amazing outcome. His highly anticipated speech this morning was a masterpiece of optimism and calmness. · Tapering is expected later this year,...

The Federal Reserve really knows how to thread the needle, having dropped hints about tapering without freaking-out the markets. The As Expecteds. · No change to the overnight rate · Still hold that...

Despite well telegraphed signals, the Bank of Canada (BoC) managed to surprise markets with their announcement today. The As Expecteds. No change to the overnight rate The BoC announced a taper in...

Yesterday’s meeting and announcement was far more interesting than excepted. There were very subtle hints that the Fed is changing its view on the timing of hikes. First the obvious: View has...

Executive Summary of Today's FOMC Announcement The Announcement As expected, no change to the overnight rate or Quantitative Easing Programs The Fed continues to project their next rate hike for...

On Friday, Canada’s largest chain of movie theatres brought $250mm of 5y bonds to market with a coupon of 7.5%.  This financing should provide a bridge until theatre re-openings, offering Cineplex...