Early Wednesday, 10-year Government of Canada (GoC) bonds and United States Treasuries are trading at -104 bps, said National Bank of Canada.
This means GoCs are slightly outperforming to start, noted the bank.
Those levels are quite richer month-to-date, which are at about 19 bps since May 1, though 10-year cross-border outperformance isn't as pronounced as down the curve, stated National Bank.
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high Flood and Wildfire Scores, according to ICE Climate Data.An $8 million offering from Northern Potter School District, Pa., records a Flood Risk Score of 5.0 out of 5.0, ICE reports. Locations with a component Physical Climate Risk Score, which includes Flood, Wildfire and Hurricane, of 2.0 or higher out of 5.0 indicate high physical climate risk due to hurricane, flooding or wildfire events.A $9 million bond deal from Mariposa County Unified School District, Calif., has a Wildfire Risk Score of 4.2 out of 5.0 on ICE's scale, while a $6 million tranche from Harris County MUD No. 50, Texas, records a Combined Physical Risk Score of 3.1.Separately, a $179 million offering from New Orleans, La., records an Acute Physical Risk Score of 4.2, and a $21 million deal from Haldane Central School District, N.Y., has an Acute Physical Risk Score of 2.0, due to their proximity to weather-related events, according to ICE Climate Data.This content is created byand includes certain data sourced from ICE Climate Data ("ICE"). Views ofdo not necessarily represent the views of ICE. ICE is not a nationally registered statistical rating organization, nor should this commentary be construed to constitute an assessment of the creditworthiness of any company or financial instrument or as providing investment advice. Climate analytics available from ICE are meant to be generally indicative of overall feature sets but should not be considered an analyst's opinion of the underlying investability of a particular location or security.The ICE Climate Risk Score is a singular, 0.0-5.0 assessment score that blends all the ICE Spatial Intelligence Platform's climate hazard models together into one rigorous, relative measure of total property risk from physical climate hazards to a given location or set of locations related to the investment. To learn more about the ICE Climate Risk Data, visit: ICE Sustainable Finance Data (https://www.ice.com/data-services/sustainable-finance-data/disclaimer)
A small group of cities across the country drove Canada's progress on diversifying trade in 2025, while others fell behind, says a new report from the Canadian Chamber of Commerce, The Canadian Press is reporting Wednesday.The report says Calgary, Ottawa-Gatineau, Toronto, Saskatoon and Kelowna, B.C., are the cities that made the strongest gains in export diversification beyond the U.S. market last year.Of the cities surveyed, Calgary and Ottawa-Gatineau posted the largest increases in exports to non-U.S. markets between 2024 and 2025 at 64.67% and 64.04%, respectively.Toronto's non-U.S. exports increased by 32.82%, followed by Saskatoon (32.04%) and Kelowna (28.63%). Non-U.S. exports increased by 16.8% countrywide."Together, this relatively small group of cities account for a disproportionate share of Canada's recent export diversification gains, reinforcing how uneven the country's trade adjustment remains across regions," says the report.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
With a growing entrepreneurial drought across Canada, the Canadian Federation of Independent Business (CFIB) is calling on the federal government to follow the lead of provinces by making changes to the small business corporate tax rate.At 9%, the federal rate hasn't changed since 2019, notes CFIB.Since then, five provinces -- Ontario, Quebec, Newfoundland and Labrador, Prince Edward Island and Nova Scotia -- have made progress in reducing their corporate tax rates on small businesses, it said. Also three provinces now have higher thresholds (Saskatchewan and PEI at $600,000 and Nova Scotia at $700,000), it added.In a new analysis published on Wednesday, CFIB is also pushing back against several myths around the Small Business Deduction (SBD), including claims that it discourages business growth, misallocates capital, or primarily benefits rich shareholders.CFIB is calling on the federal government to lower its rate from 9% to 6%. In addition, the $500,000 small business threshold should have been raised to over $700,000 by now just to keep pace with inflation. Parliament's Industry Committee recently recommended it be raised to $1 million in order to enhance Canada's productivity."The small businesses tax advantage is a strength, not a flaw, of Canada's corporate tax system, said Simon Gaudreault, chief economist and vice-president of research at CFIB. "It helps small firms reinvest, create jobs, and cope with the higher costs of being small."