IQVIA (IQV) said Thursday that a subsidiary has priced an offering of 950 million euros ($1.10 billion) of 4.625% senior notes due June 15, 2033.
Proceeds will be used to refinance its debt, the company said. It expects to issue the notes on June 11.
IQVIA shares were up about 3% in morning trading.
Price: $187.71, Change: $+5.66, Percent Change: +3.11%
Canada's labor market adjusts slowly, which has historically cushioned it during downturns, but this stabilizing feature may become a vulnerability, said TD.Artificial Intelligence (AI) adoption alone is unlikely to immediately threaten workers, writes the bank in a note to clients. Digital technology will change how work is performed, but employees will continue to play a key role in an AI-empowered world.Where Canada is in the business cycle matters, stated TD. Recessions tend to catalyze strategic change inside firms.When weak demand intersects with rapid cost-saving technological adoption, employers are more likely to redesign workflows and positions, increasing the risk that jobs lost in a downturn don't return in their prior form, added the bank.When technology permanently displaces roles, policies should prioritize faster worker transitions through flexible, affordable retraining and human-centric skill development, rather than job retention, which risks higher long-term unemployment and worsened productivity scarring.Canada's long-standing ability to cushion labor market shocks may be less resilient in an environment where businesses are forced to make hard choices to survive, noted TD. AI adoption alone may not pose an immediate risk to the Canadian workforce, but when cost-saving technologies like AI collide with a downturn, firms may permanently change how work is done.As economic stress forces firms to make hard choices, some job losses may not reverse.Canadians are well educated and can face this challenge head-on and there is an opportunity for some workers to benefit from the moment. Policy needs to be precise to support reskilling dislocated workers and minimize outflows from the job market. The stakes are high and acting early will help to limit long-term labor market damage, according to the bank.
Treating the current tariff environment as permanent, the Canadian Parliamentary Budget Officer (PBO) now projects real gross domestic product growth of 1.1% for this year and 1.6% in 2027, down from 1.3% and 1.8%, respectively, from its September 2025 outlook.The PBO noted its Economic and Fiscal Outlook for June 2026 assessed that the Canadian economy grew by 1.7% in 2025, "with a weakened outlook thereafter".After accounting for historical revisions, nominal GDP, the broadest measure of the government's tax base, is projected to be, on average, $19.5 billion higher annually over the 2026 to 2030 period compared with the outlook from September, due to stronger energy prices, said the PBO. PBO's status quo fiscal outlook includes the incremental measures announced in Budget 2025 and the Spring Economic Update 2026. Combined, these measures amount to $68.4 billion in (net) new spending over 2025-26 to 2030-31.PBO projects Canada's budgetary deficit to increase from $36.3 billion, or 1.2% of GDP, in 2024-25 to $72.0 billion, 2.2% of GDP, in 2025-26 as modest revenue growth is outpaced by growth in expenses -- largely reflecting the introduction of new measures.PBO projects budgetary deficits averaging $4.6 billion per year above the SEU 2026, reflecting lower revenues, particularly personal income tax, and higher program expenses, partially offset by lower public debt charges. It noted recent trends point to atypical growth paths for elderly benefits and children's benefits. PBO will pursue further analysis regarding both expense categories.Assuming no new measures are introduced and existing temporary measures sunset as scheduled, the budgetary deficit is projected to decline to $58.2 billion by 2030-31, as revenue growth outpaces growth in program expenses, partially offset by rising public debt charges, said PBO.Due to persistent budgetary deficits of on average 1.8% of GDP over the projection horizon, the federal debt-to-GDP ratio is seen rising from 41.3% in 2025 26 to 42.5% in 2030 31. Similar to PBO's September outlook, the federal debt-to-GDP ratio is projected to remain flat over the medium term, it added.
"Canada must spend more on defence, full stop. A more polarized world and years of underinvestment leave the country exposed," Scotiabank said Thursday in a note entitled 'More than a Number: Canada's Defence Scale-Up Challenge in NATO's Next Frontier'.However, Canada isn't starting from zero, said Scotia, noting Canada has now met NATO's old 2% benchmark for direct defense spending and likely sits near the new defense-adjacent 1.5% threshold."Implementing what's been pledged is already ambitious," the bank added.The security perimeter has also widened materially. The Iran war reinforces that energy security, critical minerals, strategic infrastructure, and supply chains are now integral to defense, Scotia notes.NATO's new 5% target reflects this broader security landscape, but the 1.5% "bucket" should function as a floor for strategic investment, not a de facto ceiling, especially for countries with a comparative edge but inevitable competing national priorities, the bank said.A key policy question for Canada is where the next dollar goes, and how it will be financed. Those choices should be guided by pragmatism, absorption capacity, and comparative advantage, not mechanical target chasing, it added.According to Scotia, the real test is whether Canada's defense buildup, within a broader national investment push, builds domestic capability, productive capacity and resilience in ways that serve both national and allied security."Canada must scale core defense credibly while pressing for a NATO framework that better reflects comparative advantage and must eventually bring Canadians into the choices that would follow from a potentially even bigger price tag down the road," the bank said."Canada needs to get its own ramp-up right and help NATO get the framework right," it added.