3:00 Thursday vs 3:00 Wednesday
2yr 99-17+ vs 99-18; 3.990% vs 3.988%
5yr 98-29 vs 98-27; 4.119% vs 4.128%
10yr 99-10 vs 99-05; 4.459% vs 4.478%
30yr 99-25+ vs 95-14; 5.011% vs 5.045%
2/10 46.701 bps vs 48.902 bps
5/30 89.036 bps vs 91.576 bps
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Treasury
Badger Infrastructure Solutions Closes C$300 Million Senior Unsecured Note Offering
Badger Infrastructure Solutions (BDGI.TO) closed a private-placement offering of $300 million aggregate principal amount of 5.375% senior unsecured notes due May 14, 2031, the company said on Thursday.The company will use proceeds to repay indebtedness under its credit facilities, including its term facility."We are very pleased with the strong support from our new Canadian fixed income investors in our inaugural note offering," said Rob Dawson, Badger's Chief Financial Officer. "With this successful financing complete, Badger remains well positioned to continue its strategy of investing for growth while maintaining a strong balance sheet."The company's shares were last seen up $1.19 to $82.11 on the Toronto Stock Exchange.Price: $82.05, Change: $+1.13, Percent Change: +1.40%
$BDGI.TO
Treasury
BMO Notes Leaders in Artificial Intelligence Exports
A large portion of the spending wave on the Artificial Intelligence (AI) buildout in the United States is in fact directed at imports, said Bank of Montreal (BMO).Of course, some exporting economies are on the other side of those sales, pointed out the bank.BMO has recently noted the blast-off in Taiwan, whose exports to the U.S. have rocketed 98% year over year in the most recent three months. This, in turn, has lifted that economy's real gross domestic product by almost 14% in the last year alone, the fastest growth in nearly 40 years.A little less spectacularly, but still impressive, Vietnam grew more than 8% year over year in Q1, while Indonesia was up 5.6%, and the large and more mature South Korean economy has expanded a solid 3.6% year over year, added the bank.All are faster than pre-COVID norms. On a weighted basis, these four have accelerated from 3.3% GDP growth a year ago to 6.8% in Q1.With a total weight of about 4% of global GDP, these medium-sized economies account for 0.3 percentage point -- or about 10% -- of the world's current 3% growth, according to BMO.
$$CXY
Treasury
Home Sales Activity in Canada Seen "Low" in Key Spring Season Despite April Lift, Says National Bank
Home sales in Canada edged up by 0.7% monthly in April, the first increase in six months, said National Bank of Canada after Thursday's data from the Canadian Real Estate Association (CREA).The improvement in sales during the month was mainly driven by an increase in transactions in Ontario (+4.3%), and to a lesser extent by increases in Prince Edward Island. (+16.6% following -17.0% the previous month) and Alberta (+3.6%).On the other hand, sales declined in the vast majority of provinces, with decreases in Nova Scotia (-10.9%), Newfoundland (-7.4%), Quebec (-2.9%), Saskatchewan (-2.5%), New Brunswick (-1.5%), Manitoba (-1.1%), and British Columbia (-1.1%).Despite the improvement in sales in April, the level of activity remains particularly low in the Canadian housing market, with transactions down 16.9% from their 10-year average, noted the bank.Several factors continue to weigh on the real estate market, including population decline, the weak performance of the labor market since the start of the year, and economic uncertainty -- and now geopolitical uncertainty as well. The conflict in the Middle East has even had spillover effects on the Canadian real estate market, with mortgage rates rising in March as bond yields increased due to the rise in inflation anticipated by the markets, stated National Bank.Looking ahead, a pickup in activity could be possible later this year if the trade uncertainty surrounding the renewal of the CUSMA trade deal is resolved, according to the bank.In the meantime, activity levels during the peak spring season are likely to remain "low," it added.
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