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US Treasury Closing Levels

3:00 Friday vs 3:00 Thursday2yr 100-05 vs 100-04; 3.801% vs 3.777%5yr 99-22+ vs 99-26+; 3.939% vs 3.911%10yr 98-15 vs 98-22; 4.315% vs 4.287%30yr 97-13 vs 97-23; 4.914% vs 4.895%2/10 51.147 bps vs 50.809 bps5/30 97.303 bps vs 98.163 bps

Treasury119d ago

National Bank On What It Will Be Watching For Next Week

National Bank notes we'll get an update on the state of the residential sector with the release of March Housing Starts next Friday. The bank says judging by the data on building permits, the latter could have increased to 260K in annualized terms, led by the multi-unit segment.National Bank notes we will on Thursday also get Existing Home Sales numbers. The bank says they may have edged up 0.7% nationally in the third month of the year, boosted by stronger sales in Toronto and Vancouver.In other news, National Bank says Manufacturing Sales data on Wednesday may have expanded 3.8% m/m in February, on increases in the food and transportation equipment subsectors.The bank notes other February data will also be available, including figures Wednesday on Wholesale Trade Sales and Building Permits on Monday. National Bank will also be keeping an eye out for the release of the CFIB Business Barometer for April.Price: $195.34, Change: $+1.83, Percent Change: +0.95%

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Treasury119d ago

CIBC On the Week Ahead In Economics

In Canada, CIBC says, the release Wednesday of both Manufacturing and Wholesale data for February should confirm the sharp rebounds already signaled by the advance estimates. For Manufacturing Shipments, CIBC is forecasting a 3.5% monthly gain, compared to a consensus 3.8%. For Wholesale Sales ex-petroleum CIBC sees a 2.5% rise.However, CIBC adds, housing starts figures for March on Friday are likely to show building activity stilltracking a lower level than the 2025 average. CIBC estimates 204k versus a consensus 250k.Also on the CIBC calendar for next week are the release of Building Permits for February on Monday and then the auction of $3 billion in 30-YR CANADAS on Wednesday and auction of $5.5 billion in 2-YR CANADAS on Thursday.Thursday will see the release of March Existing Home Sales and Friday will bring February Int'l Security Transactions.Price: $143.21, Change: $+1.62, Percent Change: +1.14%

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Treasury119d ago

Skeena Resources Closes an Offering of US$750 Million of Senior Secured Notes

Skeena Resources (SKE.TO) on Friday said it closed an offering of US$750 million of 8.5% Senior Secured Notes.The company said that the notes will mature in 2031 and are non-callable for the first two years.The company, which is building the Eskay Creek mine in northern British Columbia's Golden Triangle, said proceeds of the offering will be used for a "comprehensive refinancing strategy," designed to optimize the company's capital structure by reducing its cost of capital and enhance its financial flexibility."Skeena has a track record of breaking new ground in the mining industry, and this transaction represents another important milestone," said executive chair Walter Coles. "We are proud to be the first pre-revenue mining company in more than a decade to successfully complete a public high-yield notes offering. The strong support for this debt issuance from leading global investment firms, including KKR and Bank of America, underscores growing confidence in our strategy, our management team, and the robustness of the Eskay Creek project as we progress toward initial production in Q2 2027."Skeena will use the proceeds to cancel and replace of its undrawn senior secured loan of US$350 million and cost overrun facility under a gold-streaming agreement of US$100 million and the repurchase of approximately two-thirds of the US$200-million gold stream for US$187 million.It will also prefund interest on the notes for 18 months with US$94 million deposited to an interest reserve account, equal to the first three semi-annual interest payments on the notes, and use the remaining capital of approximately US$470 million to support the remaining construction at Eskay Creek through a disbursement account, for general corporate purposes, and for expenses associated with the issuance of the notes.The company's shares were last seen up C$0.44 to C$45.43 on the Toronto Stock Exchange.Price: $45.43, Change: $+0.44, Percent Change: +0.98%

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Treasury119d ago

Canada's Labor Market Shows A Lack of Dynamism, Central Bank to Stay on The Sidelines, Says TD

Canada's economy added 14,000 jobs in March, or 0.1% month over month, which is more-or-less in line with consensus expectations for a 15,000 gain, said TD after Friday's Labour Force Survey (LFS).Employment was essentially flat across job types, with full-time employment edging down slightly, or 1,000, while private-sector employment rose by 15,000 on the month.The unemployment rate was unchanged at 6.7% after February's increase. The labor force grew by 15,000 in March, while the participation rate was unchanged at 64.9%.The data suggests that the high unemployment rate is "mostly driven by slower hiring, rather than by increased layoffs."The LFS came in as expected, showcasing the lack of dynamism in the Canadian labor market, stated TD. The unemployment rate remains elevated, with the lack of hiring showcasing the general apprehension in the economy. With the economy continuing to progress in fits and starts, and uncertainty sky-high, the outlook is for subdued job growth and a steady unemployment rate.The outlook remains "fraught," with the energy shock beginning to be felt in the Canadian economy, and no clarity on the direction of the conflict, added the bank. How long the Middle East conflict lasts and energy supplies remain disrupted will determine the size of the inflation shock.For now, weak demand conditions should provide some offset to inflationary pass-through, allowing the Bank of Canada to stay on the sidelines and wait to see how things play out, according to TD.

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Treasury119d ago

Wages "Seemingly Popped" In March and Bank of Canada Will Keep An Eye On That, says BMO

BMO's Douglas Porter says the bottom line to be taken from Friday's Canadian employment data is that "for a refreshing change", results were "no big surprise" in March, and he adds the big picture take away is that job growth has been quite modest over the past year, but so, too, has been the growth in the available labour force, holding the unemployment rate steady.Porter says the only really new news was that wages "seemingly popped", which the Bank of Canada will keep on eye on, particularly as it is already on high alert for signs of any spillover from higher energy prices to broader inflation.Canadian employment, Porter notes, rose by a "moderate" 14,100 in March after a "tough start" to 2026. Given that employment had plunged by a combined 108,700 positions in the first two months of the year, no one is going to mistake this small back-up as a sign of strength, especially when full-time jobs actually nudged down a bit further last month, he says.Still, Porter adds, even a small plus sign is a positive, as is the stable jobless rate, which held at 6.7% -- actually a tick lower than a year ago.Porter notes the labor force also edged up 15,000 after two big declines as the participation rate steadied, but the number of people in the workforce has only risen 0.4% in the past year, just a tad below job growth.Overall, Porter says, Friday's LFS was "bizarrely" close to consensus and gets a passing grade of 57.1 on BMO's scoring system. "That will barely move the needle for the Bank of Canada debate," he adds.Porter notes one "wrinkle" was that average hourly wages popped, unexpectedly, to a 4.7% year-over-year pace, the fastest in more than a year and well up from 3.9% the prior month. "Wages can be a bouncy series, but that's a big bounce, and a move that bears watching."Meantime, he also notes, total hours worked edged up 0.2% month over month after a 'deep dive' in February. That still left them down at a 0.4% annual rate for all of Q1. With a half-decent productivity gain in the quarter, that could still work with BMO's 1.5% estimate for Q1 gross domestic product growth, Porter says.

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Treasury119d ago

Canada's Labour Market "Still Appears Quite Weak", Enabling BoC To Stay On Hold For 2026, says CIBC

"Overall, and through the monthly volatility, the Canadian labour market still appears quite weak, which should limit the ability of the current oil price shock to widely spread into broader inflationary pressures, enabling the Bank of Canada to hold interest rates at their current level throughout 2026," says CIBC's Andrew Grantham after the release Friday of Canada's LFS employment data for March.Grantham notes Canadian employment increased in March following two consecutive declines, but he says the rebound was "no better than consensus expectations and failed to bring the unemployment rate lower".Among highlights, Grantham notes the 14,000 increase in employment was almost exactly in line with the consensus forecast of 15,000, but only partly reversed a cumulative decline of more than 100,000 in the prior two months; the modest increase in employment during March kept pace with labor force growth, and the unemployment rate held steady at 6.7%. By sector, professional services and natural resources, alongside "other" services, led the increases, with those gains partly offset by declines in sectors such as finance and food & accommodation.Overall job growth was driven by part-time positions, with full-time work unable to recoup any of the ground lost in the prior month, says Grantham.Despite general softness in most labor market indicators recently, Grantham says hourly wage growth for permanent employees accelerated "sharply", to 5.1%, although he adds that partly reflected base effects from a year ago and the year-over-year rate should ease again in the months ahead.

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Treasury119d ago

Canada's Labor Market Shows "Some Signs of Stabilization" in March, But There Are Buts, says Desjardins

After a string of job losses to begin the year, Canada's labour market had "some signs of stabilization" in March, says Royce Mendes at Desjardins after the release of Friday's Labour Force Survey (LFS) showing the Canadian economy added back 14,000 jobs in March, leaving the unemployment rate unchanged at 6.7%.But, he adds, all of the new positions were part-time, with full-time jobs "stable" after a "devastating" decline of 108,000 in February.Mendes also notes while the year-over-year pace of average hourly earnings accelerated in March, the pickup was due to compositional effects as Statistics Canada said average hourly earnings rose just 3.6% when keeping the composition fixed, suggesting wages "aren't actually heating up."The bank's tracking for Q1 gross domestic product remains around 1.5% to 2.0%, roughly in line with the Bank of Canada's January forecast.Overall, Mendes adds, there's nothing in Friday's LFS to suggest that the economy is perking up. Despite upgrading its oil price forecasts, Desjardins continues to believe central bankers will remain on the sidelines for the remainder of this year, given persistent slack in the economy.

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Treasury119d ago

Canada Posts Small Jobs Gain in March, as Expected

Canada's employment was little changed in March, up 14,000 or 0.1% month over month, while the unemployment rate was unchanged at 6.7%, said the country's statistical agency in Friday's Labour Force Survey (LFS).The job increases were in line with a forecast 14,500 increase and 6.7% unemployement rate provided by MUFG.Across the major age groups, employment held steady and the unemployment rate was little changed, noted Statistics Canada in a statement.Employment rose in the 'other services' industry, which includes repair and maintenance services, by 15,000 and 1.9% month over month, and it also increased in natural resources, up 10,000 and 3.0% month over month. Employment declined in finance, insurance, real estate, rental, and leasing, or down 11,000 and 0.8%.Fewer people were employed in British Columbia (-19,000; -0.7%), while employment rose in Manitoba (+11,000; +1.5%), Saskatchewan (+5,800; +0.9%) and Nova Scotia (+3,900; +0.7%).Average hourly wages among employees increased 4.7% (+$1.68 to $37.73) on a year-over-year basis in March, following growth of 3.9% in February, not seasonally adjusted, added StatsCan.Recent increases in average hourly wages were partly due to a shift in the composition of employment. Using a method that holds constant the composition of employees by occupation and job tenure, average hourly wages grew by 3.6% on a year-over-year basis in March, similar to the rate of growth observed in January (+3.6%) and February 2025 (+3.5%), stated the Ottawa-based agency.The participation rate -- the proportion of the population aged 15 and older who were employed or looking for work -- was unchanged at 64.9%. On a year-over-year basis, the labor force participation rate was down 0.4 percentage point.The LFS estimates are based on a sample and are therefore subject to sampling variability. As a result, monthly estimates will show more variability than trends observed over longer time periods. This analysis focuses on differences between estimates that are statistically significant at the 68% confidence level.LFS estimates at the Canada level do not include the territories. The LFS estimates are the first in a series of labor market indicators released by StatsCan, which includes indicators from programs such as the Survey of Employment, Payrolls and Hours (SEPH); Employment Insurance Statistics; and the Job Vacancy and Wage Survey.

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Treasury119d ago

CoreWeave Prices Upsized $3.5 Billion Convertible Notes Offering

CoreWeave (CRWV) said Friday it priced an upsized $3.5 billion private offering of 1.75% convertible senior notes due 2032, up from a previously announced $3 billion.The company said the deal is expected to close April 14, with an option for buyers to purchase an additional $500 million.CoreWeave said the notes carry a 1.75% annual interest rate and an initial conversion price of about $119.60 per share.The notes mature in October 2032 and can be converted into cash, shares, or a combination of both at the company's discretion, it added.CoreWeave said it expects net proceeds of about $3.45 billion, which it plans to use for general corporate purposes, including funding capped call transactions designed to limit shareholder dilution.

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Treasury119d ago

Brief: Canada's Average Hourly Wages Among Employees Accelerate by 4.7% Y/Y in March

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Treasury119d ago

Brief: Canada's Unemployment Rate Unchanged at 6.7% in March; MUFG Says Consensus Saw at 6.8%

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Treasury119d ago

Brief: Canada Gains 14,000, or 0.1% M/M, Jobs in March: MUFG Says Consensus Saw 14,500 Increase

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Treasury119d ago

Scotiabank Awaiting Friday's Labor Report in Canada

Canada delivers the March Labour Force Survey (LFS) at 8:30 a.m. ET on Friday, notes Scotiabank.A rebound of some magnitude is generally expected, it says, noting consensus sits at a 15,000 gain, with most forecasts in the 10,000 to 40,000 range.Scotiabank expects the unemployment rate to slip to 6.6% from 6.7%.As for drivers, Scotia notes there have been nine times when the monthly jobs tally fell by 70k or more and the next month was up five of those times. "So far that's not so compelling," it says, adding: "A weak base effect could drive a gain, but there is sampling persistence in the way the LFS rotates panels over six months by dropping and replacing one at a time."

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Treasury119d ago

BMO On The Day Ahead In Canada

Canada will release the Labour Force Survey (LFS) for March at 8:30 a.m. ET Friday, said Bank of Montreal (BMO).Canada's economy looks to add a "modest" 15,000 jobs in March, which would barely make a dent in the cumulative 108,700 drop over the first two months of the year, noted the bank.BMO added that the unemployment rate is expected to be steady at 6.7%, although it continues to face downward pressure from the ongoing decline in the size of the labor force.Beyond the population swings, the labor market remains on a softening path as economic uncertainty continues to be elevated, stated the bank.Looking ahead, employment faces further downside pressure as past layoff announcements come into force, driven by United States tariffs and efforts to cut government spending, added BMO.

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Treasury119d ago

BMO Sees $20 Billion Fiscal Upside For Oil Provinces On $100 WTI, Flags Wider Regional Gap

Bank of Montreal (BMO) looks at Canada's fiscal situation after the provincial budget season and ahead of Ottawa's mid-year update.All is now set against a backdrop of US$100/barrel oil, noted the bank.The two big oil-producing provinces locked in their budgets ahead of the conflict in Iran and associated surge in oil prices, and budget assumptions immediately look wildly"conservative," stated BMO.Alberta assumed US$60.50/barrel for WTI this fiscal year and Saskatchewan assumed US$59.80/barrel, while Newfoundland & Labrador still has to be tabled.At current levels for WTI, the light-heavy differential and the Canadian dollar (CAD or loonie), the bank could see upwards of $20 billion of revenue upside in those two provinces alone, swinging both well back into surplus.High oil prices will only add to the widening regional disparity in economic and fiscal performance in the country, according to BMO. The fiscal side of that might be the most "dramatic" reflection.

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Treasury119d ago

Commerzbank on Overnight News

Commerzbank in its "European Sunrise" note of Friday highlighted:Markets: United States Treasuries partly reverse earlier gains in the late New York session, slightly weaker in Asia. E-minis maintain Thursday's gains. The euro (EUR) unchanged at $1.169. Brent trends sideways around $96.3/barrel.Fed: Senate Banking Committee delays Kevin Warsh's Federal Reserve chair confirmation hearing. White House National Economic Adviser Kevin Hassett says he was confident Warsh would start as Fed chair in May.Middle East: President Donald Trump is "very optimistic" about a peace deal with Iran (NBC interview), but threatens Iran for charging fees in the Strait of Hormuz, warning "they better stop now." Israel agrees to direct talks with Lebanon; talks to begin next week (Axios). Israeli Prime Minister Benjamin Netanyahu says strikes on Hezbollah targets will continue.NATO: President Trump renews threat to take control of Greenland. He pressures allies to increase support in securing the Strait of Hormuz.==EUROPE:EU: Talks with the United Kingdom continue to let Ukraine buy British arms via the currently stalled 90 billion European Union loan (Bloomberg sources).Hungary: President Trump says "get out and vote for Victor Orban" in the upcoming parliamentary election.BoE: Bank of England Governor Andrew Bailey warns that stress in the $3 trillion private credit market, coupled with the ongoing energy price shock, could trigger broader financial instability.==ASIA:China: The consumer price index rose 1.0% year over year in March, while the consensus was 1.1%. The producer price index up 0.5% year over year versus the consensus 0.4%.BoJ governor warns of stagflation risk from Iran war.

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Treasury119d ago

US 10-Year Treasury Yield Steady at 4.29% Pre-Bell; 1-Yr Rate Up 2.8 Basis Points at 3.71%

Treasury119d ago

US Treasury Yields Mixed Ahead of Inflation Report Amid Concerns Around Fragile Iran Ceasefire Deal

Treasury120d ago

Ovintiv Closes US$3 Billion Anadarko Asset Sale; Set to Redeem US$700 Million Notes

Ovintiv (OVV.TO) after trade on Thursday said it completed the all-cash sale of its Anadarko assets in Oklahoma for US$3 billion, with proceeds of about US$2.85 billion after adjustments.Chief Executive Brendan McCracken said the deal completes the transformation of the company's portfolio and balance sheet. "Proceeds from the sale will go to debt reduction, marking the achievement of our debt target and unlocking returns for our shareholders."The company added that it will redeem its entire US$700 million of 5.650% notes due 2028, with the redemption set for April 20.

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Treasury119d ago

Canada Posts Small Jobs Gain in March, as Expected

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