Insights

Albertan Debt: The good, The bad and the opportunity

Fixed Income
Oct 25, 2019

The Good:  In 2004, Alberta was a debt-free province, but in the ensuing years, governments saw an opportunity to get elected by promising to spend more and tax less…and deficits became the norm. But with the development of the oil sands, an influx of new workers increased the population, raising the demand for new services. […]

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Jean-Guy Mérette
Vice President and Portfolio Manager Active and Strategic Fixed Income Team

Rumours, Facts, and Fads

Fixed Income
Oct 17, 2019

Since mid-August, Canadian bond market participants have dramatically reduced their expectations for interest rate cuts, and along with that, we’ve witnessed a deflating inverted yield curve. Just in the last week, Canadian benchmark yields have risen by about 30 bps across most maturities. With little news coming out of central banks, it’s worth looking at […]

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Jean-Guy Mérette
Vice President and Portfolio Manager Active and Strategic Fixed Income Team

Corporations’ Dead Pledge

Fixed Income
Oct 10, 2019

mortgage – from Old French, literally ‘dead pledge’, from mort (from Latin mortuus ‘dead’) + gage ‘pledge’. The great deleveraging that was supposed to sweep over corporate America is dead. Normally, we’d expect corporations to reduce leverage at the tail end of growth cycles, to be better prepared for the inevitable downturn. Instead, we are seeing […]

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Jean-Guy Mérette
Vice President and Portfolio Manager Active and Strategic Fixed Income Team