Euromoney is delighted with the success of the second instalment of The Canadian Debt Capital Markets Investor Forum, which brought together over 200 US investors and Canadian public sector, financial and corporate issuers. Participants argued that whilst there are contagion risks from the US and Europe, Canada, with its banks and its fiscal house in order, is well placed to ride the storm and outperform its peers.
Opening the conference, James Grant, Founder and Editor of Grant’s Interest Rate Observer offered a modest yet humorous proposal for North American financial reform. This he based on the enviable Canadian model of solid, fiscal conservatism set against a rather more beleaguered US. Despite this positive outlook, he also argued that Canadian finance still has its own worrying features. These concerns were reflected upon in a keynote address by Dr Warren Jestin, Senior VP and Chief Economist at Scotiabank. Whilst the job market, housing and mortgage environment, and an ageing population are a source of concern for Canada, set against a background of considerable global structural changes, he argued that Canada’s growth outlook is still strong.
The conference proceedings went on to address the external risks to Canada, followed by the outlook for issuance by corporates, the provinces and banks, and the value these issuers can offer US investors in volatile times.
In a one-to-one interview, the Saskatchewan Deputy Premier and Finance Minister, The Hon. Ken Krawetz focused on the province’s investment prospects, its triple A status and its potential to return to the fixed income markets in 2012. Michael Gregory from BMO Capital Markets concluded the afternoon keynote sessions by identifying restraint as a hallmark of Canada’s credibility.
With a top quality line up of speakers, this conference provided a unique platform for analysis and debate. Euromoney would like to thank the audience for attending, and a special thanks to all our speakers and sponsors for making the event possible. We look forward to re-convening next May in Toronto for the next instalment of our Canada series.
Canadian Covered Bonds: Quality Makes the Difference
- Workshop C hosted by National Bank of Canada Financial
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Provincial Outlook: West Still Leads the Rest
- Keynote Address: Michael Gregory, Senior Economist and HEad of Canadian Rates Strategy, BMO Capital Markets.
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Click here for more information about The Canada Forum, 3-4 May 2012, Toronto