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Market Update

Bond prices are lower this morning, mostly as a result of a fall in US unemployment claims.

The Canadain dollar continues to soar, this time on the back of a strong trade surplus release.

The yield curve is poised to steepen further in the short term.

The banks continue to shore up their capital bases; this time, it was TD doing a $ 2.5 billion new 5 year at 99 basis points over Canaas plus they issued $ 250 million of preferred shares.

The TED spread conitnues its gradula descent, signalling that credit conditions are improving. Also, the borrowings at the Bank of Canada's window continue to fall as a further sign that markets are functioning more smoothly.

All is not well in ABCP land, however as Coventree faces further financial challenges as a result of its extendible issues that now require Coventree to make higher interest payments.



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