Event Highlights
Canadian Fixed Income Conference, Day 1
By Alessandro Borghese
The 8th annual Bloomberg Canadian Fixed Income Conference brings together the biggest names in Canadian bonds, credit, commodities and more in a six-part virtual briefing series that began on September 24, 2020, and runs through October 22, 2020.
As the markets continue to be roiled by the ongoing economic effects of the global pandemic, these conversations have rarely been more important and timely. We bring together top investors, analysts, CEOs, CFOs, government officials, and bankers to discuss key issues — from insurance to real estate to mining to ESG to economics and more
Click here to view today’s event.
Day 1 speakers included:
- Khawar Nasim, Deputy Consul General, Consulate General of Canada, New York
- Jean Boivin, Head of BlackRock Investment Institute,
- Beata Caranci, Chief Economist and SVP, TD Bank Group
- Stéfane Marion, Chief Economist and Strategist, National Bank of Canada
- Leigh Chalmers, SVP, Head of Investor Relations & Capital Markets, Sun Life
- Mélissa Gilbert, Executive Vice President and Lead, Finance, La Capitale / SSQ Insurance
- Louis Marcotte, Senior Vice President and CFO, Intact Financial
- Scott DiMaggio, Senior Vice President, Co-Head of Fixed Income, Director of Global Fixed Income, AB Global
- Geof Marshall, Senior Vice-President, Portfolio Management and Head of Fixed Income, Signature Global Asset Management
- David Wolf, Portfolio Manager, Fidelity Investments
- Diane Young, Senior Portfolio Manager, Fixed Income & Co-Head, Corporate Bonds, Addenda Capital
- Evan Siddall, CEO, Canada Mortgage Housing Corp
Bloomberg moderators included:
- Shelly Hagan, Canadian Economy Reporter, Bloomberg
- Kevin Orland, Finance Reporter, Bloomberg
- Derek Decloet, Canada Managing Editor, Bloomberg
- Amanda Lang, Anchor, BNN Bloomberg
Event Highlights
The eighth annual edition of the Bloomberg Canadian Fixed Income Conference launched with a spotlight on the country’s economy and financial markets. A panel of three renowned economists predicted a return to pre-pandemic GDP by 2021. “The near-term impact has been unprecedented but the restart is real,” said Jean Boivin, Head of the BlackRock Investment Institute. On the other hand, the panelists expressed concern about a lagging recovery for employment. Moreover, Canada’s recent spending spree is worrisome to some investors, who believe a high price will be paid down the line. “It further adds downward pressure on inflation and growth going forward,” said Diane Young, Senior Portfolio Manager, Fixed Income & Co-Head Corporate Bonds at Addenda Capital, who identified the middle class at the likely strugglers of the long-term impact of higher government debt. David Wolf, Senior Portfolio Manager at Fidelity concurred, adding that, “We [Canada] have greater challenges in sustaining this fiscal trajectory.”
The housing market was a recurring focus over the course of the day’s four sessions, with speakers highlighting both its resilience relative to other markets as well as raising concerns about the future of house prices. TD Bank Group SVP and Chief Economist Beata Caranci attributed the stability in house sales to the steady trajectory of income as opposed to unemployment. Yet the situation may not be as bright as it seems according to Evan Siddall, CEO of the Canada Mortgage Housing Corporation, who explained that “debt-to income levels are artificially low because of income support.” Overall, Siddall predicts a fall in house prices next year: “high single-digit negative adjustments is what we can expect.”
The Canadian Fixed Income Conference was Proudly Sponsored By
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