Fixed Income

Insights, strategies and access

We can help meet your fixed income trading and hedging needs with a robust product offering, timely market information and tangible ideas. We execute secondary trading in a range of fixed income products, including:

  • Government of Canada, Provincials, Municipals and strip bonds

  • C$ and US$ high yield bonds

  • C$ investment grade corporates and Maples

  • C$ ABS/NHA MBS/CMBS/covered bonds

  • US$ global, Yankees, supra and sovereign bonds

  • US$ and EUR, LatAM and Caribbean bonds

Money Market

A broad spectrum of clients across Canada and the US look to us to originate, trade and distribute short-term debt instruments, including:

  • Government of Canada treasury bills

  • Federally guaranteed agency debt

  • Provincial debt securities

  • Bankers acceptances

  • Commercial paper

  • Fixed-time deposits

  • Medium-term and floating rate notes (<3 years)

  • Triparty repo

  • US$ certificates of deposit

Financing

Our Global Collateral Finance desk provides liquidity to fixed income clients and financing to support their investment strategies. We transact under a number of agreement types, including Repurchase and Securities Lending Agreements, Total Return Swaps and Bond Forwards, and aim to provide differentiated solutions and stable financing to our domestic and international clients. Our global fixed income collateral spectrum is broad and ranges from highly liquid government securities to corporate bonds, structured products and non-securities assets:

  • US treasuries / Canadas / gilts / provincial bonds / NHA MBS

  • US agency MBS and agency derivatives

  • Investment grade and high yield corporate bonds

  • Emerging market sovereigns and corporates

  • Structured credit: ABS, CMBS, CLOs

  • Leveraged loans

Interest rate derivatives

Access full-service capabilities in over-the-counter interest rate products, including swaps, options and structured products, such as:

Swaps

  • Single-currency swaps

  • Cross-currency swaps

  • Forward-starting swaps

  • Accreting/amortizing swaps

  • Quanto swaps

  • CHT hedging solutions

Options

  • Caps, floors and collars

  • European, Bermudan

  • Swaptions

  • Quanto

  • Barrier (single, double)

Structured products

  • Fade-in swaps

  • Switch swaps

  • Carry swaps

  • Extendible swaps

  • Expandable swaps

  • Range bonus accumulator

  • Extendible fade-in swaps

Awards