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CTV News
25-06-2025
- Business
- CTV News
Gold is ‘technically overbought' but ‘actually under-owned,' strategist says
Daniel Ghali, Director of Commodity Strategy at TD Securities, and John Stephenson, Founder of Granite Point Research, join BNN Bloomberg to discuss the outlook for gold amid uncertainty. Sorry, we're having trouble with this video. Please try again later. [5006/404] Investors of all stripes have flocked to gold in recent months as the safe haven asset gained traction amid widespread economic uncertainty, and one expert says the price of the precious metal likely has further to climb. 'There's this perception that gold is a crowded trade, that it's over-owned,' Daniel Ghali, director of commodity strategy at TD Securities, told BNN Bloomberg in a Wednesday interview. 'We actually think gold appears to be technically overbought but it's actually under-owned… the U.S. dollar is partly losing its store of value, gold is benefiting from that and the outlook for gold from here is exceptionally strong.' Ghali argued that despite gold's recent rally, which pushed it to record highs, there are few investors with large gold holdings that will be looking to sell the commodity anytime soon and that should keep upward pressure on prices. 'Who really has a lot of gold to sell? It's not really clear to me, which tells you that selling exhaustion appears imminent to us, and participation in gold is so low that I have a hard time seeing how it will trade significantly lower,' he said. Though still near record highs, gold prices have seemingly hit a plateau over the past couple of months, and Ghali argued that is due to the relative easing of global trade tensions. But the economic and financial impacts of U.S. tariffs and overall trade policy remain a concern for investors, who will likely turn to gold again if uncertainty returns. 'The east fears currency depreciation, that's what drives them to buy gold. The west fears recession and stagflation, that's what drives them to buy gold. The détente on trade has eased those fears, and in turn, the buying impulse that drove gold prices higher earlier this year has faded,' he said. 'But participation at this moment in time is so low that it's really just hard to see who has more to sell, and you have so many catalysts on the horizon… on tariffs, on Fed credibility, the interest rate outlook and so on. It's hard to see how participation in gold is not going to rise from current levels.'
Yahoo
17-06-2025
- Business
- Yahoo
TELUS ANNOUNCES JUNIOR SUBORDINATED NOTE OFFERING
Base shelf prospectus is accessible, and prospectus supplement will be accessible within two business days, through SEDAR+ Re-opening of 6.25% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAR due July 21, 2055 Re-opening of 6.75% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAS due July 21, 2055 VANCOUVER, BC, June 16, 2025 /CNW/ - TELUS announced today it has priced a $800 million re-opening of its fixed-to-fixed rate junior subordinated notes, Series CAR and Series CAS, each with a long 30-year maturity. The notes are offered through a syndicate of agents led by CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. Closing of the offering is expected to occur on or about June 19, 2025. The re-opened 6.25% fixed-to-fixed rate junior subordinated notes, Series CAR, priced at $102.625 per $100 principal amount for a re-opening yield of 5.612% per annum until July 21, 2030, will mature on July 21, 2055. The 6.25% fixed-to-fixed rate junior subordinated notes, Series CAR will initially bear interest at a rate of 6.25% per annum and reset every five years starting July 21, 2030 to the prevailing five-year Government of Canada rate plus 3.482%, provided that the interest rate during any five-year interest period will not reset below 6.25%. The re-opened 6.75% fixed-to-fixed rate junior subordinated notes, Series CAS, priced at $104.500 per $100 principal amount for a re-opening yield of 6.127% per annum until July 21, 2035, will mature on July 21, 2055. The 6.75% fixed-to-fixed rate junior subordinated notes, Series CAS will initially bear interest at a rate of 6.75% per annum and reset every five years starting July 21, 2035 to the prevailing five-year Government of Canada rate plus 3.609%, provided that the interest rate during any five-year interest period will not reset below 6.75%. The net proceeds will be used to reduce outstanding indebtedness, including to reduce the amount of commercial paper outstanding (incurred for general working capital purposes), and for other general corporate purposes. Pending any such use of the net proceeds, the Company will invest the net proceeds in short-term investment grade securities, money market funds or bank deposits. TELUS has been advised that credit rating agencies that have rated these notes have assigned 50% equity credit to the notes. This media release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any Canadian securities regulatory authority, nor has any authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement. The notes have not been registered under the U.S. Securities Act of 1933, as amended, and no notes are being offered in the United States or to or for the account or benefit of any U.S. person. The notes are being offered pursuant to a prospectus supplement to the short form base shelf prospectus of TELUS dated August 2, 2024. The prospectus supplement and the corresponding short form base shelf prospectus contain important detailed information about the notes. Access to the prospectus supplement and the base shelf prospectus, and any amendments to the thereto, are provided in accordance with securities legislation relating to the procedures for providing access to such documents. An electronic or paper copy of the prospectus supplement and corresponding short form base shelf prospectus relating to the offering of notes may be obtained, without charge, from the Chief Legal and Governance Officer of TELUS at 510 W. Georgia St., 23rd Floor, Vancouver, British Columbia V6B 0M3 (telephone 604-695-6420) or from CIBC World Markets Inc. by phone at 416-594-8515 or email at Scotia Capital Inc. by phone at 416-863-7438 or email at or TD Securities Inc. by phone at 416-982-2243 or email at TDCAN-Syndicate@ by providing an email address or mailing address, as applicable. Copies of these documents will be accessible electronically within two business days of the date hereof on the System for Electronic Data Analysis and Retrieval+ (SEDAR+) of the Canadian Securities Administrators, at Investors should read the short form base shelf prospectus and prospectus supplement before making an investment decision. Forward-Looking Statements This news release contains statements about future events pertaining to the offering, including the anticipated closing date of the offering and the intended use of the net proceeds of the offering. By their nature, forward-looking statements require us to make assumptions and predictions and are subject to inherent risks and uncertainties including risks associated with capital and debt markets. There is significant risk that the forward-looking statements will not prove to be accurate. The timing and closing of the above-mentioned offering are subject to customary closing conditions and other risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and the qualifications and risk factors as set out in our 2024 annual management's discussion and analysis (MD&A), our MD&A for the three-month period ended March 31, 2025 and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at and in the United States (on the Electronic Data Gathering, Analysis, and Retrieval system, administered by the US Securities and Exchange Commission at The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements. About TELUS TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company generating over $20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. Our TELUS Health business is enhancing more than 150 million lives worldwide and territories worldwide through innovative preventive medicine and well-being technologies. Our TELUS Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by our enduring 'give where we live' philosophy, TELUS, our team members and retirees have contributed $1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world's most giving company. For more information, visit or follow @TELUSNews on X and @Darren_Entwistle on Instagram. Investor RelationsIan McMillanir@ Media RelationsSteve View original content to download multimedia: SOURCE TELUS Corporation View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
09-06-2025
- Business
- Globe and Mail
AGI Announces Closing of $85 Million Public Offering of Senior Subordinated Unsecured Debentures
Ag Growth International Inc. (TSX: AFN) ("AGI" or the "Company") is pleased to announce that it has closed the previously announced public offering of $85 million aggregate principal amount of senior subordinated unsecured debentures (the 'Debentures') at a price of $1,000 per Debenture (collectively, the 'Offering'). A syndicate led by CIBC Capital Markets and including National Bank Financial, TD Securities Inc., Scotia Capital Inc., ATB Securities Inc., BMO Capital Markets, RBC Capital Markets, Desjardins Capital Markets, Raymond James and Cormark Securities Inc. (collectively, the "Underwriters") acted as underwriters for the Offering. The Debentures bear interest at 7.50% per annum, payable semi-annually in arrears on June 30 and December 31 each year, commencing December 31, 2025. The Debentures have a maturity date of June 30, 2030, and are listed for trading on the Toronto Stock Exchange under the symbol " AGI has granted the Underwriters an over-allotment option, exercisable in whole or in part for a period expiring 30 days following closing of the Offering, to purchase up to an additional $12.75 million aggregate principal amount of Debentures at the same price per Debenture. The net proceeds of the Offering will initially be used to repay indebtedness under the Company's senior operating credit lines, which will then be available to be redrawn for general corporate purposes. AGI Company Profile AGI is a provider of the physical equipment and digital technology solutions required to support global food infrastructure including grain, fertilizer, seed, feed, and food processing systems. AGI has manufacturing facilities in Canada, the United States, the United Kingdom, Brazil, India, France, and Italy and distributes its product globally. This press release is not an offer of Debentures for sale in the United States. The Debentures may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or an exemption from such registration. The Company has not registered and will not register the Debentures under the U.S. Securities Act of 1933, as amended. The Company does not intend to engage in a public offering of Debentures in the United States. This press release shall not constitute an offer to sell, nor shall there be any sale of, the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful. CAUTIONARY STATEMENTS Forward-Looking Information This press release contains forward-looking statements and information [collectively, 'forward-looking information'] within the meaning of applicable securities laws. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information. Forward-looking information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will occur. In particular, the forward-looking information in this press release includes information relating to the anticipated use of the net proceeds of the Offering. Such forward-looking information reflects our current beliefs and is based on information currently available to us, including certain key expectations and assumptions. Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-looking information, including, but not limited to, the potential reallocation by AGI of all or a portion of the net proceeds for business reasons, including, among others, due to results of operations or as a result of other business opportunities that may become available to the Company. Additional risks and uncertainties are described under 'Risks and Uncertainties' in our management's discussion and analysis and in our most recently filed Annual Information Form, all of which are available under the Company's profile on SEDAR+ [ ]. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. We cannot assure readers that actual results will be consistent with this forward-looking information. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included in this press release is made as of the date of this press release and AGI undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
Wall Street Journal
04-06-2025
- Business
- Wall Street Journal
Korean Won to See Better Days on Lee Jae-myung's Election Victory
0055 GMT — The Korean won is set to see 'better days ahead' following the Democratic Party's Lee Jae-myung victory in the country's presidential election, TD Securities says. 'We see two wins for KRW on the horizon,' two members of the brokerage's Global Rates, FX & Commodities Strategy say. These are an imminent fiscal package and a swift U.S.-South Korea trade deal, they say. However, the brokerage's 'Macro Ranking Scorecard Index' is neutral on KRW, and doesn't favor chasing USD/KRW lower on this news. Instead, TD Securities prefers selling USD/KRW into USD rallies and likes short USD/KRW positions above 1,400.00. USD/KRW is 0.2% lower at 1,375.66. ( 0033 GMT — Asian currencies consolidate against the dollar in the morning session, but may be buoyed by Tuesday's strong U.S. job openings data. The Job Openings and Labor Turnover Survey, known as the JOLTS report, showed 7.4 million open positions listed in April, beating economists' expectations. The surprise lift in JOLTS figures has bolstered sentiment, NAB's Tapas Strickland says in a commentary. The data likely highlights ongoing resilience in the U.S. labor market, the head of Market Economics adds. USD/JPY edges 0.1% lower to 143.88; USD/SGD is little changed at 1.2892; AUD/USD is steady at 0.6460. (
CTV News
27-05-2025
- Business
- CTV News
Bond investors worried about ‘rising long-term' rates amid higher global deficits: U.S. rates strategist
Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, shares his analysis of the market as global bonds rally after Japan's move.
