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Manulife Financial Corp
Symbol MFC
Shares Issued 1,957,390,032
Close 2019-08-29 C$ 21.97
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FP/wire say TD, Manulife see upside for energy bonds

2019-08-30 08:44 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Friday edition that Canada's energy bonds, many of which have lagged a corporate debt rally, could get a boost should the opposition Conservative Party defeat Prime Minister Justin Trudeau in October elections, according to analysts at TD Bank and Manulife Investments. A Bloomberg dispatch to the Post says that Conservative leader Andrew Scheer's pledge to scale back new approval requirements for energy projects would be seen as a positive development for the industry, according to James Spicer, a TD Securities analyst. Canada's ruling Liberal party passed a bill known as C-69 this year, widening the range of impacts that must be included on major industrial and energy projects. Two oil-industry lobby groups have rejected the bill. "A Conservative government win would be positive for the Canadian energy sector and Canadian energy bonds," said Mr. Spicer in a written statement. "The current government and legislation like C-69 have been seen by some companies in the energy industry as an existential threat for their competitiveness." The yield on an index of five-year Canadian high-yield energy bonds declined 66 basis points in the last year, according to Bloomberg data.

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