CANADA: YouGov MRP Poll Has Liberals Winning Majority w/182 Seats

Apr-23 10:16

Patrick English at YouGov posts on X regarding the pollster's pre-election multilevel regression and post-stratification (MRP) poll, "We are currently projecting that Mark Carney's Liberal Party will win a majority at the 2025 Canadian Federal Election, with 182 seats. We expect the Conservatives to win 133 seats. A hung parliament remains a distinct possibility."

  • If the MRP poll were reflected in the upcoming 28 April election, it would represent a gain of 22 seats from the 2021 election for the Liberals, an outcome that just a few months ago would have been seen as all but impossible. One hundred and thirty-three seats for the Conservatives would represent a gain of 14 for Pierre Poilievre's centre-right party, but would nevertheless be felt as a huge missed opportunity given the 25% lead the party held in the polls at the start of 2025.
  • In what looks like a clear realignment in support, the left-wing New Democratic Party (NDP) would fall to just four seats from 25 in 2021. This would be the party's worst return since its foundation in 1961. US President Donald Trump's rhetoric and tariffs directed at Canada has bolstered the 'rally round the flag' effect, drawing some NDP voters towards the Liberals, while others have likely decided to side with PM Mark Carney's party in order to keep the Conservatives out. 

Chart 1. MRP Poll Constituency Map

2025-04-23 11_06_07-(15) X Pro

Source: YouGov, Estimated constituency-level results based on the modelled responses of 6,077 adults in Canada. 

Historical bullets

FOREX: FX OPTION EXPIRY

Mar-24 10:11

Of note:

EURUSD 1.14bn at 1.0850.

USDJPY 1.4bn at 149.00/149.10.

EURUSD 1.28bn at 1.0900 (tue).

EURUSD 3bn at 1.0800/1.0820 (thu).

EURUSD 1.43bn at 1.0800 (fri).

  • EURUSD: 1.0800 (986mln), 1.0850 (1.14bn), 1.0900 (267mln).
  • USDJPY: 149.00 (405mln), 149.05 (280mln), 149.10 (798mln), 149.50 (350mln), 150.00 (661mln).
  • AUDUSD: 0.6350 (316mln).
  • AUDNZD: 1.0940 (301mln).

EGB SYNDICATION: France 0.95% Jul-43 OATei tap mandate

Mar-24 10:07

"The REPUBLIC OF FRANCE has mandated BNP PARIBAS, CITI, CREDIT AGRICOLE CIB, J.P. MORGAN, MORGAN STANLEY and SOCIETE GENERALE to act as Joint Lead Managers on an upcoming reopening of the FRTR 0.95 07/25/43 (ISIN: FR001400QCA1) linked to the European harmonised index of consumer prices (excluding tobacco). The transaction will be launched by syndication in the near future, subject to market conditions." From market source

The 0.95% Jul-43 OATei was launched via syndication in May 2024 for E4bln from books of E30bln, It was also reopened via auction last month. We look for a E3-4bln transaction size tomorrow. We also think that theis reduces the probability of a new OATei later this year, although a 30-year launch in H2 can't be ruled out.

EURIBOR: EURIBOR FIX - 24/03/25

Mar-24 10:06

EURIBOR FIX - EMMI/Bloomberg

  • EUR001W 2.3860 -0.0180
  • EUR001M 2.3400 -0.0340
  • EUR003M 2.3670 -0.0190
  • EUR006M 2.3990 -0.0050
  • EUR012M 2.3660 -0.0050