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Alberta Considers Pulling Out Of National Pension Plan

CANADA
  • Bloomberg reports that Alberta has taken a step toward pulling out of the national pension plan, after a commissioned report deemed it eligible to C$334B of assets managed by the CPPIB, more than half of the CPPIB’s C$575B assets as of Jun 30.
  • The details appear in line with the Global & Mail story from late Wed based on multiple unnamed sources.
  • It’s a move that some conservatives have touted for some time.
  • The GoC curve maintains it’s twist steepening for the day. Cash benchmarks range from 2bps richer to 4bps cheaper for 30s, with that very long end typically popular with pension funds tracking close to Tsys at least since the news has been reported more widely (but still outperforming 30Y Tsys notably on the day which are 9.5bp cheaper).

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