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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
One of the main areas of focus in the Fall Economic Statement to be released from 1600ET is the update to the Debt Management Strategy.
- There has already been an unexpected increase in GoC issuance in this current quarter: TD see the increase in 2s, 5s and 10s being on track for circa C$48.5bn from C$41.5bn in Q2 and Q3, in turn expecting total issuance at C$185bn vs the C$172bn in the Budget.
- National expect a greater pivot to the shorter end. “The recent rise in 2Y auction sizes would imply $6 bn more supply while an additional quarterly 5Y auction creates about $4 bn of upside. Recent 10Y auctions have been inconsistently sized but this target could be nudged up $1-2 bn. We don’t expect changes to the 30Y sector.”
- BMO on other hand are unsure as to potential changes here: “the lack of increase in the long auction a few weeks ago makes it tough to predict what kind (if any) changes are coming.”
See further details of what analysts are expecting in the MNI Preview here: https://roar-assets-auto.rbl.ms/files/58167/Canada%20EFU%20Preview%20Nov-2023.pdf
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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