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Bank Earnings Help Modest Underperformance To Tsys

  • GoCs see modest underperformance to Tsys after open (2YY -0.2 vs -1.2bp, 10YY -1 vs -2.4bp).
  • Potentially helped by a modest beat for Scotiabank’s earnings (Q4 Adj EPS 2.06 vs 2.01 exp) with the earnings schedule picking up over next two days.
  • It consolidates a slow narrowing in Can-US yield differentials, especially in the 2Y which is at the higher end of the post-Oct BoC stepdown range but still significant at -52bps.

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