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CANADA: Overnight Funding Pressures Ease Again

CANADA
Bank of CanadaCentral Bank NewsCanadaBulletGlobalFixed Income BulletsNorth America
  • Overnight funding market pressures have cooled in recent sessions, with the latest CORRA fix back to 3bps above the overnight policy rate having lifted to 6bps on Thursday. 
  • BoC overnight repo operations continue in size to help alleviate broader pressure, mostly running at a daily C$16bn since Jul 23. 
  • BoC staff research published yesterday estimates that the shift from t+2 to t+1 settlement for trading GoC bonds on May 27 has pushed spreads up to 3bps higher, with their analysis showing observations up to Jul 15, 2024. See chart 9 on pg 14 for example: https://www.bankofcanada.ca/wp-content/uploads/2024/08/san2024-21.pdf
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  • Overnight funding market pressures have cooled in recent sessions, with the latest CORRA fix back to 3bps above the overnight policy rate having lifted to 6bps on Thursday. 
  • BoC overnight repo operations continue in size to help alleviate broader pressure, mostly running at a daily C$16bn since Jul 23. 
  • BoC staff research published yesterday estimates that the shift from t+2 to t+1 settlement for trading GoC bonds on May 27 has pushed spreads up to 3bps higher, with their analysis showing observations up to Jul 15, 2024. See chart 9 on pg 14 for example: https://www.bankofcanada.ca/wp-content/uploads/2024/08/san2024-21.pdf