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Front-End GoCs Modestly Underperforming Ahead of Building Permits

CANADA
  • GoCs trade twist flatter ahead of building permits, ranging from 2bp cheaper to 3bp richer.
  • Front-end GoCs have pared some underperformance to Tsys after the open but still sit 2bp vs 0.5bp cheaper to help nudge the 2Y Can-US differential to -47bps from -50bps on Monday.
  • They trade mostly in line with Tsys thereafter, with the 5Y back near unchanged on the day ahead of GoC supply at 1200ET. The last couple 5Y auctions have started to see a push higher to more typical bid-to-cover results, helped by last month’s new issue with the 4% coupon.
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