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GoCs Broadly In Line With Tsys Ahead Of Notable Data & 2Y GoC Supply

CANADA
  • GoCs are only marginally outperforming Treasuries after the open with 2YY +3.8bps and 10YY +3.2bps.
  • It does little to change a Can-US 2Y spread of -15bps after its brief trip into positive territory after the BoC last week.
  • CAD housing starts land at 0815ET before manufacturing sales and home sales later are likely swept up by reaction to multiple US data releases.
  • Later on sees C$4.75B of the existing 3.5% Aug 2025 sold at 1200ET after the May 31 2Y auction saw a particularly low bid-to-cover of just 2.132.

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