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GoCs Extend Outperformance To Tsys

CANADA
  • GoCs have extended the rally seen with the open, with yields now down -5.5-6.5bps on the day.
  • It sees a further widening in the negative Can-US 2Y yield differential, although the -3.5bp move is small compared to yesterday’s +12bp (based on the recently issued 2Y, less so vs +4bp on generic basis).
  • GoC yields just about remain within yesterday’s post-CPI lows across the curve. The 2Y of 4.531% is off yesterday’s 4.523% low at what would otherwise be the lowest since Jun 16, but still ~13bps higher than before the BoC hiked on Jun 7.

Source: Bloomberg

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