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GoCs Extend Sell-Off Post ECB

CANADA
  • GoCs extend their sell-off after the ECB decision as yields continue to touch new cycle highs increasingly above 3% (2Y 3.13%, 10Y 3.29%).
  • Front end yields (+2.3bps on the day) lag the rise Tsys (+3.9bps) but it makes little difference for Can-US yield differentials which have consistently widened since last week’s BoC to recent highs.
  • There's a similar story in rates space, with BAX implied yields lagging the rise in Eurodollars yields (4.5bps vs 6.5bps), but it follows an extremely strong run recently to new highs for the rate paths and could struggle to move materially higher without additional hawkish BOC commentary.
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