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GoCs Fade Recent Treasury Rally

CANADA
  • GoCs have faded the recent bid seen in Treasuries, opening some underperformance with the 2YY +2.7bps vs +1.1bp and 10YY +1.2bps vs -0.6bps.
  • GoCs see modest bear flattening on the day, with 2YY touching highs since early Aug 30 (before rallies on a succession of softer than expected US data releases) and 2s10s pushing back to -100bps.
  • Local drivers are limited though, before tomorrow’s US CPI release followed by C$4.75B of 2Y supply.
  • A spending watchdog concluded it will take about 20 years for Canada and Ontario to break even on the C$28.2B in public money promised to lure Stellantis NV and Volkswagen AG to the country through to end-2032.
  • Earlier bill results: *CANADA SELLS C$14.6B 98 DAY BILLS AT YIELD 5.124% ; B/C 1.895
    *CANADA SELLS C$5.20B 182 DAY BILLS AT YIELD 5.173% ; B/C 1.772
    *CANADA SELLS C$5.20B 364 DAY BILLS AT YIELD 5.225% ; B/C 2.289 - all bbg
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