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GoCs Modestly Outperform Despite Stronger Advance August Releases

CANADA
  • GoCs have held outperformance to Treasuries that steadily built for four hours after the open, with benchmark yields -1bp to -0bps lower vs Treasury yields +0bp to +2.5bp higher.
  • The Can-US 2YY differential of -21bps is back near its post-CAD CPI lows.
  • The move has come despite some solid increases for nominal advance releases for Canadian manufacturing and wholesale sales in August, along with mixed US data (stronger house prices, weaker new home sales and consumer confidence).
  • Most recently but having little impact on GoCs, FM Freeland has lifted the annual limit on Canada Mortgage Bond sales to C$60B from C$40B despite the program still being under review for elimination.
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