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GoCs Outperform Tsys As Home Sales Moderate

CANADA
  • GoCs are modestly outperforming Tsys at the front-end, with 2Y yields -1.7bps, whilst the longer end move more in lockstep with both down between -3.5-4bps.
  • The main macro driver for the outperformance appears to have been moderation in existing home sales, as the price index fell for the first time since Apr’20 and with both BMO and TD noting a more balanced sales-to-new-listings ratio.
  • Can-US yield differentials are still relatively elevated compared to recent months but have clearly moved off last week’s highs with the 2Y at +6.5bps and 10Y +3bps.

Can-US Yield DifferentialsSource: Bloomberg

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  • GoCs are modestly outperforming Tsys at the front-end, with 2Y yields -1.7bps, whilst the longer end move more in lockstep with both down between -3.5-4bps.
  • The main macro driver for the outperformance appears to have been moderation in existing home sales, as the price index fell for the first time since Apr’20 and with both BMO and TD noting a more balanced sales-to-new-listings ratio.
  • Can-US yield differentials are still relatively elevated compared to recent months but have clearly moved off last week’s highs with the 2Y at +6.5bps and 10Y +3bps.

Can-US Yield DifferentialsSource: Bloomberg