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Govt Bonds At Whim Of Tsys In Absence Of Local Drivers

CANADA
  • Canadian govt bonds are 0.5-1.5bp cheaper today, with the short-end/belly underperforming.
  • In an absence of idiosyncratic drivers, the 10Y has largely mirrored US Tsys, selling off early on as the US 10Y yield tested new highs around 1.80%, before largely retracing on growing risk-off sentiment after the US opened.
  • However, USTs may have tested new highs earlier but at 1.726%, the Canadian 10Y remains almost 10bps below its 1.82% peak from Nov 24 immediately prior to Omicron.
  • There are auctions for 2Y and 5Y bonds on Wed and Thu but with little over local data/BOC activity planned, US factors will likely dominate over the short-term, with Powell and other Fed members speaking tomorrow ahead of US CPI on Wed (Canada CPI on Jan 19).
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