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Govt Bonds Resist UST Sell-Off

CANADA
  • Canadian govt bonds have seen a far smaller sell-off than USTs today, with the latter extending lows after a weak 7y auction.
  • The Canadian 10Y is +0.6bps at 1.466% vs the UST 10Y +5.9bps at 1.539%, which has seen the Canada-US spread widen in absolute terms to -7.5bps.
  • This is the largest negative spread since Dec 16-20 following the FOMC Dec 15 decision, and prior to that late Sep. The spread was positive ranging from +5-25bps from late Oct until the BOC decision on Dec 8 to stick to mid-2022 liftoff after which it gradually declined.
  • With no material Canadian data until next week, catalysts are likely to come from US sources or specific Omicron headlines.
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