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Minor GoC Bull Flattening Awaiting Larger Drivers

CANADA
  • GoCs see a limited bull flattening, with the front end broadly tracking sideways (2YY flat) as the longer end slowly continues last week’s rally (5Y and onwards between -1.5-2bps). It sees reasonable underperformance to Tsys across the curve (rallying 4-6bps).
  • 2YY and 5YY are down less than 0.5bps since the 3Y auction saw the bid-to-cover fall back to lower levels after it spiked in Jan to its highest since BoC data began in 2009.
  • A limited docket today saw weekly consumer confidence consolidate the prior week’s jump higher in what was the largest weekly gain since Feb’22, whilst the PSAC were yesterday said to continue striking after progress for Treasury Board employees but not revenue agency workers.
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