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National Bank Financial estimates Canada.....>

CANADA
CANADA: National Bank Financial estimates Canada will sell a record CAD105b of
bonds (gross) in Q3, based on government's quarterly schedule published last
week.
- Net sales to the market will be just CAD18b after the BOC takes its regular
allotment at auctions, and its QE plan for at least CAD5b a week in purchases. 
- Net issuance to the public was negative in Q2.
- There has been some liquidity pressure on short end as size of outstanding
benchmark Canada bond issues has been in question. 
- T-bill supply wave has likely crested after initial burst of federal
borrowing, Montreal-based NBF says in report.
- Note: Canada govt giving partial fiscal update July 8.

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