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One Way Sell-Off Continues As GoCs Underperform Treasuries

CANADA
  • GoCs have seen mostly one way selling pressure through the session, led by the 10Y with yields climbing +9ps on the day.
  • 5Y yields up more than 7bps on the day weren’t enough to entice greater auction demand, with a bid-to-cover falling back from 2.27 to 2.12 albeit off April’s lowest since 2009 with 1.99.
  • Comparing with Friday’s close for a better read after two days of holiday distortions, GoC yields sit 10-13.5bps higher vs 3.5-8bps for Tsys.
  • At the front end for a better take on relative central bank policy, the 2Y Can-US yield spread has narrowed 6bps over the same period -25.5bps but remains off the -20bps seen before monthly GDP and the BoC Q2 surveys.
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