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Rates Rally From US 2Y Auction and Further First Republic Spillover

CANADA
  • GoC 2 and 5Y yields break to new session lows as Tsy yields slide after the 2Y auction saw a small tail and with First Republic shares under further pressure in between volatility pauses following Bloomberg sources saying it is weighing up to $100B in asset sales (last seen -43%).
  • 2YY -10.5bps (Tsys -11.5bps), 5YY -12.0bps (Tsys -11.5bps) and 10YY -10.9bps (Tsys -9.4bps).
  • Short-term rates meanwhile see more pronounced underperformance, with 2024 BAX implied yields down 17bps on the day vs 22-24.5bps for SOFR.
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