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Recap Of Canada's Plans For CMB Holdings

CANADA

Worth reflagging this from after yesterday’s close.

  • Canada is to create a repo or secured lending program for the government's CMB portfolio, “to support market well-functioning."
  • To begin purchases at the expected Feb’24 CMHC CMB syndication.
  • Will participate in all fixed-rate CMB syndications proposed for 2024, targeting a total purchase amount of 50% of fixed-rate CMB primary issuance.
  • For 5y- and 10y-fixed.
  • Won’t buy floating-rate securities.
  • Recall the government's fall fiscal update laid out a plan to purchase some mortgage bonds, rather than eliminate the program. Purchases will be up to CAD30b a year.

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