April 29, 2022 16:08 GMT
- There was a fiscal surplus of C$5.5B in Feb compared with a deficit of C$14.4B in Feb’21 as revenues surged back with a 48% increase along with a 14% fall in program spending.
- Despite this, yields have pushed back nearer to session highs seen after the strong GDP plus US ECI/spending data before fading in part with the MNI Chicago PMI miss -- 2YY currently +10bps, 10YY +8.5bps.
- TD on May 1 extension: will occur on May 2 (0.08 years for overall). The extension likely underwhelms as it is not a traditional extension date, and it is the first of this set of extensions (May 1, June 1 and June 15) but it will set the stage for a very constructive backdrop in May.