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Wednesday, June 26, 2013

Canadian Bonds Mixed as Longer-Dated Issues Underperform


Canadian bonds were mixed Tuesday, with marginal gains at the front end of the yield curve and losses in longer-dated maturities, as the market struggles with the downward pull from the slumping U.S. Treasury market.
Canada's two-year bond yield was at 1.233% Tuesday, from 1.246% Monday, according to electronic trading platform CanDeal. The 10-year bond yielded 2.507%, from 2.486%.
There were no significant data releases in Canada Tuesday, leaving the market susceptible to external influences, most notably U.S. Treasurys.
That market was weighed down by some robust U.S. economic data.
Among them, durable-goods orders rose at 3.6% in May, ahead of consensus expectations for a more modest pace at 3.0%. June's consumer confidence jumped to 81.4, while a reading of 74.3 was expected.
And in a sign of growing momentum in the housing recovery, new-home sales in the U.S. rose to their highest level in nearly five years in May, up 2.1% to an annual rate of 476,000 units.
While the downward pressure from Treasurys dragged 10- and 30-year bonds lower in Canada, the market overall was not as strongly affected by the U.S. data, enabling shorter-dated Canadian paper to post modest gains.
There are no important data releases scheduled in Canada on Wednesday.
The employers survey jobs report for April will be released Thursday, followed by gross domestic product data for the same month on Friday.