(ROMANI; Baa3neg/BBB-neg/BBB-neg) IPT L5Y (16Sep30) @ T+225bp area FV L5Y @ T+200bp Spread set @ T+...
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Prime Minister Mark Carney is announcing a major increase in military spending, committing to hitting NATO's (current) 2% of GDP spending on defence target in the 2025-26 fiscal year ending March 2026, bringing up the schedule significantly. Previous PM Justin Trudeau said that the 2% target would be hit by 2032, while on the campaign trail in May, Carney said he would advance this target to 2030 if elected. As the Globe and Mail reports, "Canadian experts have previously estimated Ottawa would require $15-billion to $20-billion in additional annual military spending to reach the 2-per-cent target."
Morning update, leaning towards upside call buying after earlier selling/mixed flow. Projected rate cut pricing gains slightly vs. morning levels (*) as follows: Jun'25 steady at -0.8bp (0.0bp), Jul'25 at -4.5bp (-4.1bp), Sep'25 at -18.2bp (-17.9bp), Oct'25 at -30.5bp (-30.6bp), Dec'25 at -45.8bp (-45.9bp).