Monthly report
Long Alberta leads Canadian provincial bond returns
Global attention shifts to global trade and its impact on inflation and growth, after US President-elect Trump called for higher tariffs. Long Alberta provincial bonds outperformed Canadian investment grade corporate bonds in November. YTD, the best performer remains high yield credit, and long Chinese and Italian government bonds.
Key highlights:
- Macro and policy backdrop – Changing pace of easing
- Canadian governments – Canadian-German spreads widen
- Canadian credit – Quality improves in Canadian credit markets
- Global yields and spreads – Curves prove volatile in November, flattening end-month
- Sovereign and climate bonds – US underweight helps Green Bond recovery
- Performance – Alberta drives Canadian investment grade bond performance
This report provides actionable insights on currency-adjusted performance, macro drivers, shifts in yields, spreads and curves across conventional, inflation-linked and corporate bonds within the Canadian fixed income market.
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