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Monthly Money Trail: International Fund Flows
International investments in bonds from Canadian issuers remained roughly flattish in April, after showing sizeable net increases in both February and March. The trend for GoC bonds remained the same for the third month in a row, as another $3.7 billon was divested on a net basis, finally pushing the year-to-date tally into negative territory, with a modest dip of just under $1 billion after the hot start in January was finally fully eclipsed. The damage so far this year compares favourably to the first four months of 2018, when almost $34 billion of GoC bonds were jettisoned by international investors on a net basis. Also of note during April, the selling of Canadas was almost completely offset by purchases of GoC money market instruments, which amounted to $3.3 billion. That activity brought the net buying of GoC money market instruments into positive territory at $2.3 billion, presumably as international investors look to keep some powder dry for a future date, perhaps as yields were trending higher during the first half of April.
Jason was appointed Head of North American Credit Research, BMO Capital Markets in 2018, in addition to his role as Corporate Debt Research analyst and strat...
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International investments in bonds from Canadian issuers remained roughly flattish in April, after showing sizeable net increases in both February and March. The trend for GoC bonds remained the same for the third month in a row, as another $3.7 billon was divested on a net basis, finally pushing the year-to-date tally into negative territory, with a modest dip of just under $1 billion after the hot start in January was finally fully eclipsed. The damage so far this year compares favourably to the first four months of 2018, when almost $34 billion of GoC bonds were jettisoned by international investors on a net basis. Also of note during April, the selling of Canadas was almost completely offset by purchases of GoC money market instruments, which amounted to $3.3 billion. That activity brought the net buying of GoC money market instruments into positive territory at $2.3 billion, presumably as international investors look to keep some powder dry for a future date, perhaps as yields were trending higher during the first half of April.
Jason was appointed Head of North American Credit Research, BMO Capital Markets in 2018, in addition to his role as Corporate Debt Research analyst and strat...
VIEW FULL PROFILE
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