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Market Update

The bond market continues to sell off, particularly in the longer end and thus the curve is steepening further.

The Canadian dollar touched parity briefly and will likely mount another assault at that magic level soon enough.

In the money market, conditions continue to improve gradually. Treasury bills are becoming more available and Bankers Acceptance yields are falling, producing a spread of 80 basis points from T Bills compared to 120 a week ago.

A new CMB issue, 100% guaranteed by the Governmentof Canada and thus a genuine AAA bond, was issued at 21 basis points over the Canada curve, the widest spread ever and represents very good value. It is a 4.55% bond, maturing Dec 15, 2012.

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