“The reason the Bank of Canada has to buy some of these newly issued securities is because the Canadian bond market’s too small otherwise,” said Ian Pollick, head of fixed income, currency and commodity research at Canadian Imperial Bank of Commerce. “You can’t remove a huge amount of off-the-run securities in Canada, because there’s just not enough of them to go around.”
At the current pace, the central bank will control more than half of Canada’s government bond market by the end of next year, from 32 per cent today, according to Pollick’s estimates. About 44 per cent of the $15.7-billion in bonds bought by the central bank so far this month were maturities also auctioned by the government in October. That’s up from 37 per cent in September and 27 per cent in August. It’s also well above the average of 24 per cent since the start of the quantitative easing program. Last week, almost half of purchases under the program were bonds that had also been auctioned in October.
jengerson Modern Monetary Theory says you are wrong. I know that because I feel it.
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