Group 1 - Devlin Capital is preparing for a steepening yield curve in North America due to significant budget deficits from the U.S. and Canadian governments, driven by tax cuts, military projects, and other priorities [1] - The Canadian government's recent fiscal forecast indicates that the budget deficit will increase by CAD 167.3 billion (approximately USD 121 billion) over the next five years, with new borrowing allocated for defense, housing, and infrastructure spending [1] - The founder of Devlin Capital, Ed Devlin, predicts that the rise in long-term bond yields will outpace short-term rates, leading to a steeper yield curve as government investment plans progress [1] Group 2 - Devlin Capital has engaged in "strategic" trading of Canadian 5-year government bonds, which saw a significant price drop due to unexpectedly strong economic data [2] - The price curve of Canadian 5-year government bonds has become unusually cheap in the past two weeks, according to Devlin [2] - Devlin Capital recently secured its first asset management client, the Canadian Imperial Bank of Commerce, to serve as a sub-advisor for the CIBC Canadian Fixed Income Private Equity Fund [2]
北美财政赤字狂潮下的交易：前PIMCO高管押注美加收益率曲线“陡峭化”
智通财经网·2025-12-11 01:39