{"series":{"id":"cmb-10y-new-issue-spread","label":"Canada Mortgage Bond 10-year initial spread at syndication","description":"Initial spread, in basis points, on fixed-rate 10-year Canada Mortgage Bonds at each syndication where the Government of Canada bought them, published by the Bank of Canada as the government's fiscal agent, dated by trade date.","unit":"basis points","frequency":"per_issue","category":"cmb","citation":"Source: Bank of Canada (Valet group CMB_PURCH, Government of Canada purchases of Canada Mortgage Bonds)","derived":false,"formula":null,"first_date":"2024-02-14","latest":{"date":"2026-08-19","value":22},"csv_url":"https://data.spheracredit.com/api/v1/series/cmb-10y-new-issue-spread.csv","methodology":{"source":"Bank of Canada, Valet group CMB_PURCH (\"CMB Completed Purchases\"), field CMB_PURCH_INIT_SPRD (\"Initial spread (Bps)\"), rows where CMB_PURCH_TERM (\"Term (years)\") is 10.","definition":"The initial spread, in basis points, that the Bank of Canada reports for the Government of Canada's purchase of fixed-rate 10-year Canada Mortgage Bonds at a syndication. One basis point is 0.01 percentage point.","calculation":"Published as is by the source. Sphera Credit does not transform the values. Sphera Credit keeps the rows whose term is 10 and dates each value by its trade date (CMB_PURCH_TRADE_DATE).","timing":"One value per syndication at which the government bought 10-year bonds, dated by trade date. The Bank announces purchases after each syndication. There are no values between syndications.","caveats":["A syndication can sell more of a bond first issued at an earlier syndication: the same ISIN, coupon and maturity then appear on more than one trade date. So not every value is for a new bond.","The Bank does not state which Government of Canada bond the initial spread is measured against. It is not the gap between the purchase yield and goc-10y: on August 19, 2026 the purchase yield was 3.891% and goc-10y was 3.69%, a gap of 20.1 basis points, while the published initial spread was 22.0.","The series starts with the February 2024 syndication, when the government's purchases began. For a daily value between syndications, cmb-10y-estimate gives a Sphera Credit estimate."],"references":[{"title":"Bank of Canada: Canada Mortgage Bonds, Government purchases and holdings","url":"https://www.bankofcanada.ca/markets/canada-mortgage-bonds-government-purchases-and-holdings/"},{"title":"Bank of Canada: Operational details for government purchases of Canada Mortgage Bonds in 2026","url":"https://www.bankofcanada.ca/2026/01/operational-details-government-purchases-canada-mortgage-bonds-2026/"},{"title":"Bank of Canada: Operational details for government purchases of Canada Mortgage Bonds (2024)","url":"https://www.bankofcanada.ca/2024/01/operational-details-government-purchases-canada-mortgage-bonds/"},{"title":"Bank of Canada Valet group CMB_PURCH","url":"https://www.bankofcanada.ca/valet/groups/CMB_PURCH/json"}]}},"observations":[["2024-02-14",39.5],["2024-05-16",41],["2024-08-15",45.5],["2024-11-14",40],["2025-02-13",35],["2025-05-14",41],["2025-08-14",32],["2025-11-19",33],["2026-02-12",21.5],["2026-05-14",29],["2026-08-19",22]]}