{"series":{"id":"cmb-5y-new-issue-spread","label":"Canada Mortgage Bond 5-year initial spread at syndication","description":"Initial spread, in basis points, on fixed-rate 5-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":"2024-03-13","latest":{"date":"2026-09-17","value":13},"csv_url":"https://data.spheracredit.com/api/v1/series/cmb-5y-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 5.","definition":"The initial spread, in basis points, that the Bank of Canada reports for the Government of Canada's purchase of fixed-rate 5-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 5 and dates each value by its trade date (CMB_PURCH_TRADE_DATE).","timing":"One value per syndication at which the government bought 5-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-5y: on September 17, 2026 the purchase yield was 3.664% and goc-5y was 3.54%, a gap of 12.4 basis points, while the published initial spread was 13.0.","The series starts with the February 2024 syndication, when the government's purchases began. For a daily value between syndications, cmb-5y-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":[["2024-03-13",24.5],["2024-06-18",21],["2024-09-19",19.5],["2024-12-12",18.5],["2025-03-14",18],["2025-06-13",16],["2025-09-19",15],["2025-12-12",12],["2026-03-13",20],["2026-06-12",12.5],["2026-09-17",13]]}