{"series":{"id":"cmb-5y-new-issue-yield","label":"Canada Mortgage Bond 5-year yield at syndication","description":"Yield 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":"percent","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":3.664},"csv_url":"https://data.spheracredit.com/api/v1/series/cmb-5y-new-issue-yield.csv","methodology":{"source":"Bank of Canada, Valet group CMB_PURCH (\"CMB Completed Purchases\"), field CMB_PURCH_YIELD (\"Yield (%)\"), rows where CMB_PURCH_TERM (\"Term (years)\") is 5.","definition":"The yield, in percent, at which the Government of Canada bought fixed-rate 5-year Canada Mortgage Bonds in the primary market at a syndication. The government's purchases began at the February 2024 syndication. Its notices for 2024, 2025 and 2026 say it participates in all fixed-rate CMB syndications, buying \"pursuant to orders placed with the lead underwriters\", and that these orders are \"completely filled\".","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 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",3.716],["2024-06-18",3.499],["2024-09-19",2.944],["2024-12-12",3.086],["2025-03-14",2.895],["2025-06-13",3.106],["2025-09-19",2.882],["2025-12-12",3.129],["2026-03-13",3.206],["2026-06-12",3.182],["2026-09-17",3.664]]}