On May 20 the Government of Canada launched a five-year US$3.5 billion global bond. This transaction saw strong investor interest, with an order book of more than US$13.5 billion. The bond priced at a spread of +2 basis points to US Treasuries, the tightest spread achieved for a five-year US-dollar sovereign, supranational, and agency bond market. The results underscore investor confidence in Canada’s resilient economy, sound fiscal position, and AAA credit ratings. [...]