Canada Mortgage Bonds are bonds issued by Canada Housing Trust and guaranteed by Canada Mortgage and Housing Corporation (CMHC). The guarantee covers timely payment of interest and principal, so the bonds carry the full faith and credit of Canada. The trust uses the money it raises to fund insured residential mortgages.
Each yield and initial spread on this page is a published result of the Government of Canada's CMB purchases. Since February 2024, the government has bought fixed-rate 5-year and 10-year CMBs in the primary market at syndication, when the bonds are sold to investors through lead underwriters. The Bank of Canada makes these purchases as the government's fiscal agent and publishes each one: the yield, the price and the initial spread. For 2026, the government participates in every fixed-rate CMB syndication.
A syndication does not always sell a new bond. Some sell more of a bond first issued at an earlier syndication, with the same coupon and maturity. The figures are dated by trade date, one row per syndication.
The Bank of Canada publishes no CMB yield between syndications, so for every other business day Sphera Credit shows an estimate. It adds the initial spread from the latest syndication to that day's Government of Canada benchmark yield of the same term. The 5-year estimate, for example, is the 5-year Government of Canada yield plus the initial spread of the latest 5-year syndication.
The estimate is labelled as a Sphera Credit estimate wherever it appears. Spreads change between syndications, and the estimate also moves when the Bank of Canada switches the bond behind its benchmark yield, so treat it as a reference point. The chart shows it as a dashed line, next to the dots for the published syndication yields.