The most recent Debt Management Strategy (DMS) raised the possibility that the Canada Mortgage Bond (CMB) program may be terminated, and folded into the GoC market. This is an extremely important development to the Canadian fixed income market, and to speak on the potential implications, Ian is joined this week by Gianluca Gargano, Managing Director and Head of Government Credit at CIBC Capital Markets. The show begins with Gianluca framing the conversation outlined in the DMS, and discussing what just happened and why. Ian speaks on other contours of the DMS, in particular what government issuance looks like and how this announcement increases the impact on the belly of the curve. Gianluca spends the balance of the show talking about competing assets to CMBs, and how they may trade given the shocking announcement.