Ninepoint Fixed Income Outlook

Investment Team

Mark Wisniewski

Partner, Senior Portfolio Manager

Mark Wisniewski

Partner, Senior Portfolio Manager

Mark Wisniewski is Partner and Senior Portfolio Manager at Ninepoint Partners and oversees the firm’s Fixed Income team and investment strategies. Prior to Ninepoint’s formation, Mark was with Sprott Asset Management (SAM) from 2015, rounding out more than 30 years of investment industry experience, specializing in fixed income. Prior to SAM, Mark was a Portfolio Manager specializing in alternative credit products at GluskinSheff & Associates, where he managed $1.3 billion across several...
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Etienne Bordeleau-Labrecque, MBA, CFA

Vice President, Portfolio Manager

Etienne Bordeleau-Labrecque, MBA, CFA

Vice President, Portfolio Manager

Etienne Bordeleau-Labrecque is Vice President, Portfolio Manager at Ninepoint Partners. With over 10 years of expertise across equities, interest rates and credit, he now focuses primarily on the firm’s Fixed Income franchise. Prior to Ninepoint’s formation, Etienne was with Sprott Asset Management (SAM) from 2012, where he worked as an Analyst and Associate Portfolio Manager, covering North American equities in the financial, energy, utility and health care sectors. From 2008 to 2011, Étienn...
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Nick Warwick, MBA, CFA

Associate Portfolio Manager

Nick Warwick, MBA, CFA

Associate Portfolio Manager

Nick Warwick is an Associate Portfolio Manager at Ninepoint Partners. Prior to Ninepoint, Nick was with TD Asset Management as a credit analyst covering the global oil & gas and non-North American financials sector. Past sector coverage includes pipelines, utilities, and industrials. Prior to his time at TD Asset Management, Nick worked for TD Securities on a foreign exchange sales desk in addition to a fixed income sales desk. Nick holds a Bachelor of Arts Degree from Queen's University...
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Key Takeaways

Rate hikes now in play – Markets have shifted from pricing cuts to pricing hikes: about one and a half from the Fed by year-end, and possibly one from the BoC.
Record supply straining credit – Canadian new issuance up 60% YTD; mega deals like Amazon's are absorbing slowly and pushing spreads wider.
Defensive positioning – Duration around two years, short high-quality bonds, cheap credit hedges, with fund yields of 5–6%.

June 2026

In this month's Fixed Income video commentary preview, Vice President, Portfolio Manager Etienne Bordeleau reviews the first half of the year and shares his outlook for the remainder of 2026, including the divergence between Canadian and U.S. bond markets, a potential shift toward rate hikes on both sides of the border, record corporate bond supply.

Key Topics Covered -

• Canada–U.S. Divergence – Both the BoC and Fed held in H1, but Canadian 2-year yields rose only ~16 bps while U.S. 2-year rates jumped 70 bps, with nearly every U.S. tenor moving higher.
• Why Canada Outperformed – Negative Q4 and Q1 GDP, high unemployment, and inflation at target left the BoC with no need to act; absent the oil price shock, a spring cut was likely.
• U.S. Inflation Pressures – 3% inflation to start the year, major fiscal stimulus, the AI capex boom, and the oil shock pushed markets from pricing cuts to pricing hikes.
• Fed Under Chair Warsh – No hike expected as early as July, but his inaugural June meeting signaled a clear focus on inflation; markets now price about one and a half hikes by year-end.
• BoC Outlook Shifting – Strong May employment and a rebounding economy suggest Canada's outperformance has run its course, with perhaps one adjustment hike priced by year-end and possibly another next year.