On a net basis security flows were down big in May, with $8B of foreign investment more than offset by $22B of Canadian investment abroad…

… driven by $11B of demand for US corporate bonds, which offset the fourth straight outflow in treasuries.

US equity demand contributed to a similar degree, led by $16B of big tech buying…

… while foreign investors dumped Canadian equities at the fastest pace in over a year, with $16B of selling concentrated in resource and manufacturing names.

That was offset by continued appetite for Canadian government paper, with $15B of buying split between federal and provincial bonds.

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