On a net basis security flows were up small in June, with $41B of foreign investment mostly offset by $35B of Canadian investment abroad…

… led by $24B of US equity allocation (mostly big tech)…

… and $13B of corporate bond purchases, which offset another $10B of selling in treasuries (that’s $32B YTD).

The opposite dynamic played out in Canada, where foreign investment in equities was muted…

… while the appetite for debt remained strong, with $22B and $16B of new demand for government and corporate paper taking the H1 total to a record $175B.

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