On a net basis security flows were down in December, with $5.6B of foreign divestment and $13.1B of Canadian investment abroad…

… led by ~$22B of buying in U.S. equities, the second largest print in two years.

Demand for Canadian equities was strong too, with $12B of broad-based inflows (excl. banking) more than offsetting November’s $8B outflow…

… but falling short of the ~$18B net divestment in Canadian paper, led by record retirements of corporate (~$23B) and federal government (~$15B) debt.