-- In a nod to recent Middle East turbulence, National Bank of Canada said it tested the significance and value of a Canadian province's relative energy-sector exposure.
Notwithstanding a sharp re-pricing of crude oil on an 11th hour Iran war ceasefire, provincial bond valuations hint at an oil exposure premium, noted the bank.
That's sensible enough, given the amount of above-plan resource revenue National Bank has been estimating, it stated.
The bank likewise finds targeted evidence of political risk at the longer end of the provincial credit curve.