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An unusual trade across America’s northern border is starting to become a more prominent fixture in the market for sovereign debt.

It’s a straightforward play: simultaneously purchase Ultra 10-year Treasury futures and sell contracts for similar-maturity Canadian debt. It’s a bet that U.S. bonds will outperform as the Federal Reserve slows down its pace of interest-rate increases, while the Bank of Canada appears to be considering a hike as soon as next month.

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What’s striking to traders is the size of the wagers. Each leg of Wednesday’s transaction, which sent Canadian bond futures tumbling, represented about $820,000 of risk per basis point. Toronto-based traders at two Canadian banks said they believed the 9,098-contract Canadian block to be the second-largest ever; they asked not to be identified because they’re not authorized to speak publicly.