But even if secession looks unlikely, markets have begun pricing in the risk of instability. Thirty-year Quebec bonds are trading over seven basis points wider than similar debt from Ontario, which is more than normal, according to data compiled by Bloomberg. Other factors are also at play, such as US tariffs and the province’s strained finances, which show a C$12.4 billion ($8.9 billion) deficit this fiscal year after contributing to a debt repayment fund.