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10Y Auction Ahead

CANADA
  • Canada sells C$4B of the 3.25% Dec’23 at the top of the hour.
  • The last five auctions have seen an average bid-to-cover of 2.37x, with last month at 2.305.
  • GoCs mostly outperform Tsys ahead of the auction, with 2s -9bps vs -6.5bps and 10s -3bps vs -1.5bps.
  • Ontario two days ago saw a further tightening in latest 2033 issuance (to +67.5 from +72.5 earlier in the month), and again today further out the curve with its 2054 (to +90 from +92.5 two weeks ago).

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