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10Y Auction: Bid-to-Cover At Higher End But Off Extremes

CANADA
  • Canada sells C$3.5B of the 3.25% Dec-2033 10Y at an average yield of 3.726%, its highest since April 2010.
  • The bid-to-cover of 2.370 is higher than the five-auction average at 2.263 (not the 2.236 mentioned earlier) but down from the 2.462 on Jun 22 (which was missed earlier).
  • 10Y GoC yields have rallied 2bps from levels just before the auction vs 1bp for Tsys.

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