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10Y Auction – Bid-to-Cover Close To Recent Results

CANADA
  • Canada sells C$5bn of the 3% Jun’34 at an average yield of 3.595%.
  • The bid-to-cover of 2.33x was close to the 2.31x averaged over the prior five auctions and the 2.36x in April having recently trended higher.
  • GoCs are trading mixed relative to Tsys, outperforming at the front end (2Y differential -1.5bps on the day) and underperforming at the long end (10Y diff. +1.5bp but still heavily depressed at -82.7bps).
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  • Canada sells C$5bn of the 3% Jun’34 at an average yield of 3.595%.
  • The bid-to-cover of 2.33x was close to the 2.31x averaged over the prior five auctions and the 2.36x in April having recently trended higher.
  • GoCs are trading mixed relative to Tsys, outperforming at the front end (2Y differential -1.5bps on the day) and underperforming at the long end (10Y diff. +1.5bp but still heavily depressed at -82.7bps).