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10Y Auction: C$4B at av 3.062%

CANADA
  • Canada sells C$B of the 2.5% 2032, at an average yield of 3.062% and high yield of 3.070%.
  • Modest improvement from the Nov 3 auction, with bid-to-cover 2.269 vs 2.229 and tail narrowed to 0.8bp from 1.3bp prior.
  • Results help see only a brief pause in the day's cheapening for 10Y GoC yields, sitting +4.2bp at 3.059% back at levels pre Powell’s Brookings comments on Nov 30 having touched a low of 2.71% in the interim on Dec 7.

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