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10Y Auction: Lowest Bid-to-Cover Since April

CANADA
  • Canada sells $4B of the new 3.0% Jun 2034 at an average yield of 3.105%, 44.5bp lower than the Nov 29 auction.
  • Against that lower yield backdrop, the bid-to-cover of 2.231x is the lowest since April and compares with a five-auction average of 2.33x.
  • GoCs had seen some underperformance to Tsys in the hour ahead of the results but have reversed some of it for broadly tracking together on the day (10Y GoC +3.3bps, Tsy +3.0bps).

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