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2Y Auction Ahead

CANADA
  • Canada sells C$6bn of the new Aug’26 at 1200ET, downsized from the C$6.5bn instalments for the May’26.
  • Last month’s DMS had a planned C$88bn over 16 auctions for 2024-25, for an average C$5.5bn per auction.
  • It follows a bid-to-cover of 2.36x in April and a five-auction average of 2.35x but with some volatility over that period.
  • GoCs have steadily underperformed Tsys through today’s session in a further move following yesterday’s FOMC, with the Can-US yield differential pushing 4.3bps higher on the day at -63bps (last closed higher Apr 11).

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