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2Y Auction At 1200ET

CANADA
  • Canada sells C$5.5B in the first re-open of the Feb’26 at 1200ET.
  • The past five 2Y auctions have seen an average bid-to-cover of 2.41 and most recently 2.465 on Oct 30.
  • 2Y GoCs currently slightly underperform an already sizeable cheapening in Tsys (2Y +8.9bps vs +8.0bp) as they pare gains seen with yesterday’s US CPI.
  • US drivers have dominated so far in the holiday-shortened week and likely will do until next week sees both CAD CPI and the government’s Fall Economic Update on Tuesday.

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