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2Y Auction: Average Bid-To-Cover

CANADA
  • Canada sold C$4.75B of the first re-open of the 4.5% Nov-2025 at an average yield of 4.734%.
  • The bid-to-cover of 2.366 was down from 2.427 in the prior auction on Aug 2 but close to the five-auction average of 2.346.
  • Front end GoCs have been confined to tighter ranges than their UST counterparts today, with modest outperformance (2YY currently +0.2bps vs 2Y Tsys +1.3bps) in only a partial reversal of post-CPI underperformance. The 2Y Can-US yield differential stands at -18bps.

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