MNI BRIEF: Goolsbee Sees No `Last Mile' Inflation Problem

GOOLSBEE DOESN'T SEE EVIDENCE INFLATION IS STALLING OUT AT 3%

MNI BRIEF: US CRE, Consumer Loan Delinquencies Rising -Fed

MNI BRIEF: Brazil IPCA Inflation Decelerates to 3.69% in April

MNI BRIEF: CNB Concern At Upside Risk, April Minutes Show

MNI China Daily Summary: Friday, May 10

CHINA JAN-APR NEW LOANS CNY10.19 TRLN VS JAN-MAR CNY9.46 TRLN

MNI: US APR TREASURY BUDGET 209.5B

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

2Y Auction – Bid-To-Cover Slides Despite Near Unchanged Yield

CANADA
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
  • Canada sold C$6bn of the 4% May’26 at an average yield of 4.076%, almost unchanged from the 4.077% in the Feb 8 auction.
  • However, the bid-to-cover dropped to just 2.16x (since 2023 there has only been low 2Y auction with a lower bid-to-cover) after a five-auction average of 2.44%.
  • The average was biased higher by the 2.6 in the Feb 8 auction, its highest since May.
  • 2Y GoCs only marginally underperform Tsys on the day (2Y Can-US differential lifts 0.5bp to -43.5bp) with macro data driving gyrations through the session.
88 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Canada sold C$6bn of the 4% May’26 at an average yield of 4.076%, almost unchanged from the 4.077% in the Feb 8 auction.
  • However, the bid-to-cover dropped to just 2.16x (since 2023 there has only been low 2Y auction with a lower bid-to-cover) after a five-auction average of 2.44%.
  • The average was biased higher by the 2.6 in the Feb 8 auction, its highest since May.
  • 2Y GoCs only marginally underperform Tsys on the day (2Y Can-US differential lifts 0.5bp to -43.5bp) with macro data driving gyrations through the session.