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2Y Auction: Exactly Same Bid-to-Cover As Prior Auction

CANADA
  • Canada sells C$5.5B of the 4.5% Feb’26 at an average yield of 4.425%.
  • The bid-to-cover of 2.465 is exactly the same as the Oct 30 auction and close to the five-auction average of 2.41 to keep to a fairly typical level.
  • 2Y GoCs see a brief stall having cheapened further ahead of the auction with yields now +10bp on the day vs +8bps for Tsys. The Can-US 2YY differential of -41.3bps would mark the highest close since Oct 30.

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