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2Y Auction – Highest Bid-to-Cover Since May

CANADA
  • Canada sells C$6.5bn of the new 4.5% May’26 at an average yield of 4.077%.
  • The bid-to-cover of 2.600 is up from 2.38 in Jan and a five-auction average of 2.365, marking its highest since May.
  • GoC underperformance to Tsys only trimmed marginally on the results, with the Can-US 2Y differential still +3.5bps higher on the day vs +4bps prior.

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