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2Y Auction: Lowest Bid-to-Cover Since October

CANADA
  • Canada sells C$3.5B of the 3.75% May-2023 at an average yield of 3.570% and high yield of 3.580%. Market conditions allowed the Govt to issues 60bps lower than two weeks ago, at the lowest average yield since August.
  • Bid-to-cover of 2.317 is the lowest technically since October after 2.53 averaged prior three auctions including February’s particularly high 2.818.
  • 2Y GoC yields maintain a push higher despite Treasury yields pulling back off session highs (originally driven by earlier news that a collection of large US banks were coordinating a rescue of First Republic Bank), but GoCs still outperforming on the day with +16bps vs +23bps for Tsys.

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