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2Y Auction Sees Lowest Bid-to-Cover Since 2009

CANADA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsCanada Bank of Canada Market News
  • Canada sold $5.5bn of the 4% Aug’26 at an average yield of 3.912%.
  • The bid-to-cover of 2.085x is the lowest since 2009 and compares with 2.384x on May 30 or a five-auction average of 2.395x.
  • It follows last week's 10Y seeing the lowest bid-to-cover since Oct'22.
  • Following the BoC decision to cut for the first time this cycle on Jun 5, it's also a notable turnaround in demand from the 2.81x seen in the early May auction (for the highest since Feb'23 and before that Sep'20).

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  • Canada sold $5.5bn of the 4% Aug’26 at an average yield of 3.912%.
  • The bid-to-cover of 2.085x is the lowest since 2009 and compares with 2.384x on May 30 or a five-auction average of 2.395x.
  • It follows last week's 10Y seeing the lowest bid-to-cover since Oct'22.
  • Following the BoC decision to cut for the first time this cycle on Jun 5, it's also a notable turnaround in demand from the 2.81x seen in the early May auction (for the highest since Feb'23 and before that Sep'20).