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2Y Auction: Similar B/C, GoCs Mostly Hold Prior Underperformance

CANADA
  • Canada sells C$4.75B of the 3.75% May 2025 at an average yield of 3.701%.
  • Bid-to-cover of 2.330 is very close to last month’s 2.317 after two unusually high readings of 2.46 and 3.82 in the two months prior.
  • 2Y GoC yields rally 0.5bp from levels shortly prior, still with solid underperformance to Tsys on the day at +4bps vs -1.5bps.

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