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2Y GoCs Pare Some Underperformance With New Issue

CANADA
  • Canada sold C$5.5B of the new 4.5% Feb’26 at an average yield of 4.601%.
  • The bid-to-cover of 2.465 lifted after a lower than usual 2.239 in the early October auction and was above the 2.357 from the prior five-auction average, but still easily within ranges from the past year.
  • 2Y GoCs see a minor paring of earlier underperformance, trading 6bp cheaper vs 3.7bps for Tsys.

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