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2Y GoCs Underperforming Ahead Of Auction

CANADA
  • The 2Y auction for the new Feb’26 comes at 1200ET.
  • The last five auctions have seen an average bid-to-cover of 2.357, including a drop back to the lower end of the recent range at 2.239.
  • 2Y GoCs have built out some underperformance to Tsys after tracking more in line at the open. The 2Y CAN-US yield differential nudges up to -40bps, still at the lower end of the range since the spring.

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