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30Y Auction: B/C Marginally Higher

CANADA
  • Canada sells C$1.5B of the 2.75% Dec-2055 at an average yield of 3.070% and high yield of 3.074%.
  • Bid-to-cover of 2.389 up from 2.261 in Jan’23 auction but similar to prior 3-auction average of 2.380
  • This week’s DMS pencilled in gross issuance of C$10B for FY 23/24 from $14B in 22/23.
  • 30Y GoC yields rally 1bp on it but only to -0.8bp on the day.

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