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3Y Auction: Bid-to-Cover Swings Lower Again

CANADA
  • Canada sells C$3B of the 3.0% Apr 2026 at an average yield of 3.449%.
  • The b/c cover of 2.266 swings back after the last auction on Jan 18 saw 3.184 for the highest b/c since at least 2009. It leaves it below the prior three-month average was 2.45, but it’s as relatively depressed as last week’s 5Y which printed its lowest since Feb’09.
  • Little immediate reaction in surrounding benchmarks on a calm day, with 2YY little changed from Friday's close and 5YY -1.5bps.

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