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3Y Auction: Unusually High Bid-to-Cover

CANADA
  • Canada sells C$2B of the new 3% Apr-2026 at an average yield of 3.177% and high yield of 3.183%.
  • Very high bid-to-cover high of 3.184, highest of any auction since at least 1998 and compares with the last 3Y from Nov 17 (re-open) of 2.55.
  • GoCs broadly continue an earlier move of paring gains that had been seen primarily on US data, although 5Y lags the latest cheapening with yields still -10.7bps lower on the day (-14.1bp for Tsys).

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