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5Y Auction: Bid-to-Cover Close To Average

CANADA
  • Canada sells C$5B of the 4% Mar-2029 at an average yield of 3.524%, C$1B larger than the prior taps.
  • The bid-to-cover of 2.269x was between the prior five-auction average of 2.25x and the 2.31x in December.
  • 5Y GoCs trade 5bp cheaper on the day. They have slightly trimmed the day’s underperformance to Tsys since the auction but the Can-US differential has still increased 2.5bps on the day to -50bps.

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