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5Y Auction – Bid-to-Cover Continues Trend Increase

CANADA
  • Canada sold C$5bn of the 3.5% Sep’29 at an average yield of 3.662%.
  • The bid-to-cover of 2.44x increased from 2.337x in April and a five-auction average of 2.36x, back closer to the 2.465x of March which marked the highest since Sep'21.
  • 5Y GoCs continue to underperform Tsys, with yields 3.5bps higher on the day and the Can-US 5Y differential at -81.5bps (+1.5bps).

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