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5Y Auction: Lower Bid-To-Cover But Off Extremes

CANADA
  • Canada sold C$5B of the 3.25% Aug-2028 at an average yield of 3.723%.
  • The bid-to-cover of 2.120 is on the low side historically but isn’t wildly different from the prior five-auction average of 2.15, which was distorted by April’s 1.985 being the lowest since 2009.

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