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5Y Auction: Lowest Bid-to-Cover Since January

CANADA
  • Canada sells $5B of the 3.5% Sep-2029 at an average yield of 3.535 and bid-to-cover of 2.285x.
  • It’s the lowest bid-to-cover for a 5Y since January, following the 2.35x in June and a five-auction average of 2.40x, but nothing like last week’s 2Y showing the lowest since 2009.
  • The Can-US 5Y differential has dipped ~0.5bp since shortly before the auction, still +1.5bp on the day at -78.2bps.
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  • Canada sells $5B of the 3.5% Sep-2029 at an average yield of 3.535 and bid-to-cover of 2.285x.
  • It’s the lowest bid-to-cover for a 5Y since January, following the 2.35x in June and a five-auction average of 2.40x, but nothing like last week’s 2Y showing the lowest since 2009.
  • The Can-US 5Y differential has dipped ~0.5bp since shortly before the auction, still +1.5bp on the day at -78.2bps.