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5Y Auction: Second Lowest Bid-to-Cover Since 2009

CANADA
  • Canada sells C$3.5B of the 3.5% Mar-2028 at an average yield of 2.901% and high yield of 2.925%.
  • Bid-to-cover of 2.056 is the lowest since October and before that the lowest since 2009 after a prior three-auction average of 2.23, landing with GoCs under pressure as they followed Tsys cheaper.
  • 5Y GoC yields close prior outperformance to Tsys with the results, now both +7bps on the day.

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