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5Y Supply In Line With Recent Auctions

CANADA
  • Canada sold C$4B of the 4% Mar-2029 at an average yield of 3.261%,
  • The bid-to-cover of 2.308 was in line with last month’s 2.32 and is close to the five-auction average of 2.24. It’s the lower end of historical ranges but far from extremes.
  • 5Y GoCs continue to modestly underperform Treasuries on the day, with yields +5.2bps vs +4bps.
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  • Canada sold C$4B of the 4% Mar-2029 at an average yield of 3.261%,
  • The bid-to-cover of 2.308 was in line with last month’s 2.32 and is close to the five-auction average of 2.24. It’s the lower end of historical ranges but far from extremes.
  • 5Y GoCs continue to modestly underperform Treasuries on the day, with yields +5.2bps vs +4bps.