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CANADA: 10Y Auction – Bid-to-Cover Dips But Within Range

CANADA
  • Canada sold $5bn of the 3.25% Dec’34 at an average yield of 3.034%, following the 3.408% at Jul 11.
  • The bid-to-cover of 2.26x remained within typical ranges, albeit down from the 2.32x in July and a five auction average of 2.28x. 
  • The Can-US 10Y yield differential has dipped a little from earlier highs but at -77.7bps it would mark the highest close in over a month if sustained. 

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