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CANADA: 5Y Auction – Bid-to-Cover Increases Despite Lower Yields

CANADA
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  • Canada sells C$5bn of the 3.5% Sep 2029 at an average yield of 2.740%.  
  • The bid-to-cover increased to 2.355, above last month’s low 2.18 (lowest since Jul'23) and also the five-auction average of 2.32.
  • The rise in the b/c is despite average yields almost 30bps lower than last month’s 3.036%, although this is still a low b/c by historical standards. 
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  • Canada sells C$5bn of the 3.5% Sep 2029 at an average yield of 2.740%.  
  • The bid-to-cover increased to 2.355, above last month’s low 2.18 (lowest since Jul'23) and also the five-auction average of 2.32.
  • The rise in the b/c is despite average yields almost 30bps lower than last month’s 3.036%, although this is still a low b/c by historical standards.