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Further Bear Steepening Into 10Y Auction

CANADA
  • Canada sells C$3.5B of the 3.25% 10Y at the top of the hour.
  • The five-auction average stands at 2.236 in the middle of historical ranges, although the last auction was on May 24.
  • GoCs mirror the bear steepening in Tsys ahead of the auction, with 10YY +11bp on the day.

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