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GoCs See Small Bid Despite 2Y Auction Bid-to-Cover Slipping

CANADA
  • Canada sells C$5.5B of the 4.5% Feb-2026 at an average yield of 4.123%.
  • The bid-to-cover of 2.272 compares with a five-auction average of 2.42, marking the lowest bid-to-cover since Oct 4 and before that Jul 19.
  • Despite the low bid-to-cover, 2Y GoCs see a minor bid to help partly close the gap on large underperformance to Tsys on the day, still +8.5bps GoCs vs +4bps Tsys.

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