- Canada sells $5B of the 3.5% Sep-2029 at an average yield of 3.535 and bid-to-cover of 2.285x.
- It’s the lowest bid-to-cover for a 5Y since January, following the 2.35x in June and a five-auction average of 2.40x, but nothing like last week’s 2Y showing the lowest since 2009.
- The Can-US 5Y differential has dipped ~0.5bp since shortly before the auction, still +1.5bp on the day at -78.2bps.
CANADA: 5Y Auction: Lowest Bid-to-Cover Since January
Last updated at:Jul-03 16:05By: Chris Harrison
- Canada sells $5B of the 3.5% Sep-2029 at an average yield of 3.535 and bid-to-cover of 2.285x.
- It’s the lowest bid-to-cover for a 5Y since January, following the 2.35x in June and a five-auction average of 2.40x, but nothing like last week’s 2Y showing the lowest since 2009.
- The Can-US 5Y differential has dipped ~0.5bp since shortly before the auction, still +1.5bp on the day at -78.2bps.
