CANADA: 5Y Auction: Lower Bid-To-Cover But Off Extremes
Jul-05 16:11
- Canada sold C$5B of the 3.25% Aug-2028 at an average yield of 3.723%.
- The bid-to-cover of 2.120 is on the low side historically but isn’t wildly different from the prior five-auction average of 2.15, which was distorted by April’s 1.985 being the lowest since 2009.
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CANADA: Growing Number Of Analysts Looking For 25bp Hike On Wed
Jun-05 15:57
- Latest BoC views from Fri and over the weekend have seen a few more analysts lean towards a 25bp hike from the BoC on Wednesday (and some sticking with on hold but it almost being a coin toss), although Bloomberg consensus remains comfortably for no change.
- Those in the hike camp now include Barclays, Citi, JPM, Scotia and TD, with an added mention for GS who look for on hold this week but then two 25bp hikes in July and September.
- See summary table below, whilst noting that the increased data dependency at this stage of the cycle sees fewer discussions on potential terminal rates.
LOOK AHEAD: Tuesday/Wednesday Data Calendar: Limited
Jun-05 15:38
- US Data/Speaker Calendar (prior, estimate)
- Jun-6 No data releases or Treasury supply Tuesday
- Jun-7 0700 MBA Mortgage Applications (-3.7%, --)
- Jun-7 0830 Revisions: US Trade in Goods and Services
- Jun-7 0830 Trade Balance ($64.2B, -$75.6B)
- Jun-7 1130 US Tsy 17W Bill auction (912797HA8)
- Jun-7 1500 Consumer Credit ($26.514B, $22.0B)
US TSYS: US TSY 13W BILL AUCTION: HIGH 5.220%(ALLOT 58.07%)
Jun-05 15:32
- US TSY 13W BILL AUCTION: HIGH 5.220%(ALLOT 58.07%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 27.76% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 4.97% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 67.28% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 3.15
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