The Canadian government sold C$5.5 billion of two-year bonds (GoC) on Wednesday, with investor demand strong as it attracted bids almost three times the amount on sale, according to data published by the Bank of Canada.
The bond's maturity is Aug.1, 2028, and the auction received C$15.0 billion in total submitted bids out of the C$5.5 billion on offer, resulting in a bid-to-cover ratio of 2.73 times.
The coupon rate is 2.75%. The GoC two-year note was last seen paying 2.841%, up 1.5 basis points.
Allocations were split between Canadian accounts at 60.0% and international investors at 40.0%, according to the Bank of Canada.