The 10-year bond auction in Canada represents a key event where the government sells debt securities to institutional investors to fund its operations. The results, particularly the yield and the bid-to-cover ratio, serve as a benchmark for long-term interest rates in the country. A high bid-to-cover ratio indicates strong demand, which can lead to lower yields and reflect investor confidence. Conversely, a poor auction result can signal fiscal concerns or expectations of rising inflation.
The auction is conducted via a competitive bidding process where primary dealers submit bids for price and quantity. The Bank of Canada then determines the average yield based on the accepted bids.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Aug 27, 2026 | 2.30 | — | — |
| Apr 28, 2026 | 2.09 | — | — |
| Oct 29, 2025 | 1.99 | — | — |
| Feb 26, 2025 | 2.79 | — | — |
| Apr 26, 2024 | 3.46 | — | — |
| Jun 27, 2023 | 3.05 | — | — |
| Jan 27, 2023 | 2.86 | — | — |
