Bank of Canada buys back C$400 million of bonds in repurchase action

By Toni Weeks

San Diego, May 23 - Bank of Canada bought back C$400 million of Government of Canada marketable bonds through a cash management bond repurchase operation on Wednesday, according to a government announcement.

The bank repurchased C$140 million of its 8% bonds due June 1, 2023 with a cutoff yield of 1.922%, C$24 million of 9% bonds due June 1, 2025 with a cutoff yield of 2.02%, C$2 million of its 8% bonds due June 1, 2027 with a cutoff yield of 2.144% and C$234 million of its 5.75% bonds due June 1, 2029 with a cutoff yield of 2.246%.

After settlement on Monday, C$2,358,552,000 of the 8% bonds due 2023, C$2,644,756,000 of the 9% bonds, C$4,726,822,000 of the 8% bonds due 2027 and C$12,174,469,000 of the 5.75% bonds will remain outstanding.

The bank also offered to repurchase the 5.75% bonds due June 1, 2033. Those bonds were not purchased.

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