Bank of Canada accepts C$624.4 million of bonds in purchase auction

By Jennifer Chiou

New York, Sept. 28 - Bank of Canada said it bought back a total of C$624.4 million of bonds in a Tuesday repurchase auction.

Specifically, the bank repurchased C$65 million of 2.75% bonds due Dec. 1, 2010, C$16.4 million of 6% bonds due June 1, 2011 and C$543 million of 1.25% bonds due June 1, 2011.

The cutoff yield was minus 0.86% for the 2.75% bonds, 1.197% for the 6% bonds and 1.193% for the 1.25% bonds.

Following settlement on Sept. 30, the amount of bonds outstanding will be C$7,649,102,000 for the 2.75% bonds, C$9,351,869,000 for the 6% bonds and C$7,123,000,000 for the 1.25% bonds.

The government also offered to repurchase its C$606,151,000 of 8.5% bonds due June 1, 2011, C$7,922,000,000 of 1% bonds due Sept. 1, 2011, C$7,181,862,000 of 3.75% bonds due Sept. 1, 2011 and C$9,382,000,000 of 1.25% bonds due Dec. 1, 2011. No buybacks were made.

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