Bank of Canada accepts C$1 billion of bonds in repurchase auction

By Angela McDaniels

Tacoma, Wash., March 15 - Bank of Canada said it accepted C$1 billion of Government of Canada marketable bonds in a cash management bond repurchase operation auction on Tuesday.

The accepted bonds include:

• C$210 million of 1.25% bonds due June 1, 2011;

• C$290 million of 6% bonds due June 1, 2011;

• C$455 million of 1% bonds due Sept. 1, 2011; and

• C$45 million of 1.5% bonds due March 1, 2012.

The cutoff yield was 0.955% for the 1.25% bonds, 0.97% for the 6% bonds, 1.05% for the 1% bonds and 1.252% for the 1.5% bonds.

The allotment ratio was 69.44% for the 1.25% bonds and 100% for the other bonds.

Following the settlement of the repurchases on March 17, the amount of bonds outstanding will be C$3,805,640,000 for the 1.25% bonds, C$8,517,416,000 for the 6% bonds, C$6,274,126,000 for the 1% bonds and C$8,236,728,000 of the 1.5% bonds.

The government also offered to repurchase its C$606,151,000 of 8.5% bonds due June 1, 2011, C$6,128,931,000 of 3.75% bonds due Sept. 1, 2011, C$8,209,948,000 of 1.25% bonds due Dec. 1, 2011, C$6,985,638,000 of 1.5% bonds due June 1, 2012, C$6,522,948,000 of 3.75% bonds due June 1, 2012 and C$9,874,743,000 of 5.25% bonds due June 1, 2012. None of these bonds were bought back.

The next auction will take place March 22.

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