Bank of Canada buys back C$500 million notes in repurchase auction

By Susanna Moon

Chicago, April 19 - Bank of Canada said it bought back C$500 million of Government of Canada bonds in a repurchase auction on Tuesday.

The government purchased C$30 million of 8.5% notes due June 1, 2011, C$237,392,000 of 1% notes due Sept. 1, 2011, C$17,920,000 of 3.75% notes due Sept. 1, 2011 and C$214,688,000 of 1.5% notes due March 1, 2012.

The cutoff yield was 0.970% for the 8.5% notes, 1.045% for the 1% notes, 1.045% for the 3.75% notes and 1.360% for the 1.5% notes.

After settlement on April 21, there will be outstanding C$486,151,000 of the 8.5% notes, C$5,609,689,000 of the 1% notes, C$6,011,011,000 of the 3.75% notes and C$7,667,040,000 of the 1.5% notes.

The bank also offered to repurchase the 1.25% notes due June 1, 2011, 6% notes due June 1, 2011, 1.25% notes due Dec. 1, 2011, 1.5% notes due June 1, 2011, 3.75% notes due June 1, 2011 and 5.25% notes due June 1, 2011. None of these notes was repurchased.

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