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

By Susanna Moon

Chicago, June 8 - Bank of Canada said it bought back C$500 million of Government of Canada bonds in a repurchase auction on Wednesday.

The government purchased C$242 million of 8% bonds due June 1, 2023, C$58 million of 9% bonds due Sept. 1, 2011 and C$200 million of 8% bonds due Dec. 1, 2011.

The cutoff yield was 3.105% for the 8% bonds due 2023, 3.195% for the 9% bonds and 3.303% for the 8% bonds due 2027.

After settlement on June 13, there will be outstanding C$3,240,121,000 of the 8% bonds due 2023, C$2,927,245,000 of the 9% bonds and C$5,952,435,000 of the 8% bonds due 2027.

The bank also offered to repurchase 9.25% bonds due June 1, 2022, 5.75% bonds due June 1, 2029 and 5.75% bonds due June 1, 2033. None of these bonds was repurchased.

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