Bank of Canada buys back C$438 million bonds in repurchase auction

By Susanna Moon

Chicago, Aug. 2 - Bank of Canada said it bought back C$438 million of Government of Canada bonds in a repurchase auction on Tuesday.

The government purchased C$23 million of 1% bonds due Sept. 1, 2011, C$5 million of 1.5% bonds due June 1, 2012 and C$410 million of 2% bonds due Sept. 1, 2012.

The cut-off yield was 0.9% for the 1% bonds, 1.136% for the 1.5% bonds and 1.163% for the 2% bonds.

After settlement on Thursday, there will be outstanding C$3,554,769,000 of the 1% bonds, C$5,476,986,000 of the 1.5% bonds and C$16,311,500,000 of the 2% bonds.

The bank also offered to repurchase 3.75% bonds due Sept. 1, 2011, 1.25% bonds due Dec. 1, 2011, 1.5% bonds due March 1, 2012, 3.75% bonds due June 1, 2012 and 5.25% bonds due June 1, 2012. None of these bonds was repurchased.

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