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

By Susanna Moon

Chicago, Aug. 21 - Bank of Canada bought back C$500 million of Government of Canada bonds through a repurchase auction on Tuesday, according to a government announcement.

The bank repurchased C$229 million of 2% bonds due Sept. 1, 2012 with a cutoff yield of 1%, C$246 million of 1.5% bonds due Dec. 1, 2012 with a cutoff yield of 1.029% and C$25 million of 1.5% bonds due Nov. 1, 2013 with a with a cutoff yield of 1.191%.

After settlement on Thursday, C$8,402,503,000 of the 2% bonds, C$9,777,004,000 of the 1.5% bonds due Dec. 1, 2012 and C$11,475,000,000 of the 1.5% bonds due Nov. 1, 2013 will remain outstanding.

The bank also offered to repurchase the 1.75% bonds due March 1, 2013, the 3.5% bonds due June 1, 2013, the 5.25% bonds due June 1, 2013 and the 2.5% bonds due Sept. 1, 2013. None of those bonds were purchased.

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