Demand Exceeds Supply at Canada's Three-, Six- and 12-Month T-Bill Auctions

12:43 PM EDT, 10/20/2026 (MT Newswires) -- Canada's three-, six- and 12-month Treasury bill auctions all attracted bids exceeding the amounts offered, indicating solid demand across all maturities, according to data on the Bank of Canada website on Tuesday. The three-month T-bill auction attracted CA$23.57 billion in bids against CA$14 billion offered, producing a bid-to-cover ratio of 1.68, according to the BoC. The average yield was 2.529%. Canadian investors bought 91.9% of the bills, which expire on Jan. 27, 2027, while international investors received the remaining 8.1%. In the six-month T-bill auction, bids totaled CA$8.13 billion against CA$5 billion offered, with a bid-to-cover ratio of 1.63. The average yield was 2.724%. Canadian investors bought 96.0% of the bills, which expire on April 4, 2027, while international investors received the remaining 4.0%. Canada's 12-month Treasury bill auction drew CA$9.41 billion in bids against CA$5 billion offered, posting the strongest demand among the three auctions with a bid-to-cover ratio of 1.88. The average yield stood at 3.031%. Canadian investors bought 72.2% of the bills, which expire on Oct. 6, 2027, while international investors received the remaining 27.8%.