Bank of Canada accepts C$500 million of bonds in repurchase auction

By Jennifer Chiou

New York, Oct. 19 - Bank of Canada said it bought back a total of C$500 million of bonds in a repurchase auction on Tuesday.

Specifically, the bank repurchased C$13 million of its 2.75% bonds due Dec. 1, 2010, C$40,405,000 of its 1% bonds due Sept. 1, 2011 and C$446,595,000 of its 1.25% bonds due Dec. 1, 2011.

The cutoff yield was 0.872% for the 2.75% bonds, 1.14% for the 1% bonds and 1.2% for the 1.25% bonds.

Following settlement on Oct. 21, the amount of bonds outstanding will be C$7,623,102,000 for the 2.75% bonds, C$7,840,595,000 for the 1% bonds and C$8,935,405,000 for the 1.25% bonds.

The government also offered to repurchase its C$9,337,869,000 of 6% bonds due June 1, 2011, C$5,917,000,000 of 1.25% bonds due June 1, 2011, C$606,151,000 of 8.5% bonds due June 1, 2011 and its C$6,955,862,000 of 3.75% bonds due Sept. 1, 2011. No buybacks were made.

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