Bank of Canada buys back C$1 billion of bonds in repurchase auction

By Susanna Moon

Chicago, July 17 - Bank of Canada bought back C$1 billion of Government of Canada marketable bonds through a cash management bond repurchase operation on Tuesday, according to a government announcement.

The bank repurchased C$100 million of 2% bonds due Sept. 1, 2012 with a cutoff yield of 0.940%, C$520 million of 1.5% bonds due Dec. 1, 2012 with a cutoff yield of 0.958% and C$380 million of 3.5% bonds due June 1, 2013 with a cutoff yield of 0.965%.

After settlement on Thursday, C$8,979,503,000 of the 2% bonds, C$10,342,171,000 of the 1.5% bonds and C$8,713,975,000 of the 3.5% bonds will remain outstanding.

The bank also offered to repurchase the 1.75% bonds due March 1, 2013, 5.25% bonds due June 1, 2013, 2% bonds due Aug. 1, 2013 and 2.5% bonds due Sept. 1, 2013. None of those bonds were purchased.

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