CANADA: 10Y Auction – Lowest Bid-to-Cover Since 2009

* Now including timing and benchmark spot reference

• Size set earlier E7bln (in line with MNI expectations and same as 2023/24 10-year syndis)
• Reoffer price 99.652 to yield 3.141%
• Spread set earlier at MS+66bps (guidance was +68bps area)
• Books closed in excess of E89bln (ex JLM interest)
• Coupon: 3.1%, annual, act/act, short first
• Maturity: 22-June-2035
• HR 103% vs 2.60% Aug-34 Bund (95.995 / 2.697%)
• Settlement: 14-January-2025 (T+5)
• Coupon: Annual ACT/ACT, short first to 22-June-2025
• ISIN: BE0000363722
• Bookrunners: BNPP (DM/B&D) / CACIB / HSBC / JPM / MS
• TOE: 15:10 LDN / 16:10 CET. FTT 16:00 LDN / 17:00 LDN

From market source, Bloomberg

• Date $MM Issuer (Priced *, Launch #)
• 01/07 $5B #ADB 3Y SOFR+31
• 01/07 $2B #Dai-Ichi Life PerpNC10 6.2%
• 01/07 $1.5B #CIBC 5Y SOFR+71
• 01/07 $1b #Kuwait Finance House (KFH) 5Y SOFR Sukuk +95
• 01/07 $500M #Boston Gas WNG 10Y +115
• 01/07 $6B European Investment Bank (EIB) 5Y SOFR+42
• 01/07 $500M DBJ WNG 10Y SOFR+73
• 01/07 $Benchmark Chile 12Y +105
• 01/07 $Benchmark World Bank 7Y +54
• 01/07 $Benchmark Met Tower 3Y +70a
• 01/07 $Benchmark Protective Life 7& +105a
• 01/07 $Benchmark Kommunalbanken 5Y +51
• 01/07 $Benchmark Santander 5Y +135a, 10Y +160a
• 01/07 $Benchmark APA Corp 10Y +150, 30Y +185
• 01/07 $Benchmark Cncl of Europe Dev Bank 5Y SOFR+45a
• 01/07 $Benchmark GA Global Funding 5Y +120a, 10Y +150a
• 01/07 $Benchmark HPS Corporate Lending 3Y +165a, +7Y +195a
• 01/07 $Benchmark Kexim 3Y +55a, 3Y SOFR, 5Y +75a, 10Y +90a
• 01/07 $Benchmark SMFG 5.25Y +100, 5.25Y SOFR, 7Y +110a, 10Y +120a
• 01/07 $Benchmark Daimler Truck Fin NA 3Y +95a, 3Y SOFR, 5Y +105a, 7Y +115a, 10Y +125a
• Expected Wednesday:
• 01/08 $Benchmark Inter-American Development Bank (IADB) 5Y SOFR+45a

US President-elect Donald Trump, speaking at his Mar-a-Lago presser, has stated he is "very serious" about imposing "substantial" tariffs on Canada and Mexico, noting that his incoming administration "wants to get along with everyone" but it "takes two to tango".

• Trump said: "We'll impose new tariffs so that the products on our stores will once again be stamped with those beautiful words: Made in the USA, and we are not treated well, as you know, by Canada. Canada is subsidized to the tune of about $200 billion a year, plus other things...something's going to have to be done. Same thing with Mexico. We have a massive deficit with Mexico, and we help Mexico a lot."
• Trump added: "... Mexico has to stop allowing millions of people to pour into our country. They can stop them. And we're going to put very serious tariffs on Mexico and Canada, because Canada, they come through Canada too, and the drugs that are coming through are at record numbers, record numbers. So we're going to make up for that by putting tariffs on Mexico and Canada, substantial tariffs."