Bank of Canada buys back C$241.72 million bonds in exchange auction

By Susanna Moon

Chicago, Feb. 16 - Bank of Canada said it bought back C$241,716,000 of two bond series and issued C$390,269,000 of new bonds in an exchange auction on Wednesday.

The government repurchased C$210 million of 3% bonds due June 1, 2014 and C$31,716,000 of 5% bonds due June 1, 2014.

The cutoff spread was 44.1 basis points for the 3% bonds and 43.2 bps for the 5% bonds. The conversion ratio was 1.6067 for the 3% bonds and 1.6667 for the 5% bonds.

In exchange for the bonds, the bank issued investors C$390,269,000 of 1.75% bonds due March 1, 2013 at 99.649.

Following settlement on Feb. 18, there will be outstanding C$13,634,524,000 of the 3% bonds and C$9,669,509,000 of the 5% bonds.

The government also offered to repurchase its C$14,501,625,000 of 3.5% bonds due June 1, 2013 and its C$8,996,594,000 of 5.25% bonds due June 1, 2013. None of these bonds were repurchased.

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