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

By Toni Weeks

San Diego, May 22 - 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$590 million of its 2% bonds due Sept. 1, 2012 with a cutoff yield of 1.04% and C$410 million of 2% bonds due Aug. 1, 2013 with a cutoff yield of 1.19%.

After settlement on Thursday, C$9,529,503,000 of the 2% bonds due Sept. 1, 2012 and C$9.84 billion of the 2% bonds due Aug. 1, 2013 will remain outstanding.

The bank also offered to repurchase the 1.5% bonds due June 1, 2012, the 3.75% bonds due June 1, 2012, the 5.25% bonds due June 1, 2012, the 1.5% bonds due Dec. 1, 2012, the 1.75% bonds due March 1, 2013, the 3.5% bonds due June 1, 2013 and the 5.25% bonds due June 1, 2013. None of those bonds were purchased.

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