10-year Government of Canada bond auctions

What it is. Investor demand when the Government of Canada auctions its 10-year bonds to borrow.

Why it matters. Weakening demand means the government finds lenders harder to come by, and will have to pay them more. In Canada, demand varies little: since 1998, it has stayed between 1.79 (June 2009) and 2.71 times the amount sold.

How to read the chart. Each dot is an auction: amount bid divided by amount sold. At 2, buyers wanted twice what was sold. Coloured bands show the risk thresholds; the rate paid at each auction is in the auction details.

Who measures it, and when. The Bank of Canada, which sells on behalf of the government, about once a month since 2020 (four to six times a year before); results collected every morning. Sales of older bonds put back on the market are set aside.