The Bank of Canada has posted a new call for tenders for regular Treasury bills, setting its next auction for October 7. The calendar outlines a C$17.25 billion sale across 98 day, 182 day and 364 day bills, with settlement on October 8.
The posting also notes C$22.6 billion of bills maturing around the same time, a reminder that rollover demand often shapes near term issuance.
The breakdown shows C$10.05 billion in 98 day paper maturing January 14, 2026, C$3.6 billion in 182 day bills due April 8, 2026, and C$3.6 billion in 364 day bills due October 7, 2026.
The listing is marked preliminary, which is standard two weeks out, with a final call for tenders typically posted the week prior.
Bidding for regular T bills closes at 10:30 with results due no later than 10:35, according to the Bank’s auction timeline.
Those milestones help dealers and buy side desks plan cash, repo and reinvestment flows on auction mornings, especially when maturities are large.
On September 23, the Bank sold C$14.6 billion of 98 day bills at an average yield of 2.433 percent, alongside C$5.2 billion each of 168 day and 350 day paper at 2.438 percent and 2.436 percent, respectively.
Bid coverage on the 98 day line came in at about 1.75, consistent with steady demand through the quarter.
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The calendar lands less than two weeks after the Bank cut its policy rate by 25 basis points to 2.5 percent on September 17.
While bills price off very short term funding conditions rather than the target rate alone, the decision adds another data point for investors gauging where Canada’s front end may trade into year end.
Corporate treasurers and insurance portfolios, the October 7 auction offers a mix of duration buckets that line up with typical liquidity ladders for money market funds.
The 98 day tranche provides a year end carry window into mid January, the 182 day line spans the early spring tax season, and the 364 day bill can anchor one year ladders for accounts that prefer to lock in current yields.
Issuance dynamics remain shaped by maturities and cash balances.
With more than C$22 billion rolling off around the settlement date, Ottawa’s need to refinance is the dominant driver of the headline size, even as net new funding needs fluctuate with fiscal flows.
The split across tenors also reflects a preference to keep a sizable share of the bill program in the three month sector, where market depth and dealer balance sheet capacity are strongest.
Operationally, the cadence remains familiar, preliminary calls for tenders are published roughly two weeks before the sale at mid morning, then finalized the week prior.
On auction day, bids are due at 10:30 and results follow minutes later, allowing desks to turn quickly to secondary markets and same day funding.
Those mechanics reduce execution risk for both issuers and investors, particularly on auction days that coincide with heavy cash management activity.
Investors will also watch how the new calendar trades against September’s prints.
Average yields have eased from mid summer peaks, reflecting a combination of the rate cut, softening growth signals and resilient bid cover.
Whether that drift continues will hinge on incoming data and global rate moves, but the near term supply map is now clear.
