April 28 (Bloomberg) — Canada sold 50-year bonds for the first time, locking in yields lower than on benchmarks 20 years shorter, as the swelling ranks of baby boomers entering retirement boosts demand for long-dated debt.

The government doubled the size of the sale to C$1.5 billion ($1.36 billion) and won a yield 1 basis point below its 3.5 percent 2045 benchmark bond, according to details released by underwriters including BMO Capital Markets, CIBC World Markets Inc., Desjardins Securities and TD Securities Inc. on the Canadian Syndication System.

"From the standpoint of demand from long-duration players like life insurance and pension funds, the duration of a 50-year bond is not much different than a 30-year bond," said Adrian Miller, director of fixed-income strategies at GMP Securities LLC in New York, by e-mail.

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