A 90th minute equaliser from Conor Chaplin was enough to earn the Sky Blues a share of the spoils after it looked as if Ivan Toney had won it for the visitors late on.
Jordy Hiwula had the Sky Blues’ first real chance of the game after sixteen minutes. The winger cut in from the left, but he screwed his shot wide from the edge of the area.
City continued to apply the pressure when a low Michael Doyle corner was flicked on by Jonson Clarke-Harris which was fumbled by Posh keeper Aaron Chapman, however Conor Chaplin was inches away from turning in the rebound.
Lee Burge was called into action for the first time on the half hour mark to provide a crucial save to keep the scores level. An Ivan Toney shot found its way to Matt Godden, but Burge made a smart stop with his legs from a tight angle.
The City goalkeeper was then called upon again with five minutes remaining in the half. Godden was played in by Maddison, but his low effort stung the palms of Burge and went behind for a corner.
From the resulting corner, Burge was on hand to deny Ivan Toney from point blank range to keep the game goalless going in to the break.
Luke Thomas came within inches of breaking the deadlock just two minutes after the restart. The on-loan Derby man picked up the ball on the half way line, beat his man and went clean through on goal. However, he failed to catch his shot properly and it trickled wide of the far post.
Mark Robins’ men had started the second half on the front foot and Clarke-Harris was next to try his luck. The striker received the ball on the edge of the area, but his shot hit the side netting.
Thomas was a constant threat throughout and again came close for City. He exchanged a give and go with Chaplin inside the box, but he was denied by a sprawling Chapman in the Peterborough goal.
Clarke-Harris had another chance to put the Sky Blues ahead just after the hour. Luke Thomas was dispossessed on the edge of the area, but the ball fell to the striker whose first-time effort sailed over the bar.
The visitors should have taken the lead with their first chance of the second half. A cross from the left found Ivan Toney in acres of space, but the forward headed wide from five yards out.
Toney had another chance for the away side with eight minutes remaining. A free kick was drifted in from the right-hand side which evaded everybody and found the striker all alone at the back post, but he blazed his volley comfortably over the bar.
As the game seemed to be heading for a draw, Peterborough thought they had snatched all three points with a late goal in the 89th minute. A mix up in the defence allowed Jason Cummings to steal the ball and play in Ivan Toney who kept his composure to slot past Lee Burge.
However, that wasn’t the end of the drama at the Ricoh as Conor Chaplin snatched an equaliser in added time. The ball dropped to Bakayoko in the box who squared to an unmarked Chaplin to clinch a deserved goal.
Sky Blues Xl: Lee Burge (GK), Jack Grimmer, Dom Hyam, Jordan Willis, Junior Brown, Michael Doyle (C), Tom Bayliss, Luke Thomas, Jordy Hiwula (Jones 71’) (Bakayoko 79’), Conor Chaplin, Jonson Clarke-Harris.
Unused Subs: Corey Addai (GK), Brandon Mason, Tom Davies, Abu Ogogo, Liam Kelly.
Peterborough United XI: Aaron Chapman (GK), Jason Naismith, Alex Woodyard (C), Ryan Tafazolli, Mark O’Hara, Matt Godden (Cummings 80’), Joe Ward, Rhys Bennett, Ivan Toney, Marcus Maddison (Dembele 70’), Tyler Denton.
Unused Subs: Mark Tyler (GK), Jamie Walker, Louis Reed, George Cooper, Sebastien Bassong.
Yellows: Tafazolli, Woodyard, Chaplin, Evans (Manager)
Attendance: 11,719 (1,315)