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$13 Billion 30 Year Auction Closes At 4.182%, 2.87 Bid To Cover
The $13 billion 30 Year Auction closed at 1 PM at a 2.87 Bid To Cover, the second highest since October 2009, except for the 2.89 in March. This is despite the high yield which was a mere 4.182%, the lowest rate since October's 4.009%. Yet that number will likely be hard to beat, especially since the Direct Bidder take down in that auction was just 8.5%, compared to the 20.3% this time around. The take down also saw 36% going to indirects and 43.7% to Fed proxies, aka Primary Dealers, who then proceed to repo the just acquired bonds back to the Fed and invest in BP (or not). The primary dealer hit ratio was a surprisingly high 34.8%. All in All, this auction just bought the Federal government a month's worth of unemployment benefits paid out by the Treasury.
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OK, in honor of my "Insane Asylum" series, how many of my fellow ZH "crazies" would purchase 30 year paper @ 4.182% from the US government.
Come on, hands raised please. :>)
Ill stick with BP paper (if i had to purchase)!
I would. With other people's money and pocket a little of the vig.
Only if it were transferable to the next government...
exactly...
accept for the primary proxies and the directs (who knows who they really r???), what sovereigns would continue to lend this broke ass nation money over a 30yr period???what the fuck is going on man????
One possibility is that no one is buying bonds with their own money. The purchasers are using shared accounts and public accounts, so as long as they position their own personal assets properly...
Two, the lenders are hoping for a default so they can repo our country.
Three, they're more afraid of what would happen otherwise since they have already previously committed themselves. To suddenly stop lending might mean no income from previous loans.
Four, idiocracy.
Five, they know how to profit by trading with bonds, no matter which way they go.
Six, all of the above and then some.
Well shit I would if'n I was a PD, Fed backed at say .1% and gettin a 4000% return.
How about one finger?
Middle?
"Hold on..." Sheit, where are my red pills?! "AH!" *pop* *swig* "OK....<cough cough>....nope."
Speaking of Bid to Cover
Ms Drury is going all out in that part see through number.
MCC(s) claws will be sharpened. :-)
MCC was particularly inane today, interrupting both the guests and her fellow inmates to ask simplistic questions with lots of eyebrow raising and hand waving.
Looks like they lowered the Thorazine dose in error. Or maybe on purpose. Who knows?
Or Estradiol :-)
I have CNBC running in a window on my desk top as I conduct my business day. The sound is off 95% of the time but I will click it on if something grabs my attention.
My attention span for MCC is down to 5.394 seconds. There's almost nothing coming out of her mouth (pun intended) that interests me.
someone needs to invent an auto mute widget. One that auto mutes a particular talking head. right click on their face, auto mute, on.
High indirects in the previous 3year and 6mo paper...not so much here.
An oldie but a goodie....but still applies.
http://www.youtube.com/watch?v=M1owcncKCHg&feature=related
Enjoy!
Well it looks like the Bilderbergs have told the ECB to keep buying bonds.
FRANKFURT (MNI) - The European Central Bank, in the face of fresh money market tensions, took another step backwards in its planned exit from non-standard liquidity measures by announcing that banks will continue to receive all the funds they require in three additional upcoming longer-term operations.
http://www.businessweek.com/news/2010-06-10/trichet-says-ecb-to-keep-buy...
Die Die My Dollar!
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