$13 Billion 30 Year Auction Closes At 4.515%, 2.67 Bid To Cover

Tyler Durden's picture

Today's $13 billion 30 year auction has priced on slightly worse terms than the last 30 year from December: the Bid To Cover came at 2.67, a decline from the prior 2.74, while the high yield printed at 4.515% (40.45% allotted at high), the highest since April 2010, compared to 4.41% in the last auction. The take down distribution was not notable, and unlike yesterday's 10 Year which saw that lowest PD take down on record, Primary Dealers bought just about half of the auction, or 49.9%, with 37.8% left for the Indirects, and 12.4% for the Directs. We are confident that just like all other recent auctions, the PDs will projctile vomit as much of this auction as they possibly can at the first opportunity, which incidentally is on January 20. Lastly, the bond priced wide of the When Issued, confirming that it could certainly have gone better.