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$13 Billion 30 Year Reopening Closes At 4.77%, Directs Take Down Massive 25.48%

Tyler Durden's picture

  • Yield of 4.770% compared with exp. 4.768%
  • Bid To Cover of 2.73 vs 2.66 Average, 2.89 previously
  • Indirects take down 36.80% vs 37.08% Average, 23.85% previously
  • Direct take down 25.48% vs record 29.65% previously, more than double the 11.24% average
  • Alotted at high 30.96%
  • Primary dealer hit rate: 22.7%

Summary of Direct Bidder take down



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Thu, 04/08/2010 - 13:26 | Link to Comment sweet ebony diamond
sweet ebony diamond's picture

glad to have the honour of first post here.

i am going to pull a chuck prince and say: "i don't know what this means"

Thu, 04/08/2010 - 13:43 | Link to Comment ZackAttack
ZackAttack's picture

The short answer is: "The entire western world is living from one bond auction to the next."

Thu, 04/08/2010 - 13:49 | Link to Comment -1Delta
-1Delta's picture

Gost busters....

Thu, 04/08/2010 - 14:31 | Link to Comment carbonmutant
carbonmutant's picture


Thu, 04/08/2010 - 13:32 | Link to Comment Zexe
Zexe's picture

nobody really know what it means apart from geithner and bernanke. we don't have all the info, we can only speculate, which of course, is pretty much wasted time.

Thu, 04/08/2010 - 13:32 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

The gvt needs $100B in new buyers every MONTH.


That last liquidity pool (MBS end around liquidity) is now dry.


They are pulling some new scam if these rates stay low.


Thu, 04/08/2010 - 14:40 | Link to Comment Amsterdammer
Amsterdammer's picture

The amount 'emitted' by the Treasury in 'auctions'

in March was 330 billion.

The French 'newspaper' publishes

a monthly review of the Federal Debt via an excellent


Thu, 04/08/2010 - 13:36 | Link to Comment Cookie
Cookie's picture

hello, hello, hello....

Thu, 04/08/2010 - 13:38 | Link to Comment lsbumblebee
lsbumblebee's picture

Have next week's auctions been scheduled yet?

Thu, 04/08/2010 - 13:41 | Link to Comment MAGICWIZARD

3 trillion in coupon income hits the mkts this year, the supply side of the equation is just the talking heads on tv.  This week has been stellar for auctions, santelli said B and that the auctions were interesting.  I think he's smoking something cause this week was very very good for debt

Thu, 04/08/2010 - 13:45 | Link to Comment Cyan Lite
Cyan Lite's picture

S&P 1200 here we come!

Thu, 04/08/2010 - 13:55 | Link to Comment Zexe
Zexe's picture

now that the Treasury sold what it had to,equities can go up again. next decline? when we have the next 30Y auction. until then stay long and be happy :)

Thu, 04/08/2010 - 14:13 | Link to Comment Magua
Magua's picture

Kiting normally is hard to pull off, because the bank figures it out at some point, and a mistake occurs where the money doesn't get back in time to fund the next check.


When the (central) bank is the kiter, it can go on nearly indefinitely. The easy way to bring down the weekly kite fest is to get marginal tax rate back to the 90% point again. It is coming.

Thu, 04/08/2010 - 14:16 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

I say why even bother will all the nonsense of labels like "direct", "indirect", "bid to cover" etc. when its just the Fed putting up a good show for all the idiot/gullible "investors" out there. God knows any Treasury buyer truly deserves what's coming his way.

Thu, 04/08/2010 - 14:35 | Link to Comment Traianus Augustus
Traianus Augustus's picture

100% in agreement.  All roads lead back to the Fedsury...

Thu, 04/08/2010 - 15:08 | Link to Comment sheeple
sheeple's picture

should be relabelled "sheeps" and "suckers" (rotate the terms if necessary)

Thu, 04/08/2010 - 18:41 | Link to Comment bigdad06
bigdad06's picture

This was all FED buying! The auction was another failure!!:)) Good luck bond investors if there are any really left out there!

Thu, 04/08/2010 - 19:53 | Link to Comment Buck Johnson
Buck Johnson's picture

You wonder why everybody has been paying attention to the bond markets.  It's because they know when they start to see the first cracks (Fed auction fail, I know they wouldn't let it happen but their would be signs) they will start to bolt for the exits.

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