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$21 Billion 10 Year Auction Closes At New Low Yield As Indirects Shy Away
Today's $21 billion 10 Year bond closed, as expected, without a glitch, which is normal as the Primary dealers and the Directs once again account for nearly 60% of the take down. The 2.475% high yield was the lowest in 2010, and approaching the lowest on record from early 2010. Yet what was most troubling is that like in yesterday's 3 Year auction, both the Bid to Cover and the Indirect participation have started to decline. At 2.99 the BTC was the lowest since the May 2010 auction, following which every BTC was over 3. Additionally, and more troubling, the Indirect takedown was just 41.5%, a major drop from last auction's 54.7%, which caused both the Primary Dealer back up bid, and the Direct take downs, to jump materially, to 47.8% and 10.7%, respectively. Since the 10 Year should be one of the most preferred spots on the curve for foreign investor interest, the sudden drop is certainly troubling, and may be an early shot of how China plans on retaliating for recent trade war escalations in the US.
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Ponzi.
+12.6 billion It's almost humorous how this is just accepted as "ok".
If 12.6 billion is good, then 25.2 billion would be better!
...a hellava drug.
LMAO! Indeed.
more risk appetite. look at 10-30 spread. look at stocks.
no stop it stop it! I'm still geeked out from JPM's Q3...
Good, I hope this insanity blows up in their faces and ends with them al hung by piano wire right on Broad St. this IS only their ordered last desperation pump for this election hype nonsense, after that its war in the streets time.
SPX dropped almost a full handle, briefly.
if the CEOs of Fannie, Freddie, Bear, Merrill, WaMu..... none of them got prosecuted, then no one will be prosecuted for anything going on now. In fact, they will bonus out $$$
Some heart-warming news from the guys at Lloyds...
"Lloyds to axe a further 4,500 jobs in its IT arm Bailed-out lender Lloyds Banking Group is to axe a further 4,500 jobs in its IT division as it continues with a huge restructuring programme following its takeover of HBOS last year."http://www.telegraph.co.uk/finance/newsbysector/epic/lloy/8062428/Lloyds-to-axe-a-further-4500-jobs-in-its-IT-arm.html
The HFTs have become aware!! They are firing the only staff who knows how to pull the plug! Its starting!!!
"The HFTs have become aware!!" - It was always going to happen.
Perhaps WOPR, from playing countless tic-tac-toe games, has permutated the surest way to world dominance is to collapse the carbon unit's economic system?
Apparently, Bernanke always beats WOPR at tic tac toe. That's how he gets so many free credits.
http://www.newyorkfed.org/markets/tot_operation_schedule.html
11/1-11/2, 11/4-11/5 cute..'lil for the dramatic yes? or is that a major shiny distraction for ya cuz the real action is here.
there's one on op-ex
so...let's say, you pick a random day...ooh..any ol' day?
Since the 10 Year should be one of the most preferred spots on the curve for foreign investor interest, the sudden drop is certainly troubling, and may be an early shot of how China plans on retaliating for recent trade war escalations in the US.
Don't read too much into this as far as China goes. If they were pulling in on purchases, they'd make it known in a big way. That's how they roll there.
There's a wormhole in 2010....
china doesn't have any play here. they've rolled down the curve the past 3yrs and most holdings are 5 and under. this is all about sub 2.5% and lack of committment by Fed on where the qe2 is going.
Really this is a great post from an expert and thank you very much for sharing this valuable information with us.
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