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$21 Billion 10 Year Closes At 3.24%, Bid-to-Cover at 3.24
Slightly delayed, here are the results of today's 10 Year $21 billion auction. High yield of 3.24%, Bid To Cover of 3.24... Oh yes, we noticed it too... Blown fuse at the PDs aside, the BTC was better than the last auction, which saw a 2.98 BTC, even with a higher yield of 3.55%. Still, the average BTC over the last year is 3.58 so it could be better. Yet unlike last month's 10 Year, where the Direct Bidders gobbled up a record 25%, this time the Primary Dealers had to step up, increasing their take down from 33.2% to 46.4%, account for the entire drop in Directs to 13.5%. Strange how the PDs and the Directs just pass the primary issuance hot potato to each other auction after auction. The auction was allotted 87.15% at the high yield. The Primary Dealer hit ratio came in at a solid 21.7%. Keep in mind this 10 Year was a $3 billion reduction in total notional from last month's $24 billion.
Full historical spread below:
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and that's the hot-potato we can *see*...
what veggies are they passing back and forth in the back-rooms afterhours ? ... (ala 105s, etc.)
I wonder what Benjamin Graham would have bought ?
This 10 year scrap with no yield or BP stock at 10% dividend ?
I'm short these things from 120-05 basis Sept. and getting tired of waiting for the rest of the world to be reasonable and see it my way. Underwater but un-daunted; or delusional.
When BP's dividend gets whacked, and it will within days IMO, that stock is going to plummet into the abyss.
Bullshit, its priced in.
Look how long it took Citi to cut.
Wash, rinse, repeat....forever!!!
This old man, ten plus ten, He played knick-knack once again, With a knick-knack, paddy whack, Give a dog a bone, This old man came rolling home.
that was fun.
This was the re-open right?
Could you post the TD link to auction on these?
"Mr. Bernanke - K wants to know why their percentage of the takedown is up this week? He seems to be in a bit of an panic."
"Tell that piece of shit motherf***er that if he whines again he'll have far worse problems to worry about. Tell him he eats his allocation, or else."
"Y-Y-Yes, Mr. Bernanke. Right away, sir."
Summary table, last 6 months, Notes, Bonds, TIPS:
http://www.treasurydirect.gov/RI/OFNtebnd
Same, Bills:
http://www.treasurydirect.gov/RI/OFBills
Link for this auction is in the first sentence of text.
Summary table, last 6 months, Notes, Bonds, TIPS:
http://www.treasurydirect.gov/RI/OFNtebnd
Same, Bills:
http://www.treasurydirect.gov/RI/OFBills
Link for this auction is in the first sentence of text.