3 Month Bill Closes At 0.125%, 6 Month At 0.185%, Direct Bidders Take Down Over 14% In Both Auctions

Tyler Durden's picture

The $26 billion 3 month Bill closed at 0.125% with 92.53% allocation on the high yield. WI last traded at 0.135% at 11:30 am. The $28 billion 6 month Bill closed at 0.185% with 12.03 allotted at high. WI last traded at 0.195% at the time of auction. Both auctions were very well bid, pricing inside of the WI price at 11:30am, and Bid to Covers both well over historical averages and the prior auctions. Direct bidders were once again a major component of the take down, coming at over 14% for both auctions.

3 Month observations:

  • Median rate 0.10%, low rate at 0.07%, 92.53% allotted at high yield of 0.125%
  • Bid to cover 4.42, compared to 4.04 prior and 4.03 average in prior year
  • Indirect bidders take down 38%
  • Indirect hit ratio at 76.8%
  • Direct bidder take down 14.2%

6 Month observations:

  • Median rate 0.17%, low rate at 0.10%, 12.03% allotted at high yield of 0.185%
  • Bid to cover 4.44, compared to 4.29 prior and 3.90 average in prior year
  • Indirect bidders take down 38%
  • Indirect hit ratio at 50.5%
  • Direct bidder take down 14.0%