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$40 Billion 3 Year Auction Closes At 1.776% High Yield, 3.1x Bid To Cover
Strong demand for the just closed $40 billion 3 Year Bond auction:
- Yields 1.776% vs expected 1.766%
- Bid To Cover strong 3.1 versus 3.13 previous and 3.05 average
- Indirect Takedown of 52.20% vs Average 54.13 (previous 52.01)
- Indirect Hit Ratio: 69.3%
- Direct Take Down: 10.8%, 10.3% previous, all time high of 23.4% in January 2010
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Apparently there aren't enough of our IOUs to satisfy the demand. No matter the size - no matter the frequency - it always goes perfectly for the IOUSA.
Tyler, is it possible for you to publish the above chart but expand it out to 4 or 5 years so we can get a feel for prior auctions? I want to see what it was like pre-crash pre-QE, in the good old days when $40 billion was a lot of money.
Some non-graphical data is:
3-Yr Note Auction - Bloomberg
Obviously things have changed a bit recently! Some of these numbers make ZH look a bit hysterical.
Hysterical is for women. We men are merely anxious.
Yield rally, bitches!!!!!!!!!
Not sure what you mean by hysterical.
The average over the prior 7 years was $23.47 billion of issuance each year. In the first 4 months of 2010, they have issued $160 billion. Now that's hysterical.....er....historical.
Holy crap, you're right.
It's even more of a miracle then!
And now more Spoos buying.
this makes no sense. 45 minutes earlier, no one was willing to wrap their money up and hand it to Ben for more than a month, but....hey, you want it for three years?
no problem.
you gotta wonder how they made this happen.
Looking at it another way, you got increased participation at a yield 34 basis points higher than the prior month.
Successful? Yes, due to the nature of the particiaption. But higher yield has a lot to do with it. If piggy bankers are still borrowing at zero, getting 34 basis points more for only a 3-year investment is golden.
So let's see if I understand what you're saying Assetman. We've established that they're whores and now we're just negotiating price, right? :>)
CD, whatever fuels the Cadillac, pimp daddy. ;)
i guess it makes sense in a very weird way, but they are the ones holding, tho, when the government defaults, or hands back "dollars" worth .3
Pretty easy for primary dealers to dump all their funny money into bonds, who cares its not their money and if they lose theyre covered by SugaDaddy Bernanke. Greece is issuing 'emerging market' bonds, USA should call theirs implosion market bonds...either way I wouldnt touch any of this debt with a 10 foot pole, so good luck you wild-wild west types.
i'm not willing to touch any debt now....keep in mind the first guy who declares default comes out best...
so, who are we going to race to the bottom? California starts sliding into the ocean, and its going to be neck and neck with the UK for us.
i'm not willing to touch any debt now....keep in mind the first guy who declares default comes out best...
so, who are we going to race to the bottom? California starts sliding into the ocean, and its going to be neck and neck with the UK for us.
So ~ $170 billion so far this week?
Healthcare passage assured theft from the taxpayers- this means fresh ponzi funds without any payouts for four years (if ever). Those at the top of the pyramid feel some relief?
Its just a matter of time. Once the rest of the world realizes the fed is indirectly monetizing our debt, it will be game over....oil for gold only anyone?
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