This page has been archived and commenting is disabled.

$40 Billion 5 Year Auction Closes At 2.13% High Yield, 2.71 Bid To Cover Ratio, New Record In Direct Bidder Take Down

Submitted by Tyler Durden on 05/26/2010 13:14 -0400

High Yield

$40 Billion in 5 Year Bonds close at 2.13% High Yield (15.05% allotted at high), compared to 2.54% previously, 2.46% average in last year, 2 bp tail from 2.11% WI at 1:00 PM
Bid To Cover comes at 2.71, 2.75 previously, 2.58 average
Direct bidders take down at new record of 15.0%, compared to 14.3% previously, 8.1% average
Indirect bidders take down 40.6%, comapred to 48.9% previously, 48.6% average
Primary Dealer Hit Ratio of 24.3%, compared to 20.3% previously, 24.6% average

- advertisements -

Wed, 05/26/2010 - 13:20 | 374542 Pat Hand

Wow. how high will treasuries get? Short Ts has to be a long term play - for this year it will probably get you crushed.

Wed, 05/26/2010 - 13:47 | 374641 Bonesetter Brown

If you believe the FED, ECB and European parliaments will be successful in patching over the near term problem with the PIIGS (creating short term unicredit stability), then short Treasuries and Bunds and go long non-kosher debt.

If you believe the European TARP will unravel, get long Treasuries and perhaps Bunds. It's too late to short the PIIGS.

In other words, it's a crap shoot.

Wed, 05/26/2010 - 13:20 | 374544 wiskeyrunner

Tax payers just love there own debt hehehe.

Wed, 05/26/2010 - 13:24 | 374562 Turd Ferguson

My response to this:

http://www.youtube.com/watch?v=dv8tVxk6Nj4

Wed, 05/26/2010 - 13:28 | 374583 Mr Lennon Hendrix

Ahahahahaaaa!

FAIL!!!!!!!

The world ain 't buying it Bennie Boy! How many more scares you got? Another Wolfpac? You gonna freak out 'Merca with a false flag? Or will you just let it aaaall gooo.

What is it? Plan A? or Plan B?

Wed, 05/26/2010 - 14:09 | 374732 Pat Hand

But the world is buying it! Maybe not forever, but this data is a vote of confidence.

Where do your comments come from?

I mean, everyone is entitled to an opinion, no matter how ill-informed and ignorant it may be, but do you really need this massive oversharing of yours?

Wed, 05/26/2010 - 15:06 | 374932 Cursive

OK, who is the direct bidder and why has he/they/it become such a large purchaser? Truth is, we don't know what is going on exactly, but I have serious concerns that these aren't cover-ups of failed auctions.

Wed, 05/26/2010 - 15:17 | 374974 Mr Lennon Hendrix

See you at the top of the mountain?

Wed, 05/26/2010 - 13:36 | 374605 papaswamp

What is the debt up to now that we have solidly crossed into the $13 Trillion (on the books) debt zone.

Anyone have a good link to the on and off the books debt (no not usdebt clock)?

Wed, 05/26/2010 - 13:43 | 374626 jesusfreakinco

Does anyone believe that the direct bidders aren't being funded by the Fed? How long will 'real' owners of treasures put up with this charade?

Wed, 05/26/2010 - 14:01 | 374697 Fidel Sarcastro

Forever.

Wed, 05/26/2010 - 13:51 | 374643 carbonmutant

Some of these treasuries are looking a bit dog eared... from reuse.

Wed, 05/26/2010 - 13:59 | 374692 Rider

Go TED Go!!

Wed, 05/26/2010 - 14:07 | 374716 SayTabserb

See, this is the difference between good ol' American know-how and that Old World scheisse over in Germany. Their auctions "fail" because they "withdraw" the unsold stuff. No need, meine Freunden! How do you say "Direct" in German? In any language, that's just the Central Bank buying its own, well, Scheisse. You're not going to get audited over there, are you?

Wed, 05/26/2010 - 14:44 | 374851 jkruffin

Coming to haunt a city near you:

http://finance.yahoo.com/news/More-Cities-on-Brink-of-cnbc-846713446.htm...

Cities preparing to file bankruptcy. Harrisburg PA is typical example of complete government ignorance. How does a city of 55,000 people get into $70 million of debt to begin with? WTF?

Sat, 06/26/2010 - 05:17 | 435039 mbtshoe

$40 Billion 5 Year Auction Closes At 2.13% High Yield, 2.71 Bid To Cover Ratio, New Record In Direct Bidder Take Down

Comment viewing options