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$42 Billion 5 Year Auction Closes At 2.395%, 32.83% Allotted At High - Large Tail, Large Direct Take Down, Just 40% Indirects
- Yields 2.395% vs. Exp. 2.389%
- Bid To Cover 2.75 vs. Avg. 2.65 (Prev. 2.80)
- Indirects 40.30% vs. Avg. 51.47% (Prev. 52.98%)
- Indirect hit ratio 76.8%
- Allotted at high 32.83%
- Direct take down 12.85%
- 1 PM WI bid was 2.380%
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At the least the indirect hit rate was below 100%?
Doesn't matter, these "auctions" are rigged, too.
Rick Santelli commented today on lack of transparency
re the invisible bidder.
Wait until March withdrawals if we get another inverted yield curve...
http://www.jubileeprosperity.com/
so lets see, auction doesnt go well for govt borrowing that is supporting the ENTIRE US/world economy... yields start spiking.... and equities do NOTHING but follow EURJPY cross?!?!?!
edging ever closer to a fail.
Can someone explain how this works? What does this spreadsheet mean - what is significant about it?
What happens to the difference in the tendered and accepted - do they print the difference and then buy the debt?
I had the same questions and here is what I found:
Info about the bidders:
http://www.newyorkfed.org/research/current_issues/ci13-1.pdf
Info about the reported stats:
http://books.google.com/books?id=t3y3--ozWXwC&printsec=frontcover&source...
If the link doesn't work search for fabozzi - treasury securities and derivatives. What you need is on pages 7-9.
that was pure win
His top advisers, such as Valerie Jarrett, have spent hours hearing the group's viewpoints and weaving their opinions into the White House's agenda, including a new push to make it easier for U.S. firms to compete abroad.
...known inside the Federal Reserve Bank by its code name, Kill-The-Dollar!
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/24/AR2010022401316.html
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