Weak 5 Year Auction Shakes Treasury Complex: Enormous Tail, Indirects Drop, Bid To Cover Weakest Since September

Tyler Durden's picture
  • $42 billion 5 year prices at 2.605 high yield (29.97 allotted at high)
  • Bid To Cover at 2.55 weakest since September 2009, last 2.75, average in last year 2.50
  • Indirect take down meager 39.66, lowest since July 2009, last 40.33, average in last year 46.03
  • Directs continue to be major presence at 10.76, last at 12.85%
  • Enormous tail, as auction prices well above the WI, which had been trading at 2.568%. This is the worst tail since July 2009, which was 5.3 bps