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Treasury Issues $24 Billion In Boring 10 Year Auction At Lowest Yield Since June 2013
While there was some selling of 10 Year paper following today's earlier 52-Week Bill auction which came in week, today's refunding of $24 billion in 10 Year paper was a snoozer. Closing moments ago at a 2.365% high yield (33% allotted at high), this was a 0.1% bp tail to the 2.364% When Issued. It was almost nearly identical to last month's 2.381% auction, although the small decline in yield means this was the lowest yield for the On The Run security since last June. The internals were also tame, with the Bid To Cover of 2.52 a carbon copy of last month's 2.52, if a little weaker than the TTM average. Finally, 42% of the allotment went to Dealers, or 4% above the 12 month average, while Indirects took down 44.7%, again nearly an identical amount to last month's 44.4$, and Directs, traditionally the domain of Pimco, were left with 13.4% of the auction. It is unclear if the Total Return Fund was the big bidder here now that Gross is long gone.
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zerohedge is sounding like cnbc on their treasury coverage.
strong auction as the amount auctioned ($24 billion) is $3 billion more than the normal $21 billion auctioned (such as the prior auction). bid to cover, adjusted for higher issuance, was 2.88.
ZH is sounding more and more like CNBC in general.
A love you love and not fade away
Zh is fading away
10 year treasuries, even if we aren't all glowing piles of radioactive carbon and pink slime by then, are for people who don't understand the graph of the dollar's purchasing power, and/or assume it will be improved by massive printing.
Best com mentors now gone