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$21 Billion In 10 Year Bonds Sold In Unremarkable Auction

Tyler Durden's picture


The stellar 3 Year bond auction from yesterday is a memory, as Treasury prices $21 billion in very much unmemorable 10 year reopening. At 1.764%, the high yield was a tale to the 1.760% When Issued, and the highest yield since May 2012. The Bid To Cover also was also rather weak, at 2.85, well below the TTM average 3.07. Internals were also unspectacular with Indirects taking down a well below average 36.2%, compared to 41.94% avg in the past 12 auctions, Dealers taking down 52.2%, and Directs responsible for the rest or 11.6%. All in all very much a run off the mill auction, which takes us two thirds of the way to raising a net $28 billion in new debt this week, and closing just why of $16.1 trillion in debt (yes, it does seem like we just crossed the $16,000,000,000,000 barrier yesterday).

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Wed, 09/12/2012 - 13:17 | 2786432 TheCanadianAustrian
TheCanadianAustrian's picture

Can someone tell me how much trust we can put into this breakdown of buyers, and where the fed fits into the breakdown during outright QE?

Wed, 09/12/2012 - 13:17 | 2786433 LawsofPhysics
LawsofPhysics's picture

This is what the circle-jerk eventually comes to as everyone has been and continues to directly monetize debt.  Are your inflation hedges in place?  They better be.  Unfortunately, there can only be one "Japan".

Wed, 09/12/2012 - 13:24 | 2786456 LouisDega
LouisDega's picture

Iphone event going on as we speak.

Wed, 09/12/2012 - 13:31 | 2786506 semperfi
semperfi's picture
$21 Billion In 10 Year Bonds Bought By Ben In Unremarkable Auction
Wed, 09/12/2012 - 13:56 | 2786599 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And he got the higher end of the recent yield range too!

You rule Bernanke!  Best banker ever!

Wed, 09/12/2012 - 14:08 | 2786642 Bay of Pigs
Bay of Pigs's picture

All Hail Uncle Shalom the Bearded Clam!

Wed, 09/12/2012 - 15:42 | 2787101 Crabshacker
Crabshacker's picture

Does Benny have a template to print the the I.O.U's when these mature or will he borrow Commiefornias?

Wed, 09/12/2012 - 23:53 | 2788293 Barack Obama
Barack Obama's picture
$21 Billion In 10 Year Bonds Sold In Unremarkable Auction

Is this an "Onion" headline?

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