30 Year $13 Billion Reopening Prices At Record Low Yield, Highest Bid To Cover In 11 Years

Tyler Durden's picture

The scramble to Uncle Sam's paper of last resort continues, when in the aftermath of yesterday's Triple Double (second Highest Bid To Cover and Indirect take down, and second lowest Yield ever), we saw a Bid To Cover of 3.04 for today's 29 Year 11 month reopening, which was the highest since 2000, and a record low yield of 2.925%, 3 bps inside of the When Issued. The only rain in this parade was the Indirect Bidder take down which was a modest 32.5%, compared to an LTM average of 36%, while Dealers took down 46.3% and the remainder, or a sizable 21.2% going to Directs. Considering the pervasive sell off in risk and all liquid assets, it is not surprising that cash had to parked somewhere, and today it was in the place where the monetization circuitry still works. When Europe finally tumbles and the bond vigilantes have no other targets left, we may have to revisit, but today the world's cash strapped investors have just one place to park their cash equivalents: congressional pork, because naturally the auction result gives Congress a green light to do lots of future fiscal stupidity.