$16 Billion 30 Year Auction Closes At 4.469%

More rotation out of long end paper into near maturities. Soon 100% of US Debt will be maturing every few months. Ugly tail and equities are reacting correspondingly.

  • Yields 4.469% vs. Exp. 4.424%
  • Bid-To-Cover 2.26 vs. Avg. 2.23 (Prev. 2.54)
  • Indirects 44% vs. Avg. 38.3% (Prev. 48.1%)
  • Indirect Bid-To-Cover: 1.24
  • Directs a staggering 12% of Accepted
  • Allotted high 18.01%

 

2s10s is steeper again: next stop: vertical?

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