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Demand Tumbles For 5Y Treasuries As Tailing Auction Leads To Highest Yield Since 2011

After yesterday’s ugly, tailing 2-Year auction, it is probably not a big surprise that today’s sale of $34 billion in 5Y Treasurys was just as ugly. The auction printed at a high yield of 2.245% – the highest since March 2011 – and well above last month’s 2.066% largely thank to the recent Fed rate […]


Demand Slides For 2Y Treasuries As Yield Surges To Highest Since Sept 2008

The last time the yield on a 2-Year TSY auction was as high as it was today – 1.922% to be specific, tailing the When Issued 1.899% by 0.3bps – was just a few days after Lehman Brothers failed, with one difference: back then it was sliding, while now the rate on 2Y paper is […]


3-Month Bills Turmoil Ahead Of March Debt Ceiling Showdown: Bid To Cover Plunges To 8 Year Lows

Despite the GOP’s tax reform victory, over the past few weeks, Congress once again punted on a formal decision how to keep government funded and what to do with America’s debt ceiling and as a result US legislators simply kicked the can on the agreement of raising the nation’s borrowing limit for another few months. […]


Strong 30-Year Auction Sets The Stage For Yellen’s Final Rate Hike

After yesterday’s stellar 3Y morning auction, and disappointing 10Y afternoon auction, today’s reopening of the 29-Year, 11-month RZ3 Cusip was right down the middle. The bond stopped at a high yield of 2.804%, stopping through the When Issued 2.808% by 0.4bps, the third consecutive stop through in a row. The high yield was above November’s […]


Treasurys Sell Off After Ugly, Tailing 10Y Auction Despite Record Specialness In Repo

If the 3Y TSY auction which priced earlier was stellar, outperforming historical averages on every metric, then the just concluded 9-year, 11-month reopening of CUSIP 3F5 was mediocre at best. Stopping at a high yield of 2.384%, this was a 0.5bps tail to the 2.379% When Issued, and 0.7bps higher than November’s 10Y high yield […]


Stellar 3Y Auction: Highest Bid To Cover Since Sept 2015, Foreign Demand Surges

Unlike last month’s ugly 3Y auction, today’s just concluded sale of $24 billion in 3 year paper was stellar, stopping through the When Issued 1.934% by 0.2bps, a surge in buyside demand as the Bid to Cover jumped from 2.76 to 3.15, the highest since September 2015, while Indirect Bidders took down the most since […]


Ugly, Tailing 7 Year Auction Spooks Market As Foreign Buyers Flee

After one poor and one mediocre auction, today’s sale of $28 billion in 7 year paper was a fiasco, stopping at 2.23%, a massive 1.7bps tail to the 2.213% When Issued, if below last month’s 2.28% courtesy of the ongoing yield curve flattening which increasingly include the belly of the curve. The internals were just […]


“Average”, Tailing 5Y Auction Sees Solid Support From Foreign Buyers

In today’s second auction, the Treasury sold $34 billion in 5 year paper, and like this morning’s 2Y auction, the results were rather lackluster, with the paper stopping at a high yield of 2.066%, above last month’s 2.055%, and the highest since April 2011, and just like the earlier 2Y sale, this auction also tailed […]


Tailing 2Y Auction Prices At Highest Yield Since September 2008 As Foreign Buyers Stay Away

With 2Y yields having jumped sharply in recent week, it was not surprising that today’s auction of $26 billion in 2Y paper would have a high yield, and sure enough, printing at a high yield 1.765%, the highest since September 2007, tailing the When Issued 1.763% by 0.2bps, and well above the six previous auction […]


Need A Jumbo Jet? China’s E-bay Can Help You With That…

In a first for not just China, but the entire world, Alibaba’s online auction website, Taobao, has successfully auctioned off two Boeing 747-400 jumbo jets for a combined $49 million.  The jets were bought by Chinese cargo airline SF Airlines after they were seized by courts during Jade Cargo’s bankruptcy proceedings in 2013.  According to […]


Treasury Curve Flattens After Strong, Stopping Through 30Y Auction

After a mediocre 3Y, and a strong 10Y auction in the last two days, the Treasury concluded its refunding on the right foot – if with some blemishes – selling $15 billion in 30Y bonds at a 2.801% yield, stopping through the WI 2.802% by the smallest possible margin, and below last month’s 2.870%. There […]


Strong Foreign Demand Pushes Yield Lower In Stopping Through 10Y Auction

After yesterday’s mediocre 3Y auction, moments ago the US Treasury sold $23 billion in 10 year paper in a very well received auction. The high yield of 2.314% was fractionally lower than October’s 2.346%, and stopped through the When Issued 2.316% by 0.2bps. 94.01% of the bids at the high yield were accepted. This was […]


Tailing 3Y Auction Prices At Highest Yield Since April 2010

In the first of this week’s three auctions, the Treasury sold $24 billion in 3 Year paper in a medicore, tailing auction, which stopped at 1.75%, a 0.2bps tail to the 1.748% when issued, and the highest yield since 1.776% in April 2010. In addition to the tail, the internals were also mediocre, with the […]


Bid To Cover Tumbles In Ugly, Tailing 7 Year Auction

After two mediocre, tailing auctions, moments ago the Treasury sold $28 billion in 7 year paper in this week’s final bond issuance and it was the ugliest of all. Stopping at a high yield of 2.28%, this was a tail of 0.8bps – the first since July – to the 2.272% When Issued and the […]


Einstein’s Scribbled Theory On Happiness Sells For $1.6 Million – 195x Highest Expectations

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