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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 […]

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 […]

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 […]

Poor, Tailing 5Y Auction Stops At Highest Yield Since April 2011

One day after a mediocre, tailing 2Y auction, which stopped at the highest yield since September 2008, we had another mediocre bond sale by the US Treasury, in which $34 billion in 5 Year paper was just sold at a yield of 2.058%, the highest since April 2011, and a tail of 0.3bps to the […]

Curve Flattens After Blistering 30Y Auction Stops Through, Highest Bid To Cover In Two Years

After yesterday’s stellar 10Y auction, today at 1pm the Treasury sold the last of three weekly auctions, by offering $12 billion in 30Y paper to eager buyers. And eager they were, with the high yield of 2.870% stopping through the When Issued 2.874% by 0.4 bps. This was the biggest strop through on a 30Y […]

Soaring Foreign Demand For Strong, Stopping Through 10Y Auction

Just 90 minutes after today’s strong 3Y auction, moments ago the Treasury sold $20 billion in a 10Y reopening of Cusip 2R0, which saw nothing short of blistering demand at both the close and through the internals. The high yield of 2.346% stopped through the When Issued by 0.2bps, or 2.348%, the first non-tailing 10Y […]

3 Year Auction Stops At Highest Yield In Over 7 Years

In this week’s first TSY auction, moments ago the US Treasury sold $24.0BN in 3-year paper at a yield of 1.657 percent, matching or “on the screw” with the 1.657 When Issued. This was the highest stop on a 3Y auction in over 7 years, or since April 2010. And unlike last month’s poor 3Y […]

Tailing, Poor 30Y Auction Concludes This Week’s Treasury Issuance

Concluding this week’s series of lousy Treasury auctions was today’s reopening of $12 billion in 29-Year-11-month Bonds due August 2047, which priced in line with the previous poor 3Y and 10Y auctions, printing at a high yield of 2.790%, a tail of 0.3bps to the 2.787% When Issued, and the lowest yield since last October’s […]

Ugly, Tailing 10Y Auction: Lowest Indirects Since 2016

If yesterday’s 3Y auction was ugly, today’s $20 billion 9-year-11 month reopening was just as abysmal. With a high yield of 2.18%, this was not only a whopping 1.1bp tail to the 2.169% When Issued, it was the 6th consecutive “tail” in a row, with just 2 10Y auction stopping through so far in 2017 […]

Lowest Dealer Award On Record In Blistering 5Y Auction

The poor 2Y Auction that concluded just 90 minuets ago is a distant memory, because while the market, and especially Indirect bidders, appeared to balk sale of $26 billion in 2 Year paper, there appeared to be no concerns involving the just concluded sale of $34 billion in 5Y new paper, buyside demand for which […]