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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 […]


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 […]


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 […]


Mediocre, Tailing 2Y Auction Stops At Highest Yield Since October 2008

With everyone and their grandmother short the short-end of the curve, if not enough to push repo rates into negative territory and just begging for a short squeeze, moments ago the Treasury sold $26 billion in 2Y paper in a largely average if somewhat disappointing auction, which will only embolden the bears to press the […]


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 […]


Debt Ceiling Turmoil: 4Wk Bills Price At Highest Yield Since Sept 2008 On Technical Default Fears

While traditionally few care about T-Bill auction results, which are usually a rather subdued affair, today was different: with today’s $20 billion in 4-Week Bills maturing on October 5, or smack in the middle of the interval when the US is expected to run out of cash absent a debt ceiling deal, there was palpable […]


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 […]


Primary Dealer Bid Surges In Poor 2Y Auction

While the high yield of the just priced 2Y auction came “on the screws” at 1.345%, below last month’s 1.401%, but above the six previous auction average of 1.305%. and exactly where the When Issued suggested today’s auction of $26 billion in 2Y notes would price, the internals were decidedly weaker than the stop out […]