And so this week’s accelerated Treasury auctions are above, with a $14 billion reopening of 29-yr-11-month bonds pricing moments back at a higher generate of 3.100%, just barely tailing to the 3.099% When Issued – the very first tail since February – but under very last month’s 3.13% as the curve carries on to flatten.
Internals have been more robust with Bid to Go over of 2.380 similar to very last month, but down below the 6 month regular of 2.44. Much more notably, Indirects took down 62.2%, just below May’s 62.7% which is also the 6 month regular. And with Directs awarded 10.33%, or right on leading fo the 6MMA, Sellers have been remaining holding 27.5% of this week’s remaining auction ahead of tomorrow’s FOMC.
General, a brief and fairly painless sale of some $200BN in bill and coupon securities in just 48 several hours, to a marketplace which even with growing premiums, continues to be quite receptive to all the issuance the US government can throw at it.