Today saw the US Treasury auction $53 billion pricing at the lowest yield in 5Y auction history.
Auction yield of 0.275% stopping through the When Issued 0.285% by 1 bp
Bid to Cover dropped from 2.72 to 2.52
Indirects took down 61.9%, a drop from the 66.2% in August
Directs take down 17.4%, the most since April
Dealers left holding on to 20.7%, one of the lowest take downs in history
So no worry on the US Treasury front as >$50Bn in auctions seems to be the standard now!
US 5yr Auction
Today saw the US Treasury auction $53 billion pricing at the lowest yield in 5Y auction history.
Auction yield of 0.275% stopping through the When Issued 0.285% by 1 bp
Bid to Cover dropped from 2.72 to 2.52
Indirects took down 61.9%, a drop from the 66.2% in August
Directs take down 17.4%, the most since April
Dealers left holding on to 20.7%, one of the lowest take downs in history
So no worry on the US Treasury front as >$50Bn in auctions seems to be the standard now!