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Tuesday, April 13, 2021

Blistering Demand For Stellar 10Y Auction As Yield Tumbles

After yesterday's solid but tailing 3Y auction, moments ago the US Treasury sold $27BN in 10Y notes at a sharply lower yield compared to January: stopping out at 1.622%, today's 10Y issuance stopped through the 1.623% When Issued, and was almost 25bps lower than January's 1.8690%; it was also the lowest yield since the October…

Tremendous Demand In 30Y Treasury Auction Following Morning Rout

There is just one word to describe demand for today's $16 billion 30Y auction: tremendous. From the top to the bottom, this was one of the strongest auctions on record, largely aided by today's dramatic rout across the curve which built up a substantial concession ahead of the auction. The auction stopped at a yield…

Stellar Demand For 3 Year Treasury Auction Despite Recent Selloff

Despite, or perhaps thanks to the sharp selloff across the curve in the past three days, today's 3Y auction - the first coupon auction for the month of November - was an impressive success. Pricing at a high yield of 1.630%, the sale of $38BN in 3 year paper stopped 0.1bp through the When Issued…

Foreign Demand For 7 Year Paper Surges To 2019 High In Strong 7 Year...

After two stellar auctions, moments ago the US Treasury concluded the week's issuance of coupon paper by selling $32 billion in 7 year paper, and which following impressive demand for both 2 and 5 year auctions, once again confirmed that there is no lack of interest in US paper. The high yield of 1.657%, while…

Stellar Demand For 2 Year Treasuries As Dealers Buy Ahead Of Fed’s QE Expansion

In a curious twist, just two hours after Dealers were falling over themselves to sell Bills to the Fed (at the highest Bid to Cover yet for the Fed's recently relaunched POMO of 5.5x), moments ago the US Treasury sold $40BN in 2Y paper to what was stellar demand for the short-end. The auction stopped…

Demand Crumbles In Dismal, Tailing 7-Year Treasury Auction As Bid to Cover Plummets To...

After two surprisingly strong 2 and 5-Year auctions, the bond market tantrumed on Thursday when today's sale of $32 billion in 7Y notes was met with absolutely dismal demand. Printing at a high yield of 1.489%, this was the lowest 7Y auction yield since October 2016, but more importantly tailed the When Issued 1.468% by…

Stellar Demand In 5Y Treasury Auction Sends Yields Across The Curve Sharply Lower

One day after the US sold 2Y Treasurys at a yield that was higher than the market yield on 10Y paper, i.e., the 2s10s yield curve inverted, for the first time since the financial crisis, the Treasury sold $41 billion in 5 Year paper, and if yesterday's 2Y auction was a small tail, today's 5Y…

Solid Demand In 2Y Treasury Auction Despite 2 Year Low Yield

The 2Y Treasury yield may be higher than every other Treasury maturity except for the 30Y (with the 2s10s inverted by almost 5bps), but that doesn't mean that there was a shortage of demand for today's 2Y auction, in which the Treasury sold $40 billion in two-year paper. The auction stopped at a high yield…
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