Results of the $20 billion reopening:

  • Prior was 1.730%
  • Traded at 1.885% on the bid side ahead of the sale
  • Bid to cover 2.49
  • Prior bid-to-cover was 2.56

Soft sale. Bidders might have been expected to show up with a bit more strength because of the ECB tomorrow and talk of liquidity issues but the overall upbeat tone in markets today prevailed despite the lowest bid-to-cover since August.