Cover at 2.39x vs 2.11x last auction

The Treasury reopened the 29 year and 11 months bond and auctioned it off at 3.152%.

  • The bid to cover was good at 2.39x vs 2.11 at the last auction
  • 26.8% was to primary dealers
  • 9.3% to direct bidders
  • 63.9% to indirect bidders
  • The high yield of 31.52% was more than 1 BP BELOW its 1 PM When Issued level
  • The yield was the highest since September 2014

Overall, the higher yield attracted the demand. A good auction.

The 30 year yield is trading down to 3.142% currently. The high for the day was 3.172%. The low reached 3.115%.

The US debt market is mixed today but little changed on the day

  • 2-year yield 11.153%, plus one basis point
  • 5-year yield 1.897%, plus one basis point
  • 10 year yield 2.469%, unchanged
  • 30 year bond yield 3.140%, minus one basis point