Today’s auctions were the 3Y and 4wk bills and they were fairly in line with expectations (see commentary on 4wk bill below)
3Y Note: Yield 1.28 vs. 1.298 previously (3/8/11), Indirects: 33.70 vs. 34.36, Bid To Cover: 3.25 vs. 3.22, Coupon 1.25 (unch)
4Wk Bill: Yield 0.025 vs. 0.05 prev. (4/5/11), Indirects: 41.15 vs. 38.15, Bid To Cover: 4.55 vs. 3.97, Coupon: 0.025 vs. 0.051
The 4 week bill was a bit surprising, bucking the trend that has persisted in some of the shorter bill auctions in the most recent auctions. The yield continued to drop, however Indirects as well as the bid to cover ratio jumped. In other short term auctions the yields have dropped and brought down Indirects (and to some extent the BTC ratio as well). You can find the updated last 10 stats and calendar here [Google Docs]. The remaining auctions for this week are reopenings of the 10Y and 30Y (912828PX2 and 912810QN1).