Today’s bill auctions are out, there’s a couple things to highlight given the low yields we’ve seen in money markets as of late.
52 Week: Yield 0.20 vs. 0.28 prev, Indirects 27.19 vs. 8.5, Bid To Cover: 4.81 vs. 3.70, Coupon 0.204 vs. 0.285
The participation in this auction at these lower yields was stronger, with the BTC jumping well over 1SD (based on the last 10) to current levels. With lower yields, these metrics appear to be returning back to recent normal levels (refer to page 14 of the Stats/Calendar doc for historical results)
4 Week: Yield 0.005 vs. 0.030 prev (4/26), Indirects 24.98 vs. 19.95, BTC 4.59 vs. 4.77, Coupon: 0.005 vs. 0.030
Some interesting stats for you re: 4 week yields and coupons and the 0 boundary:
Pretty interesting, no?
Updated Auction Stats/Calendar
That concludes the auctions for this week, the updated auction stats and issuance calendar for May is here [GDocs]