2Y and 4 Wk. Auction Results

24 May

Today’s Auction Results:

2Y – Yield 0.56 vs. 0.673 (4/26), last 10 0.612, Indirects: 31.29 vs. 37.86 prev, last 10 33.11, Bid To Cover: 3.46 vs. 3.06, last 10 3.379, Coupon: 0.50 vs. 0.625

4 Week – Yield: 0.035 vs. 0.025 prev (5/17), Indirects: 25.65 vs. 20.23, BTC 4.60 vs. 4.55, Coupon: 0.036 vs. 0.025

I’d rate today’s 2Y auction a solid B. Indirects were a bit lacking in this one, below the last 10 average, however the jump in overall participation (BTC) was encouraging. Bonds are rallying on the long end after the auction.

Another interesting note is the short end (bills) have seen yield/coupons rising as of late. This week’s previous bill auctions (13 & 26 week) also saw higher yields/coupons vs. earlier this month – bills vs. notes in flattening mode (albeit slightly).

Updated: Historical Auction Stats and Issuance Calendar [GDocs]

Interesting Reading: Futures Are Safe by Mike Wilkins [Sungard]


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