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发表于 2010-4-7 01:53 PM
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10-year auction shocks the bond market
4/7/2010 1:16 PM EDT
This is no hyberbole when I say this is one of the strongest bond auctions I've ever seen. Pre-auction trading was at 3.94%, but the auction actually came at 3.90%. That is a huge miss for a 10-year re-opening. Shows the street was caught completely off-guard by demand.
The bid/cover ratio was 3.72x. That is the largest bid/cover ratio ever for a 10-year auction. Put another way, never in the history of the United States of America has there been more orders placed for a 10-year auction.
Indirects were also strong at 43.1%. That's up from the 5 auction average of 35.1%.
In other news, the Federal Home Loan Bank sold a $3 billion 3-year note today. Non-U.S. buyers took down 54% of the issue, 46% of which went to central banks.
There is absolutely no way to look at these numbers and argue that bond investors are unwilling to fund the U.S. debt. |
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