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$21 Billion 10 Year Closes At 3.24%, Bid-to-Cover at 3.24

Courtesy of Tyler Durden

Slightly delayed, here are the results of today’s 10 Year $21 billion auction. High yield of 3.24%, Bid To Cover of 3.24… Oh yes, we noticed it too… Blown fuse at the PDs aside, the BTC was better than the last auction, which saw a 2.98 BTC, even with a higher yield of 3.55%. Still, the average BTC over the last year is 3.58 so it could be better. Yet unlike last month’s 10 Year, where the Direct Bidders gobbled up a record 25%, this time the Primary Dealers had to step up, increasing their take down from 33.2% to 46.4%, account for the entire drop in Directs to 13.5%. Strange how the PDs and the Directs just pass the primary issuance hot potato to each other auction after auction. The auction was allotted 87.15% at the high yield. The Primary Dealer hit ratio came in at a solid 21.7%. Keep in mind this 10 Year was a $3 billion reduction in total notional from last month’s $24 billion.

Full historical spread below:


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