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Stellar Demand For 3 Year Treasury Auction Despite Recent Selloff

Courtesy of ZeroHedge View original post here.

Despite, or perhaps thanks to the sharp selloff across the curve in the past three days, today's 3Y auction – the first coupon auction for the month of November – was an impressive success.

Pricing at a high yield of 1.630%, the sale of $38BN in 3 year paper stopped 0.1bp through the When Issued 1.631%, the first non-tailing 3Y auction since August.

The Bid to Cover also improved notably, rising from 2.43 to 2.60, the highest since June and well above the 2.46 six auction average.

The internals were most impressive however, with Indirects taking down 53.3%, the first majority allotment since June's 56.6%, while Directs were left with 16.9%, unchanged from last month and Dealers took just 29.7%the lowest since August 2017.

Overall, this was an unexpectedly strong 3Y auction, one which perhaps was facilitated by the recent selloff in the secondary market.

 


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