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Foreign Buyers Flood 2Y TSY Acution Which Prices At Lowest Yield Since Feb 2014

Courtesy of ZeroHedge View original post here.

In what may be one of the last normal Treasury auctions before the US has to prefund trillions and trillions in stimulus funds, moments ago the Treasury sold $40BN in 2 year paper, at a yield of just 0.398%, far below the 1.189% last month and the lowest since Feb 2014 when the US was back at ZIRP, and ahead of the Fed’s failed experiment at renormalizing.

The high yield of 0.398% tailed the When Issued 0.39% by 0.8bps, the third consecutive tail, and was a whopping 80bps below the February 2020 auction.

The Bid to Cover dropped to 2.362 from 2.454, the lowest since Dec but generally in line with the recent range.

Meanwhile, the internals were stellar with Indirects suring, and taking down 55.20%, up sharply from 46.2% and the highest since September, and as Directs dipped modestly from 9.31% to 8.55%, Dealers ended up taking down 36.3%, down from 44.5%.

Like we said, this is one of the last “normal” auctions as the next few months will see an unprecedented ramp up in new Treasury issuance as all those trillions in bailout funds have to paid somehow, and very soon it will not only be the Fed printer that does “brr”, but so will the US Treasury which will be printing debt just as fast.


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