US treasury auctions off 10-year yields at high yield at 4.483
High Yield: vs six-auction average 4.276%WI level at the time of the Auction 4.473%Tail: 1.0 bps vs six-auction average 0.9 basis pointsBid-to-Cover Ratio: 2.49X vs six-auction average 2.49xDealers: 15.73% vs six-auction average 16.9%Directs (a measure of domestic buyers):18.74% vs. six-auction average 17.0%Indirects (a measure of international buyers): 65.52%vs. six-auction average 66.1%Auction Grade: CAlthough there was a 1.0 basis point tail, it was in line with the average over the last 6 months. The Bid to Cover was spot on the average. The domestic buyers were higher than the average while the international demand was a bit lower. So overall, it is an average 10-year auction.Stocks are modestly higher after the results with the:S&P down 5.48 vs -7.09 at the time of the auction. Nasdaq is down -47 vs -52.43 This article was written by Greg Michalowski at www.forexlive.com.
- High Yield: vs six-auction average 4.276%
- WI level at the time of the Auction 4.473%
- Tail: 1.0 bps vs six-auction average 0.9 basis points
- Bid-to-Cover Ratio: 2.49X vs six-auction average 2.49x
- Dealers: 15.73% vs six-auction average 16.9%
- Directs (a measure of domestic buyers):18.74% vs. six-auction average 17.0%
- Indirects (a measure of international buyers): 65.52%vs. six-auction average 66.1%
Auction Grade: C
Although there was a 1.0 basis point tail, it was in line with the average over the last 6 months. The Bid to Cover was spot on the average. The domestic buyers were higher than the average while the international demand was a bit lower.
So overall, it is an average 10-year auction.
Stocks are modestly higher after the results with the:
- S&P down 5.48 vs -7.09 at the time of the auction.
- Nasdaq is down -47 vs -52.43
