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$20 Billion In 10Y Paper Prices “On The Screws”

Wednesday, October 12, 2016 11:10
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Following the stronger than expected 3Y auction, moments ago the US Treasury completed today’s second bond auction, when it sold $20 billion in 10Y paper, which priced “on the screws” at 1.793%, or right on top of the When Issued, and modestly above September’s 1.699%. Just like in today’s earlier auction, the Bid to Cover rebounded to 2.53 from last month’s 2.35.

The internals, also like in the previous auction, were in line, with Indirects taking down 62.7%, virtually unchanged from last month’s 62.1%, Directs were left holding 6.6%, a jump from last month’s 3.4%, while Dealers were left with 30.6% of the final takedown, higher than the 6 month trailing average of 25.2%.

Considering the auction took place just an hour before Fed Minutes which are supposed to shine further hawkish light on the Fed’s December intentions, it was perhaps surprising that the sale was not more volatile than what ultimately transpired.


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