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Treasury Sells Tailing 30Y Bonds At Lowest Yield Since January

Thursday, July 12, 2018 10:50
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Concluding this week’s US bond sales, moments ago the US Treasury sold $14 billion in a 30 Year reopening of Cusip SC3 at a high yield of 2.958%, which while tailing the When Issued 2.954 by 0.4bps, was the first sub-3% auction since January.

The internals were in line with recent sales, with the bid to cover coming at 2.337, below June’s 2.380 and below the 6 month auction average of 2.425. In fact, it was the lowest BTC since February’s 2.257. The takedown was in line with expectations, as Indirects took down 61.9%, also modestly below both June’s (62.2%) and the 6MMa (62.7%), while Directs took down an identical amount as last month, or 10.3%. This left Dealers holding 27.8%, in line with June’s 27.5%, and slightly above the average of 26.7%.

Overall, an ok auction, if not nearly as strong as yesterday’s 10Y which did come with a sizable concession, but certainly not ugly. If anything, just another mediocre sale of long-dated paper which is pricing at a yield that is fast approaching the Fed funds rate as the entire curve continues to flatten.


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