Thu, 11/12/2020 – 13:15
The auction stopped at 1.680%, tailing the When Issued by 0.6bps, and the highest yield since February 2020. Curiously of the past 7 30Y auction, 5 have tailed.
The Bid to Cover of 2.292 was in line with recent auctions, and just below the 2.30 six-auction average.
The internals were better than this week’s previous coupon auctions: Indirects took down 61.9%, just below last month’s 62.0% and vastly better than the collapsing Indirect bid in the 3Y and 10Y auction earlier this week. And with Directs taking down 16.5%, Dealers were left holding 21.6% of the auction.
Altogether a mediocre auction, but at least foreigners came out in size, which is more than this week’s 3Y auction could say.
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Author: Tyler Durden