Score a small victory for the specs and that multi-sigma 5Y short, because it looks like we just got a pretty weak auction…
Via Bloomberg:
- Bid-to-cover 2.38 vs six previous auction average 2.48 [Heisenberg: that looks like the lowest since last summer]
- Total bids of $83.1b for $36.2b in notes sold vs six previous auction average of $86.9b in bids for $36.8b in notes sold.
- Dealers awarded 32.1% vs six previous auction average 32.7%
- Direct bidders awarded 4.6% vs six previous auction average 4.8%
- Indirect bidders awarded 63.3% vs six previous auction average 62.5%
