Chart Check (Going, Going, Gone)

Score a small victory for the specs and that multi-sigma 5Y short, because it looks like we just got a pretty weak auction…

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%
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