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Treasury's $24 B 10-year reopening was poorly subscribed.

Treasury's $24 B 10-year reopening was poorly subscribed. The offering stopped at 2.915%, tailing out versus the 2.910% as the note cheapened further into the bid deadline. And it compares to the 3.209% from the $27 B November new issue. Bids totaled $56.5 B for a 2.35 cover, well below last month's 2.54 and the 2.51 average. And it especially looks weak given the $3 B reduction in auction size compared to November. Indirect bidders were awarded 63.1%, versus the hefty and record 73.8% previously, and the 63.6% average. Direct bidding was about the only decent stat, rising to 10.8%, much better than the prior 1.2%. Primary dealers accepted 26.1% from 25.0%.

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Publication:The Fly
Date:Dec 12, 2018
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