Ugly, Tailing US 10Y Auction Sees Lowest Foreign Demand Of 2024
From zerohedge.com
After yesterday's stellar, stopping through 3Y auction, moments ago the Treasury completed its 10Y reopening of 9-year, 11-month Cusip JZ5, in an auction that was mediocre at best. The high yield of 4.166% was above last month's 4.093% (in fact it was the highest 10Y auction stop of 2024), and also tailed the When Issued 4.157% by 0.9bps, the biggest tail since December 2023. The bid to cover was 2.51, a drop from last month's 2.56 and the lowest since November 2023; it was also below the six-auction average of 2.52. The internals were also subpar with foreign buyers less excited as Indirects took down just 64.3%, ...
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