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10 Year Prices At 2.05%: Highest Yield Since March 2012
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insight 2013-2-14 11:07
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10 Year Prices At 2.05%: Highest Yield Since March 2012 Submitted by Tyler Durden on 02/13/2013 13:20 -0500 China High Yield It was well-known that today's 10 Year auction would price somewhere north of 2.00%, for the first 2%+ print since April of 2012, it just wasn't known where. Sure enough, moments ago the US Treasury priced $ 24 billion in 10 Year paper at a high yield of 2.046% (38.76% allotted at high), the highest since last March when we had a 2.076% 10 Year auction (and a carbon copy environment in which every pundit was screaming about a great rotation out of bonds), only to see the April and especially May auction tumble in yield when Europe once again became unfixed . What was notable about today's auction is that it tailed the When Issued modestly, which was bid 2.039% at 1 pm, implying a 0.7 bps tail. Also notable: the Bid to Cover dropped to 2.68, below January's 2.83, and well below the 12 month TTM of 2.99. Dealers took down 47.7% of the auction, Directs as has recently been the case ended up with a sizable 24.2%, while Indirects took only 28% of the auction, higher than the December 24.2%, yet worse than all other auctions going back all the way to April 2009. For those confused - don't be - we have been here in 2012, and 2011, and 2010, when risk assets were surging, and when yields were sliding, only to see a modest subsequent pick up in inflation, mostly in China, but certainly Europe, at which point the global liquidity glut ceased and the economy (if not the centrally-planned market) resumed on its downward glideslope. Average: 0 Your rating: None Tweet - advertisements - Login or register to post comments 3723 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: $35 Billion 3 Year Bond Auction Closes At 1.055% High Yield, 3.20 Bid To Cover, Highest PD Takedown Since May 2009 $33 Billion 3 Year Auction Comes At Record Low Yield Of 0.79%, Primary Dealer Takedown Highest Since May 2009 So Much For "Sell Bonds, Buy Stocks": Net Long Positions In 10 Year Treasury Highest Since March 2008 Dow Closes At Highest Since 2007 As High Yield Outperforms Daily US Opening News And Market Re-Cap: March 1 - Eurozone Jobless Rate Highest Since October 1997
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