Treasury Auction Preview
$13 bln 20-year Treasury bond reopening (results at 13:00 ET):
Prior auction results:
High yield: 5.122%
Bid-to-cover: 2.55
Indirect bid: 67.7%
Direct bid: 22.9%
Average results of previous 12 auctions:
High yield: 4.809%
Bid-to-cover: 2.65
Indirect bid: 64.3%
Direct bid: 24.8%
U.S. Treasuries remain in positive territory after a couple hours of action. The early portion of today’s session has unfolded like yesterday’s affair with Treasuries briefly rising above their starting levels only to find resistance that sent them back toward their opening levels.
Oil has remained below $78/bbl.
Equities, meanwhile, are little changed after yesterday’s strong showing.
Yields:
2-yr: UNCH at 4.07%
3-yr: UNCH at 4.11%
5-yr: -1 bp to 4.18%
10-yr: -2 bps to 4.45%
30-yr: -2 bps to 4.95%