Another good auction, this time of 7-year Notes
Got to hand it to the Treasury, they pulled off a pretty good batch of auctions this week. The $27 billion of 7-year notes went off at a yield of 3.329%. That was better than pre-auction talk of 3.36%. The bid-to-cover ratio was 2.82, up from 2.26 in the last auction and the highest since the Treasury started selling this maturity again in February. Indirect bidders took down 67.2% of the notes sold, more than double the 33% in the last auction and also the highest yet.
2 Comments:
Mike, you might want to do a post about how the Fed recently changed the definition of 'indirect bidders.' Seems like there's some funny-business going on. I don't think the Fed is being forthright at all.
Peace.
By Anonymous, at June 25, 2009 at 1:56 PM
Treasury changed the definition of indirect bidders on June 1.
London Gold Market Report
http://www.fxstreet.com/fundamental/analysis-reports/london-gold-market-report/2009-06-25.html
Sense on Cents
http://www.senseoncents.com/tag/new-definition-for-indirect-buyers-of-treasurys/
By Superbear, at June 26, 2009 at 2:22 AM
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