US sells USD 19bln in 20yr bonds; On the screws
- High Yield: 2.396% (prev. 2.21%, six-auction average 2.030%); WI: 2.396%
- Tail: 0.00bps (prev. -1.5bps, six-auction avg. 0.8bps).
- Bid-to-Cover: 2.44x (prev. 2.48x, six-auction avg. 2.39x).
- Dealers: 16.11% (prev. 16.8%, six-auction avg. 18.1%).
- Direct: 20.98% (prev. 17.0%, six-auction avg. 18.5%).
- Indirect: 62.91% (prev. 66.2%, six-auction avg. 63.4%).
Analysis details (20:00)
- A decent auction for the cut-sized 20yr issue with the highest on record stop rate of 2.396% coming on the screws, compared to the six-auction average 0.8bps tail. The B/C ratio of 2.44x came in above avg. 2.39x, while Dealers took a lower-than-avg. 16.1% thanks to a Directs record participation of 21%.
16 Feb 2022 - 18:02- Fixed Income- Source: newswires
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