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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Amark$p who wrote (25373)1/26/2005 2:50:27 PM
From: mishedlo  Read Replies (2) of 110194
 
For every $1 sold, there were $2.01 worth of bids, compared with $2.61 at December's auction. For the past 12 sales, the bid- to-cover ratio, which gauges demand by comparing the volume of bids with the amount of securities offered for sale, averaged $2.25.

Indirect Bidders

Indirect bidders, the class of investors that includes foreign central banks, bought 29.7 percent of the securities, compared with 34 percent in December. Since the Treasury began publishing bidder participation figures in May 2003, indirect bidder awards in two-year note auctions have ranged from 27.6 percent to 61.4 percent, and averaged 42.5 percent.

With a 2-1 bid to cover ratio and decreased foreign buying I would suggest the aution went rather well. Looks like domestic demand picked up where foreign demand slacked off. Yields accros the board today did not move much. I will conceed however that yesterday's TIPs auction did not seem to go over that well

Mish
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