Why the US encouraged the Greek crisis - if not for the Greek debacle this auction would have been a failed auction
MARKET TALK: Indirect Bid For 5-Year Note Is 41%; Direct Bid 15%
1703 GMT [Dow Jones] The indirect bid - a proxy for demand from foreign buyers including central banks - for the five-year note auction was 41%, compared with 45.5% for the past four auctions. The direct bid, a category of bids from non-primary dealers, banks, money managers and depository institutions who have direct accounts to submit bids to the Treasury auctions, was 15%, compared to 11.3% for the past four auctions. (min.zeng@dowjones.com)
Treasury's five-year note came in at a yield of 2.13%, compared with the 2.117% just before the 1 p.m. EDT auction. The bid-to-cover ratio is 2.71, compared with 2.71 from the past four auctions. (min.zeng@dowjones.com)
US TSYS/5Y: Tsys chop lower after mixed US$40B 5Y auction, which drew 2.130% high yield, so mild tail; 40.57% indirects, strong 15.02% directs, 44.42% dealers, 2.71 bid/cover,
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