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Yields Spike After Ugly 10Y Auction Sees Biggest Tail Since April; Dealers Stuck Holding Most Paper In A Year
It wasn't quite as ugly as yesterday's 3Y auction, but it certainly wasn't pretty: moments ago the Treasury sold $35BN in a 10Y reopening (9Y-10M technically), which priced at another cycle high of 4.61%, above last month's 4.289%, and the highest since August 2007. The auction also tailed then 4.592% When Issued by 1.8bps, which was not only the biggest 10Y auction tail since April, but was the 8th consecutive auction without a stop through (last month's was on the screws). chart The bid to cover printed at 2.50, down from 2.52 last month and the lowest since June. The internals were concerning because while ... (full story)
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- Oct 11, 2023 2:42pm Oct 11, 2023 2:42pm
- fx6996
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- Zebi
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trade like the 5% contrarians not the 95% losers
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