No Rate Hike Fears Here: Record Foreign Central Bank Bid In Stellar 5 Year Auction
The string of stellar auctions continued for a second, when moments ago the Treasury sold $34 billion in 5 Year Notes, in an auction which – just like yesterday’s 2Y – blew the market away, when the high yield printed at 1.125, stopping through by 0.7bps, and a mirror image of the previous two poor 5 Year auctions. This was the lowest yield at auction since June 2013. The internals were terrific: the Bid to Cover jumped to 2.54 from last week 2.27, the highest since May and above the 12M average of 2.42%.
This post was published at Zero Hedge on Aug 24, 2016.