Wednesday, July 29, 2009

Weak 5yr Auction Today

$40 Bil in 5 year paper goes off today at a median yield of %2.59, $14.2 Bil* going to indirect bidders, with a total bid-to-cover of 1.92(not good)...

5 yr note futures dropped from ~ 114'28 to 114'11 before bouncing back to 114'19

*With the recent change in what constitutes indirect bidders we shouldn't draw any conclusions from this number