Stellar Demand For 2 Year Paper As Foreign Buyers Soar

Zero Hedge | 3/26/2019 | Staff
shuadah (Posted by) Level 3
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With the market now certain that at least one rate cut will take place over the next 12 months, it is probably not a surprise that there would be pent up demand for today's 2Y auction. And sure enough, the Treasury announced blistering demand for today's 2Y paper, which priced at a yield of only 2.261%, the lowest since February 2018, and stopping through the When Issued 2.273% by 1.2bps, the biggest "stop through" since May 2016.

The internals were as impressive, with the Bid to Cover jumping from February's 2.50% to 2.604%, the highest since November, and above the...
(Excerpt) Read more at: Zero Hedge
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