Foreign Buyers Flee From Ugly, Tailing 3Y Auction

Zero Hedge | 5/7/2019 | Staff
jenny1246 (Posted by) Level 3
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With the US Treasury launching May's coupon issuance with today's sale of $38 billion in 3Y notes, traders were wondering amid today's sharp equity selloff, if we would see a flight to safety in the primary Treasury market.

We did not, and in fact the just concluded sale of $38 billion in 3Y paper was about as ugly an auction as we have seen in years.

Top - Yield - % - January - Concerning

Starting at the top, the high yield of 2.248% was the lowest since January 2018. However, more concerning is that the stop out tailed the 2.241% When Issued by 0.7bps, printing at 2.248%. This was the 3rd consecutive tailing auction, the 13tht ail in the last 14 auctions, and also the biggest tail since May 2017.

(Excerpt) Read more at: Zero Hedge
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