Foreign Buyers Flee From Ugly, Tailing 3Y Auction

Zero Hedge | 5/7/2019 | Staff
jenny1246 (Posted by) Level 3
Click For Photo: https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/max_650x650/public/2019-05/3Y%20May%202019.jpg?itok=VJc5jGeT

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.

How...
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