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Wednesday, April 7, 2010

10 Year Treasury Note auction follow-up

Bloomberg's assessment:

"Buyers have returned in force to Treasury coupon auctions. The April 10-year note auction, a reopening of the February 3.625 percent coupon, posted a bid-to-cover ratio of 3.72 for the highest rate in the last nine years of data.

The $21 billion auction stopped out at 3.900 percent, 3-1/2 basis points below the 1:00 bid. Retail demand was very strong with direct and indirect bidders taking down 59 percent of the auction vs. an average of 51 percent.
New troubles for Greece have increased the value of the dollar and are giving a boost to U.S. Treasuries. Treasury prices are extending gains in reaction to the results. Tomorrow the Treasury auctions $13 billion of 30-year bonds. "

Partcipants making money from falling yields and rising dollar!

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