Today's $32B offering of 3-year notes saw 13% interest from direct buyers, comprised of domestic banks and fund managers. That's the highest proportion since November. Meanwhile, overseas interest was high too, with indirect bidders taking 37%, the most since April. And a 3.94 bid-to-cover ratio was the strongest since at least late 2009. Helping rev up interest for short-end notes is expectations the FOMC will prolong its rate-on-hold policy stance at this week's meeting. That means short-end yields will stay anchored for years to come. Secondary market are largely unchanged since the auction, with 10-year notes remaining flat on the day, yielding 1.683%.
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