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Stellar 10Y Auction: Foreign Demand Surges; Biggest Stop Through In 12 Months
11-06-2019, 02:34 PM,
#1
Stellar 10Y Auction: Foreign Demand Surges; Biggest Stop Through In 12 Months
Stellar 10Y Auction: Foreign Demand Surges; Biggest Stop Through In 12 Months

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Stellar 10Y Auction: Foreign Demand Surges; Biggest Stop Through In 12 Months</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>One day after a blockbuster 3Y auction, moments ago the US Treasury sold $27 billion in 10Y paper in what was a stellar auction of US benchmark paper.</p>

<p>Starting at the top, the high yield of 1.809%, while notably above October's 1.5900% following the sharp selloff in the past few days, stopped through the 1.8200% When Issued by 1.1bps, the biggest "stop through" in one year, since November 2018.</p>

<p>The Bid to Cover also was a notable improvement, rising from 2.43 to 2.49, far above the 2.36 six auction average, and the highest bid to cover since April.</p>

<p>Finally, the internals were the <em>piece de resistance</em>, with the Indirect takedown surging from 58.5% to 64.5%, the highest since June, and leaving Directs holding on to 12.4%, the lowest since May, while Dealers were left holding 23.1% of the paper, the lowest since June.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/10Y%2011.6.2019.jpg?itok=ieHeYyBt" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/10Y%2011.6.2019.jpg?itok=ieHeYyBt"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/10Y%2011.6.2019.jpg?itok=ma6c4eow 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/10Y%2011.6.2019.jpg?itok=ma6c4eow 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/10Y%2011.6.2019.jpg?itok=ma6c4eow 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=ma6c4eow 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/10Y%2011.6.2019.jpg?itok=ma6c4eow 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/10Y%2011.6.2019.jpg?itok=ieHeYyBt 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="3420c341-457f-4286-ab76-8527a47b1520" data-responsive-image-style="inline_images" height="339" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/10Y%2011.6.2019.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Overall, a stellar auction, and one which pushed intraday 10Y yields to session lows, now that the selloff across the curve appears to be over, with the yield on the benchmark US Treasury sliding from 1.86% to 1.81% after the auction.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-11-06.jpg?itok=lRHh0pkn" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-11-06.jpg?itok=lRHh0pkn"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-06.jpg?itok=B8LkIyyz 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-06.jpg?itok=B8LkIyyz 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-06.jpg?itok=B8LkIyyz 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=B8LkIyyz 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-06.jpg?itok=B8LkIyyz 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-11-06.jpg?itok=lRHh0pkn 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="512250c2-add2-4b12-a0d5-b46d94955c0f" data-responsive-image-style="inline_images" height="259" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-11-06.jpg" alt="" typeof="foaf:Image" /></picture></a></p>
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<span rel="schema:author" class="field field--name-uid field--type-entity-reference field--label-hidden">
<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
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<span property="schema:dateCreated" content="2019-11-06T18:14:44+00:00" class="field field--name-created field--type-created field--label-hidden">Wed, 11/06/2019 - 13:14</span>

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