Stellar 20Y Auction Stops Through, Benefits From Solid Foreign Demand
After last week’s basis trade collapse (which we now know has already claimed several relative value multistrat hedge funds), many were dreading the outcome of today’s 20Y auction, a reopening of 19-Year, 10-Month cusip UJ5. It turned out they have nothing to fear.
The $13BN auction priced at 1:01pm ET at a high yield of 4.810%, up sharply from last month’s 4.632% and the highest since February; more importantly it stopped through the When Issued 4.814% by 0.4bps, the second consecutive stop through (if fractionally weaker than last month) and 3rd in the past 4 months.
It wasn’t just the headline: the Bid to Cover was 2.63, which while down from last month’s 2.78 was comfortably above the six-auction average of 2.57.
But like last week, the internals were most closely watched because in a time when there was virtually no Direct demand for US paper (amid the basis trade unwind), the composition of today’s takedown distribution was sure to be a buzz if there were any outliers. In the end, there would be no buzz because there were no surprises: Indirects took down a decent 70.7%, the highest since August and naturally above the six-auction average; As for Directs, unlike last week’s collapse, today they took down a healty 12.3% – yes still the lowest since November, but hardly a single digit affair like we saw last week. Finally Dealers were left holding 17.0%, just fractionally above the 15.3% average, and in line with recent auctions.
Overall, this was a remarkable solid 20Y auction, and one which certainly brushed away concerns that foreigners are boycotting US Treasury auctions, if only for now. As for the secondary market, that’s a different story.
Tyler Durden Wed, 04/16/2025 – 13:29
Source: https://freedombunker.com/2025/04/16/stellar-20y-auction-stops-through-benefits-from-solid-foreign-demand/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Online: | |
| Visits: | 1,689,171,092 |
| Stories: | 8,395,405 |
Whistler Blowers, Insiders
