Joined Nov 11, 2007
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Bond Markets Continue to be Worrisome

“Following yesterday’s ugly 3 Year auction, some were worried the bond market weakness could spill over to today’s benchmark¬†10 Year reopening of $21 billion¬†in paper. It prices just through the When Issued of 2.210%, or at 2.209%, a little better than expected, although the highest yield since October of 2011. So while the demand on the surface was sufficient, the Bid to Cover, which dropped to only 2.53, below last month’s 2.70, well below the TTM average of 2.92, and the lowest since August of 2012…”

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