US 30 year bond auction fairly lackluster. Bid to Cover ratio on the low side.
Written July 9, 2009 at 1:08 PM EST by Greg Michalowski
30 Year Treasury Bond auction comes in with Bid to Cover Ratio of 2.36 Vs 2.68 last and 2.56 average over the last 5 reopenings
Indirect bidders take 50.2% of competitive bids
Bonds draw 4.303% with 67.9% alloted at the high
Median 4.230%, low 4.150%
Not all that great of an auction has led to lower stocks initially and some dollar buying. The reaction is still fairly muted. The 10 year auction went better yesterday. The 30 year bond is not the favored bond in the auction rotation.
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