US Treasury sells $13 billion in bonds
- Prior was 2.88%
- Bid-to-cover at 2.54
- Prior bid-to-cover was 2.26
Everyone was looking for a tail and it stopped through. A huge indirect bid appeared, taking down 66%, which is the largest in at least 10 years. It's not easy to make sense of large direct/indirect bids. The WSJ had an interesting story earlier this week about Element Capital Management, which is a smallish fund that has been the biggest bidder for Treasuries in recent auctions.
