Results just hit the tape with a 3.0 to 1 bid to cover, 29% indirect bidders, 17% direct bidders, and a yield of 3.754%. The issue was actually 21 billion, not the 40 billion I had reported earlier. The issue did have a .5bps tail and overall, sponsorship from both direct and indirect buyers was light. We’ll give it a B. MBS and 10 year treasury yields are virtually unchanged from pre-auction levels. Down 10/32’s on the note, down 4/32’s on MBS, and plus 42 on the Dow is currently on the score board. “Cautiously optimistic” fits our current schizophrenic mindset!
Results just hit the tape with a 3.0 to 1 bid to cover, 29% indirect bidders, 17% direct bidders, and a yield of 3.754%
About the Author: Max Leaman Austin Mortgage
Great Rates, Low Fees, Close on Time® – (800) 301-3405 Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.
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