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IPFS News Link • Stock Market

Despite Ugly, Tailing 5Y Auction, 2s5s Curve Inverts

• https://www.zerohedge.com by Tyler Durden

....the lowest since August 2019, but also the biggest tail to the 1.437% When Issued since December 2018, when the tail was 2.3bps compared to today's 1.1%bps.

It wasn't just the tail however, with the Bid to Cover today sliding from 2.49 to 2.33, below the six auction average of 2.41 and the lowest since September.

The internals were also on the ugly side with Indirects taking down 60.0%, a drop from December's 62.4% , if just below the 60.8% recent average. And with Dealers taking down a substantial 26.1%, the highest since September, it left Directs with just 13.9% of the auction, below the 14.6% average.


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