US: Failed 30-Year Auction Closes Rough Week; Treasurys Fall
Thursday, 11 February 2010 | 
Finance - Banki...
An anemic government auction of 30-year bonds closed out a weak round of debt sales with low demand on the far end of the debt yield curve.
The $25 billion auction fetched a whopping 4.72 percent high yield on weak demand, reflected in a 2.36 bid-to-cover ratio that compares demand for each dollar auctioned. The average is about 2.50.
Direct bidding, or Treasurys bought directly through the government, was 24 percent, considered a high number and indicative of weak foreign demand when compared to the indirect bid done through dealers of 29 percent.
Treasurys immediately sold off on the news after being modestly lower earlier in the session.
The benchmark 10-year note yield jumped to 3.75 percent while the 30-year long bond yield moved to 4.69 percent, well above the 4.62 percent from late Wednesday.
Source: CNBC
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