Rates Jump After 30Y Auction Prices At Highest Yield Since August 2007
After two dismal coupon auctions to start the week, and the year, the final sale of Treasury paper in the funeral-shortened week took place shortly after 1pm when the Treasury sold $22BN in a 29 Year, 10 Month reopening, in what was the strongest auction so far in 2025.
Stopping at a high yield of 4.913%, not only was this sharply above last month’s 4.535%, but it was also the highest yield since August 2007. The silver lining: the auction stopped through the When issued 4.920% by 0.7bps, following last month’s tail.
The bid to cover was a solid 2.519, higher than last month’s 2.390 and above the six auction average of 2.42.
The internals were average, with Indirects awarded 66.6%, just barely above last month’s 66.5%, and below the recent average of 67.4%; and with Directs awarded 20.7%, or above the December 19.1%, and just above the recent average, Dealers were left holding 12.7%, down from both the December 14.4% and the recent average of 14.6%.
Overall, this was a mediocre auction, one which sent the 10Y yield spiking 4bps higher and once again approaching session highs which – as we now know – lead to an increasingly violent selloff in the stock market.
Tyler Durden Wed, 01/08/2025 – 13:55
Source: https://freedombunker.com/2025/01/08/rates-jump-after-30y-auction-prices-at-highest-yield-since-august-2007/
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