Stellar 3Y Auction: Highest Bid To Cover Since Sept 2015, Foreign Demand Surges
Unlike last month's ugly 3Y auction, today's just concluded sale of $24 billion in 3 year paper was stellar, stopping through the When Issued 1.934% by 0.2bps, a surge in buyside demand as the Bid to Cover jumped from 2.76 to 3.15, the highest since September 2015, while Indirect Bidders took down the most since August.
The details: the high yield was 1.932% vs six previous auction average 1.572%, it stopped through the WI of 1.394%.
The Bid-to- cover was 3.15, up from 2.76 in October, and well above the previous six auction average of 2.88.