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Monday, 04/15/2024 2:38:34 PM

Monday, April 15, 2024 2:38:34 PM

Post# of 364112
The Treasury's $140 B 3- and 6-month bill auction results were mixed
The Treasury's $140 B 3- and 6-month bill auction results were mixed given the hefty volatility in recent days amid haven demand and repricing of Fed risks. The $70 B 3-month tranche stopped at 5.250%, tailing 0.2 bps from the 5.248% at the bid deadline, having richened at the last minute from 5.250% earlier. And it is 2.5 bps above the 5.225% at last week's offering. Bids totaled $203.6 B for a 2.95 cover, stronger than the 2.79 last week and the 2.83 average. Indirect bidders took 56.2%, up from the prior 49.1% and the 54.4% average. Dealers were left with 36.6%, less than the prior 45.7% and the 39.7% average. The $70 B 6-month bill cleared at 5.155%, -0.3 bps through the 5.158% at the deadline, having cheapened at the last minute from 5.155% earlier. It is 3.5 bps above the 5.120% stop[ last week. There were $193.3 B in bids for a 2.79 cover, after climbing to 3.00 last week. It is also just shy of the 2.87 average. Indirect bidders accepted 61.0%, less than the 65.4% previously and the 64.1% average. Dealers took 28.8% from 27.2% and the 30.5% average.

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