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发表于 2011-10-13 01:27 PM
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oday’s 30-year Treasury bond auction went very well. Pre-auction trading was around 3.16% but the auction printed at 3.12%. That’s a pretty big miss. The buying was lead by Direct Bidders, which are typically large domestic real money accounts like big mutual funds or pension funds. That’s a very good sign for the broader interest rate complex, as this group is likely to be long-term holders of their bonds. A full 29.5% of the auction was purchased by direct bidders, and on average those bidders for around ¾ of their desired allocation. This means that the direct bidders were particularly aggressive in setting their levels. In other words, large domestic accounts not only wanted 30-year bonds, they were willing to pay up significantly to get them. |
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