US sells USD 13bln of 20-year bonds; stop-through 0.9bps
The recent auction of 20-year bonds saw a higher yield than previous auctions, indicating rising borrowing costs.
USTR Greer says willing to look at using trade tools to protect US sugar producers
US President Trump says "the eight women protestors who were going to be executed tonight in Iran will no longer be killed... I very much appreciate that Iran, and its leaders, respected my request"
US sells USD 13bln of 20-year bonds; stop-through 0.9bps
Microsoft (MSFT) plan to productise new multi-model AI-driven scanning harness developed internally and solution expected to be available in preview in June
Could take six months to fully clear the Strait of Hormuz of mines deployed by the Iranian military, and any such operation is unlikely to be carried out until the US war with Iran ends, WaPo reports citing Pentagon informing Congress
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- High Yield: 4.883% (prev. 4.817%, six-auction avg. 4.723%); WI: 4.892%
- Tail: -0.9bps (prev. -0.7bps, six-auction avg. -0.1bps)
- Bid-to-Cover: 2.68x (prev. 2.76x, six-auction avg. 2.63x)
- Dealers: 9.7% (prev. 9.2%, six-auction avg. 11.2%)
- Directs: 22.9% (prev. 21.6%, six-auction avg. 25.9%)
- Indirects: 67.4% (prev. 69.2%, six-auction avg. 62.9%)
While the bid-to-cover ratio remained robust, the slight drop in demand from dealers suggests a waning appetite that could impact future issuance. Overall, the auction results may signal market concerns about rising rates and their implications for economic growth and fixed income valuations.
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