US sells USD 16bln of 20-year bonds at high yield of 4.664%, Tails 2bps
The recent auction of 20-year bonds saw a yield of 4.664%, which is notably higher than both the previous auction and the six-auction average, indicating weak demand and higher borrowing costs for the U.S.
Ukraine President Zelensky says that he cannot say that results of Russia talks were sufficient, but did have substantive talks on the military track
Fed's Bowman (voter) says latest jobs report "a bit strange" and most other indicators do not show as strong a labour market; remains concerned about the labour market
US sells USD 16bln of 20-year bonds at high yield of 4.664%, Tails 2bps
Nestle (NESN SW) said to consider reducing exposure to its ice cream business, according to reports
Russian President Putin says Russia considers new restrictions on Cuba to be unacceptable, according to reports
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- High Yield: 4.664% (prev. 4.846%, six-auction avg. 4.724%); WI 4.644%
- Tail: 2bps (prev. -1.0bps, six-auction avg. -0.4bps)
- Bid-to-Cover: 2.36x (prev. 2.86x, six-auction avg. 2.66x)
- Dealers: 17.6% (prev. 6.2%, six-auction avg. 10.1%)
- Directs: 27.2% (prev. 29.1%, six-auction avg. 26.9%)
- Indirects: 55.2% (prev. 64.7%, six-auction avg. 63.0%)
government. The bid-to-cover ratio declined, showing reduced interest from investors, particularly as dealer participation spiked to 17.6%, suggesting a shift in inventory risk. This outcome could pressurize rates upward and affect overall market sentiment in fixed income and broader asset classes.
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