US sells USD 69bln in 2-year notes at a high yield of 3.455%, tails 0.1bps
The US auctioned USD 69 billion in 2-year notes at a yield of 3.455%, which is below the previous auction's yield, indicating a slight decline in demand.
NY Fed RRP op demand at 0.92bln (prev. 0.88bln) across 17 counterparties (prev. 7)
Verdict is reportedly expected soon in Klarna's (KLAR) USD 8.3bln antitrust lawsuit against Google (GOOGL); patent and market court of Sweden expected to deliver verdict on April 15th
US sells USD 69bln in 2-year notes at a high yield of 3.455%, tails 0.1bps
BAE Systems (BA/ LN) awarded USD 500mln contract for paladin self-propelled howitzer
Linde (LIN GY) raises dividend 7% to USD 1.60/shr
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- High Yield: 3.455% (prev. 3.580%, six-auction avg. 3.547%): WI 3.454%
- Tail: 0.1bps (prev. -1.4bps, six-auction avg. -0.5bps)
- Bid-to-Cover: 2.63x (prev. 2.75x, six-auction avg. 2.63x)
- Dealers: 9.81% (prev. 7.3%, six-auction avg. 10.7%)
- Directs: 34.28% (prev. 28.3%, six-auction avg. 32.0%)
- Indirects: 55.91% (prev. 64.4%, six-auction avg. 57.4%)
The tail of 0.1bps suggests demand was close to the expected yield, but the bid-to-cover ratio slightly decreased, pointing to moderate interest. This outcome may impact short-term rates and the overall sentiment towards the dollar as it reflects market expectations around upcoming rate decisions.
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