US sells USD 69bln of 2-year notes; Tail 0.1bps
The recent auction of USD 69 billion in 2-year notes saw a high yield of 3.812%, which, while lower than the previous auction, still reflects market expectations.
French Foreign Minister says the Strait of Hormuz is not private property and neither Iran nor any other party can impose fees on passage through it.
Iranian Foreign Minister told Russia’s President Putin that US ‘destructive habits’, ‘unreasonable demands’ and frequent changes in positions are slowing diplomatic progress
US sells USD 69bln of 2-year notes; Tail 0.1bps
European Closes: Euro Stoxx 50 -0.32% at 5,862, Dax 40 -0.14% at 24,094, FTSE 100 -0.56% at 10,321, CAC 40 -0.19% at 8,142, FTSE MIB +0.04% at 47,674, IBEX 35 +0.01% at 17,693, PSI +0.59% at 9,178, SMI -0.07% at 13,160, AEX -1.15% at 1,009
US Secretary of Defense Hegseth is to testify to the Senate Panel on Thursday on the budget request, Punchbowl reports
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- High Yield: 3.812% (prev. 3.936%, six-auction avg. 3.577%); WI 3.811%
- Tail: 0.1bps (prev. 1.8bps, six-auction avg. 0.1bps)
- Bid-to-Cover: 2.65x (prev. 2.44x, six-auction avg. 2.60x)
- Dealers: 11.87% (prev. 24.1%, six-auction avg. 12.8%)
- Directs: 31.65% (prev. 16.5%, six-auction avg. 29.8%)
- Indirects: 56.48% (prev. 59.4%, six-auction avg. 57.4%)
The low tail of 0.1bps suggests strong demand, with a solid bid-to-cover ratio of 2.65x indicating investors were eager to acquire these notes, even as dealer participation declined significantly. Overall, this auction may imply a sustained interest in short-term debt despite the recent yield fluctuations, potentially stabilizing the yield curve and influencing future rate expectations.
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