Ugly, Tailing 3Y Auction: Bid to Cover Tumbles, Lowest Indirects Since 2016

Whether due to the broader risk-on move, or as a result of a surge in inflation fears in the aftermath of Hurricanes Irmas and Harvey, today’s auction of $24 billion in 3Y paper was arguably the ugliest yet in 2017.
Printing at a high yield of 1.4330%, while this was the lowest yield since February, it was also a 0.6 bps tail to the 1.427% When Issued

This post was published at Zero Hedge on Sep 11, 2017.