Treasury's $39 billion sale of 10-year notes goes poorly
"The Treasury Department's $39 billion auction of 10-year notes on Wednesday afternoon went worse than expected, with below-average participation seen from direct and indirect bidders.
Primary dealers were forced to step in and took 24%, much higher than their 13%-19% average take for auctions of that maturity, according to Tom di Galoma, co-head of global rates trading for BTIG in New York.
Wednesday's auction tailed by 3 basis points in a sign of lackluster demand. Immediately after the results came in, the 10-year Treasury sold off even further, sending its yield to an intraday high of 4.55%."
Treasury's $39 billion sale of 10-year notes goes poorly"The...
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