Treasury's $72 B 3- and 6-month bill sale was on the soft side
Treasury's $72 B 3- and 6-month bill sale was on the soft side, especially relative to the solid results from last week. The $39 B 3-month priced well, however, stopping at 1.010%, versus the 1.015% at the bid deadline, though it's cheaper than last week's 0.990%. This is the first 1-handle on this tranche since October 2008. There were $123.1 B in bids for a 3.18 cover, down from 3.28 previously but in line with the 3.16 average. Indirect bidders accepted 29.7%, below both the prior 51.3% and the 36.5% average. The $33 B 6-month offering was awarded at 1.120%, tailing from the 1.110% at the bid deadline, and versus last week's 1.100%. Bids totaled $109.7 B for a 3.35 cover, also below the 3.76 last week but a little better than the 3.29 average. Indirect bidders took 44.2%, weaker than last week's 50.2% and the 46.3% average.