Treasury's $90 B bill sale was mixed with the shorter bill underperforming
Treasury's $90 B bill sale was mixed with the shorter bill underperforming. The $48 B 3-month tranche was awarded on the screws at 1.430%. That's fractionally richer than last week's 1.435% rate. There were nearly $138.4 B in bids for a 2.90 cover, below last week's 3.08 and the 3.05 average. Indirect bidders were awarded 37.4%, also less than the 51.8% previously, but marginally above the 35.4% average. The $42 B 6-month bill stopped at 1.575%, identical ot last week's and just through the 1.580% at the bid deadline. Bids were $129.8 B for a 3.11 cover, above the prior 3.05 but below the 3.30 average, while indirect bidders were accepted 49.0%, better than last week's 39.7% but below the 53.0% average.